Taxation Laws Amendment (Structured Settlements and Structured Orders) Act 2002 (139 of 2002)

Schedule 1  

Part 1   Main amendments

Income Tax Assessment Act 1997

1A   Subsection 995-1(1) (at the end of the definition of exempt life insurance policy)

Add:

; or (f) that provides for either or both of the following:

(i) a *personal injury annuity, payments of which are exempt from income tax under Division 54;

(ii) a *personal injury lump sum, payment of which is exempt from income tax under Division 54.