Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016 (81 of 2016)

Schedule 8   Innovative income streams and integrity

Part 1   Amendments

Income Tax Assessment Act 1997

26   Before subsection 320-250(1)


(1A) If:

(a) a *life insurance policy issued by a *life insurance company becomes a policy referred to in subsection 320-190(1); and

(b) immediately before the policy became a policy referred to in subsection 320-190(1), the policy was an *exempt life insurance policy;

the company can transfer from its *segregated exempt assets, to a *complying superannuation asset pool, assets of any kind whose total *transfer value does not exceed the company's liabilities in respect of the policy.