Income Tax Assessment Act 1997
The *annuity instrument must:
(a) identify the *structured settlement or *structured order under which the *annuity is provided; and
(b) only allow for payments of the annuity to be made to:
(i) the injured person; or
(ii) a trustee of a trust of which the injured person is the beneficiary; or
(iii) a reversionary beneficiary, or the injured person ' s estate, in accordance with section 54-35; and
(c) contain a statement to the effect that the annuity cannot be assigned, and cannot be commuted except as mentioned in section 54-35.
Division 2A of Part 10 of the Life Insurance Act 1995 makes a purported assignment or commutation that is contrary to paragraph (c) ineffective.