Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 (70 of 2015)

Schedule 1   First Home Saver Accounts

Part 2   Consequential amendments

Division 1   Main amendments

Income Tax Assessment Act 1997

107   Subsection 995-1(1)

Insert:

complying superannuation asset has the meaning given by subsection 320-170(6).

complying superannuation asset pool has the meaning given by subsection 320-170(6).

complying superannuation class :

(a) for a taxable income of a *life insurance company - has the meaning given by section 320-137; or

(b) for a *tax loss of a *life insurance company - has the meaning given by section 320-141.

complying superannuation liabilities of a *life insurance company means liabilities of the company under *life insurance policies referred to in subsection 320-190(1).

complying superannuation 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; or

(c) is held by another *life insurance company and is a *complying superannuation asset of that company;

and is not an *excluded complying superannuation life insurance policy.

excluded complying superannuation life insurance policy means a *life insurance policy that:

(a) provides only for *superannuation death benefits, *disability superannuation benefits or temporary disability benefits of a kind referred to in paragraph 295-460(c), that are not *participating benefits; or

(b) is an *exempt life insurance policy.