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.