Draft Taxation Determination

TD 93/D284

Income tax: capital gains: what is meant by the term 'original beneficial owner' as used in subsection 160ZZI(3) of the Income Tax Assessment Act 1936 (the Act)?

  • Please note that the PDF version is the authorised version of this draft ruling.
    This document has been finalised by TD 94/31.

FOI status:

draft only - for comment


Draft Taxation Determinations (TDs) represent the preliminary, though considered, views of the ATO. Draft TDs may not be relied on; only final TDs are authoritative statements of the ATO.

1. The term "original beneficial owner" is not defined in the Act. In the context of section 160ZZI, an "original beneficial owner" of the rights under a policy of life assurance is the person who:-

first takes out the policy, and
holds the policy in his or her own right and for his or her own benefit.

Note: TD 93/D285 deals separately with trustees of a trust estate taking out policies of life assurance.

Commissioner of Taxation
16 December 1993



ISSN: 1038-8982

Related Rulings/Determinations:

TD 93/D285
TD 93/D286
TD 93/D287
TD 93/D288

Subject References:
life assurance policy
original beneficial owner
capital gains tax

Legislative References:
ITAA 160ZZI(3)