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

Schedule 1  

Part 3   Application provisions

Division 2   New Division 2A of Part 10 of the Life Insurance Act 1995

17   Application of the Division

(1) Division 2A of Part 10 of the Life Insurance Act 1995 applies to an annuity or lump sum that is purchased under a structured settlement, or under a structured order, if the date of the settlement or order is the day on which that Division commences, or a later day.

(2) In subitem (1), structured settlement , structured order and date of the settlement or order have the same meanings as they have in Division 54 of the Income Tax Assessment Act 1997.