INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-15 - NON-ASSESSABLE INCOME  

Division 54 - Exemption for certain payments made under structured settlements and structured orders  

Subdivision 54-D - Miscellaneous  

Operative provisions

SECTION 54-65   54-65   Exemption for certain payments to reversionary beneficiaries  


A payment that is made to the reversionary beneficiary of a *personal injury annuity for which there is a *guarantee period is exempt from income tax if:


(a) the payment is a periodic or lump sum payment made in accordance with subsection 54-35(3) ; and


(b) either:


(i) if subparagraph 54-35(3)(b) (i) applies - the payment; or

(ii) if subparagraph 54-35(3)(b) (ii) applies - each of the payments taken into account in working out the amount of the lump sum under subsection 54-35(5) ;
would be exempt from income tax under this Division if the *injured person were still alive and the payment, or each of the payments, were instead made to the injured person.

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