First Home Saver Accounts (Consequential Amendments) Act 2008 (45 of 2008)

Schedule 7   Other amendments relating to changes of references to virtual PST etc.

Income Tax Assessment Act 1997

47   Subsection 995-1(1)

Insert:

complying superannuation/FHSA 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 under the Superannuation Industry (Supervision) Act 1993; or

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

(d) is an *FHSA;

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


Copyright notice

© Australian Taxation Office for the Commonwealth of Australia

You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).