A T O home
Legal Database
Search   
for 
 
Access the database 
Browse database
Searches  
View last document
Quick access 
View legislation
View a document
Email Cross Reference Material Previous/Next Section Contents Previous/Next Result
Printable version
Printable
version

INCOME TAX ASSESSMENT ACT 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-15 - NON-ASSESSABLE INCOME    View history reference

Division 54 - Exemption for certain payments made under structured settlements and structured orders    View history reference

Subdivision 54-B - Tax exemption for personal injury annuities    View history reference

Operative provisions

SECTION 54-25  

54-25  Requirements of the annuity instrument  

 View history reference
The *annuity instrument must:


(a) identify the *structured settlement or *structured order under which the *annuity is provided; and


(b) only allow for payments of the annuity to be made to:


(i) the injured person; or

(ii) a trustee of a trust of which the injured person is the beneficiary; or

(iii) a reversionary beneficiary, or the injured person ' s estate, in accordance with section 54-35; and


(c) contain a statement to the effect that the annuity cannot be assigned, and cannot be commuted except as mentioned in section 54-35.

Note:

Division 2A of Part 10 of the Life Insurance Act 1995 makes a purported assignment or commutation that is contrary to paragraph (c) ineffective.


 



This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
Top of page
More information on page