Tax Laws Amendment (2010 Measures No. 2) Act 2010 (75 of 2010)

Schedule 5   Global Carbon Capture and Storage Institute Ltd

Part 1   Amendments commencing on Royal Assent

Division 2   Consequential amendments

Income Tax Assessment Act 1936

6   After section 102MC

Insert:

102MD Application of Division to trustees etc. of exempt life assurance funds and superannuation funds

This Division applies to the person in whom the assets of a fund are vested (whether or not as trustee) in the same way as this Division applies to an exempt entity, if the fund is:

(a) a fund maintained by a life assurance company solely in respect of a class of life assurance business that consists of business of, or in relation to, the issuing of, or the undertaking of liability under:

(i) exempt life insurance policies (within the meaning of the Income Tax Assessment Act 1997); or

(ii) complying superannuation/FHSA life insurance policies (within the meaning of that Act); or

(b) a complying superannuation fund, a complying approved deposit fund or a pooled superannuation trust.