Treasury Laws Amendment (2018 Measures No. 4) Act 2019 (8 of 2019)

Schedule 8   Miscellaneous amendments

Part 6   Various amendments

Income Tax Assessment Act 1936

30   Subsection 159GP(1) (definition of ineligible annuity)

Repeal the definition, substitute:

ineligible annuity means:

(a) an annuity that is issued by a life assurance company to or for the benefit of a natural person other than in the capacity of trustee of a trust estate; or

(b) an annuity that is issued by a life assurance company to a complying superannuation fund if:

(i) the annuity is held by the fund for the sole purpose of meeting its liabilities to provide one or more deferred superannuation income streams to one or more members of the fund; and

(ii) the value of the annuity and the one or more deferred superannuation income streams is the same or substantially the same; and

(iii) the terms on which the annuity and the one or more deferred superannuation income streams are payable are the same or substantially the same; or

(c) an annuity that is issued by a life assurance company to an RSA provider if:

(i) the annuity is held by the RSA provider for the sole purpose of meeting its liabilities to provide one or more deferred superannuation income streams to one or more holders of the RSA; and

(ii) the value of the annuity and the one or more deferred superannuation income streams is the same or substantially the same; and

(iii) the terms on which the annuity and the one or more deferred superannuation income streams are payable are the same or substantially the same.