Income Tax Assessment Act 1997
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Hide history noteSECTION 54-65 54-65 Exemption for certain payments to reversionary beneficiaries
A payment that is made to the reversionary beneficiary of a *personal injury annuity for which there is a *guarantee period is exempt from income tax if:
(a) the payment is a periodic or lump sum payment made in accordance with subsection 54-35(3) ; and
(b) either:
(i) if subparagraph 54-35(3)(b) (i) applies - the payment; or
would be exempt from income tax under this Division if the *injured person were still alive and the payment, or each of the payments, were instead made to the injured person.
(ii) if subparagraph 54-35(3)(b) (ii) applies - each of the payments taken into account in working out the amount of the lump sum under subsection 54-35(5) ;
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