First Home Saver Accounts (Consequential Amendments) Act 2008 (45 of 2008)

Schedule 1   Main taxation related amendments

Income Tax Assessment Act 1997

32   Subsection 995-1(1) (paragraph (a) of the definition of contract of reinsurance )

Repeal the paragraph, substitute:

(a) the parts of *complying superannuation/FHSA life insurance policies in respect of which the liabilities of the company that issued the policies are to be discharged out of a *complying superannuation/FHSA asset pool; and