Superannuation Industry (Supervision) Amendment Regulations 1998 (No. 8) (312 of 1998)

Schedule 1   Amendments of Superannuation Industry (Supervision) Regulations

[3]   Subregulation 1.05 (1)

substitute

(1) A benefit provided by a life insurance company or a registered organisation is taken to be an annuity for the purposes of the Act if:

(a) it arises under a contract that meets the standards of subregulation (2), (4), (6), (7), (8) or (9); and

(b) for a benefit purchased on or after 3 August 1993 - it is purchased with the whole or part of a rolled-over amount within the meaning given to that term by section 27A of the Tax Act; and

(c) for a benefit that arises under a contract that meets the standards of subregulation (9) and is purchased by the primary beneficiary on or after 20 September 1998 - the commencement day under the contract is the day when the benefit was purchased.