Tax Laws Amendment (2011 Measures No. 9) Act 2012 (12 of 2012)

Schedule 6  

Part 12   Complying superannuation/FHSA life insurance policies

Division 1   Virtual PST life insurance policies

Income Tax (Transitional Provisions) Act 1997

149   At the end of Subdivision 320-F

Add:

320-180 Deferred annuities purchased before 1 July 2007

(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.

(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).