First Home Saver Accounts (Consequential Amendments) Act 2008 (45 of 2008)
Schedule 7 Other amendments relating to changes of references to virtual PST etc.
Income Tax Assessment Act 1997
47 Subsection 995-1(1)
Insert:
complying superannuation/FHSA life insurance policy means a *life insurance policy that:
(a) is held by:
(i) the trustee of a fund that is a *complying superannuation fund or a *complying approved deposit fund; or
(ii) the trustee of a *pooled superannuation trust; or
(b) is held by an individual and:
(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
(ii) is so held in the benefit fund of a *friendly society, being a fund that is a regulated superannuation fund under the Superannuation Industry (Supervision) Act 1993; or
(c) is held by another *life insurance company and is a *complying superannuation/FHSA asset of that company; or
(d) is an *FHSA;
and is not an *excluded complying superannuation/FHSA life insurance policy.