Income Tax Assessment Act 1997
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Hide history noteSECTION 320-247 Policy split into an exempt life insurance policy and another life insurance policy
When is a part of a policy taken to be an exempt life insurance policy?
320-247(1)
A part of a *life insurance policy (the original policy ) is taken to be an *exempt life insurance policy for the purposes of this Act if:
(a) the part provides solely for the discharge of the liabilities (contingent or not) in respect of *superannuation income stream benefits that are currently *RP superannuation income stream benefits of a *complying superannuation fund; and
(b) the trustee of the fund holds the original policy.
320-247(2)
A part of a *life insurance policy (the original policy ) is taken to be an exempt life insurance policy for the purposes of this Act if:
(a) the part provides solely for the discharge of liabilities that are attributable to the liabilities (contingent or not) in respect of *superannuation income stream benefits that are currently *RP superannuation income stream benefits of *complying superannuation funds; and
(b) the trustee of a *pooled superannuation trust holds the original policy; and
(c) the funds are unit holders of the trust.
What happens to the rest of the policy?
320-247(3)
If a part of a policy (the original policy ) is taken to be an *exempt life insurance policy under subsection (1) or (2), the rest of the original policy is taken to be another *life insurance policy for the purposes of this Act.
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