INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
In this section, ``policy of life assurance'' means a policy of assurance on the life of a person and includes an instrument securing the grant of an annuity, whether or not for a term dependent on the life of a person.160ZZI(2) [Disposal of rights under policy]
Subject to subsection (3), this Part does not apply in respect of the disposal of, or of an interest in, any rights under a policy of life assurance.160ZZI(3) [Person not original beneficial owner]
Subsection (2) does not apply where the person making the disposal is not the original beneficial owner and acquired the rights or interest for an amount of money or other consideration.160ZZI(3A) [Disposal by fund trustees]
(a) the taxpayer is the trustee of a complying superannuation fund , within the meaning of Part IX, in relation to the year of income of the taxpayer in which the disposal occurred; or
(b) the taxpayer is the trustee of a complying ADF, within the meaning of Part IX, in relation to the year of income of the taxpayer in which the disposal occurred; or
(c) the taxpayer is the trustee of a PST, within the meaning of Part IX, in relation to the year of income of the taxpayer in which the disposal occurred.
For the purposes of this section but without limiting the generality of section 160M , an act, transaction or event that results in:
(a) the payment of the sum or sums assured by a policy of life assurance;
(b) the transfer of investments or other assets to the owner of a policy of life assurance in accordance with the policy; or
(c) the payment of the surrender value of a policy of life assurance,
constitutes the disposal of the right under the policy to the payment of the sum or sums referred to in paragraph (a), to the transfer of the investments or other assets referred to in paragraph (b) or to the payment of the surrender value referred to in paragraph (c), as the case may be.
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