PR 2014/14A2 - Addendum
Income tax: OnePath Life Limited - OneCare Policy - Life Cover, Total and Permanent Disability Cover and/or Trauma Cover
This Addendum is a public ruling for the purposes of the Taxation Administration Act 1953 . It amends Product Ruling PR 2014/14 to incorporate the Product Disclosure Statement and Policy Terms dated 6 November 2016 and the Supplementary Product Disclosure Statement dated 18 March 2017.
PR 2014/14 is amended as follows:
1. Paragraph 3
Omit the paragraph; substitute:
3. This Product Ruling does not:
- address any tax consequences arising from the following types of cover offered under the OneCare Policy:
- Income Secure Cover
- Business Expense Cover
- Living Expense Cover
- Child Cover
- Extra Care Cover, and
- Trauma Premier Cover (as offered under the Product Disclosure Statement (PDS) and Policy Terms dated 6 November 2016 only)
- address any tax consequences arising from the acquisition of a OneCare Policy inside superannuation
- any tax consequences arising from the assignment or transfer of the ownership of the OneCare Policy to another person, and
- apply to any benefits and options available at extra cost under the OneCare Policy.
2. Paragraph 16
Omit the bullet points; substitute:
- application for a Product Ruling as constituted by documents and information received on 5 June 2014 and 21 June 2017
- OneCare PDS dated 1 July 2014
- OneCare Policy Terms dated 1 July 2014, and
- OneCare PDS and Policy Terms dated 6 November 2016 and OneCare Supplementary PDS dated 18 March 2017.
3. Paragraph 19
Omit the third bullet point; substitute:
- Trauma Cover, when a life insured suffers a specified trauma condition (as listed in the relevant PDS1A), as diagnosed and certified by a medical practitioner and agreed to by OnePath Life, and
4. Paragraph 49
Omit the words 'under the OneCare Policy Terms' from the last sentence .
This Addendum applies on and from 1 July 2014.
Commissioner of Taxation
23 August 2017
© AUSTRALIAN TAXATION OFFICE FOR THE COMMONWEALTH OF AUSTRALIA
You are free to copy, adapt, modify, transmit and distribute this material as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).
All references to 'PDS' in this Product Ruling refer to both the PDS dated 1 July 2014 and the PDS and Policy Terms dated 6 November 2016 unless otherwise indicated.
Not previously issued as a draft