Superannuation Legislation Amendment (Simplification) Act 2007 (15 of 2007)

Schedule 1   Consequential amendments etc.

Part 2   Other consequential amendments etc.

Income Tax Assessment Act 1997

259   Subsection 995-1(1) (subparagraph (b)(i) of the definition of virtual PST life insurance policy )

Repeal the subparagraph, substitute:

(i) provides for an *annuity that is not presently payable, if the annuity was purchased out of a *superannuation lump sum or an *employment termination payment; or