INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-35 - INSURANCE BUSINESS  

Division 320 - Life insurance companies  

Subdivision 320-F - Virtual PST  

SECTION 320-180   Deferred annuities purchased before 1 July 2007  

320-180(1)  
Subsection (3) applies for the purposes of subparagraph (b)(i) of the definition of virtual PST life insurance policy in subsection 995-1(1) of the Income Tax Assessment Act 1997 , as in force just after the commencement of item 259 of Schedule 1 to the Superannuation Legislation Amendment (Simplification) Act 2007 .

320-180(2)  


Subsection (3) also applies for the purposes of subparagraph (b)(i) of the definition of complying superannuation/FHSA life insurance policy in subsection 995-1(1) of the Income Tax Assessment Act 1997 , as in force just after the commencement of item 47 of Schedule 7 to the First Home Saver Accounts (Consequential Amendments) Act 2008 .

320-180(3)  
Treat an annuity as having been purchased out of a superannuation lump sum or an employment termination payment, if the annuity was purchased:


(a) before 1 July 2007; and


(b) out of an eligible termination payment (within the meaning of the Income Tax Assessment Act 1997 , as in force just before the commencement mentioned in subsection (1) of this section).




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