Product Ruling

PR 2013/24A1 - Addendum

Income tax: Challenger Guaranteed Annuity (Liquid Lifetime)

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Addendum

This Addendum is a public ruling for the purposes of the Taxation Administration Act 1953. It amends Product Ruling PR 2013/24 to incorporate amendments to Division 118 of the Income Tax Assessment Act 1997 in respect of compensation, insurance policy and annuity instrument receipts.

PR 2013/24 is amended as follows:

1. Paragraphs 60 and 61

Omit the paragraphs; substitute:

60. Item 3 of the table in subsection 118-300(1) of the ITAA 1997 provides that a capital gain or capital loss made from a CGT event happening in relation to a CGT asset that is an interest in rights under a life insurance policy or an annuity instrument is disregarded where that CGT event happens to the original owner of the policy or instrument (other than the trustee of a complying superannuation entity).

2. Paragraphs 62 and 65

Omit 'beneficial'.

3. Related Rulings/Determinations

Omit 'TD 94/31;'.

This Addendum applies on and from 1 July 2013.

Commissioner of Taxation
23 September 2015

© AUSTRALIAN TAXATION OFFICE FOR THE COMMONWEALTH OF AUSTRALIA

You are free to copy, adapt, modify, transmit and distribute this material as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).

Not previously issued as a draft

References

ATO references:
NO 1-76Z5EDA