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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-A - Definitions    View history reference

Operative provisions

SECTION 54-5  

54-5  Definitions  

 View history reference
In this Division:

date of the settlement or order :


(a) for a *structured settlement, means:


(i) the date on which the agreement that is the structured settlement was entered into; or

(ii) if that agreement depends, for its effectiveness, on being approved (however described) by an order of a court, or on being embodied in a consent order made by a court, the date on which that order was made; and


(b) for a *structured order, means the date on which the order was made.

personal injury annuity means an *annuity:


(a) that is purchased under the terms of a *structured settlement as mentioned in paragraph 54-10(1)(e) ; or


(b) that is purchased under the terms of a *structured order as mentioned in paragraph 54-10(1A)(e) .

personal injury lump sum means a lump sum:


(a) that is purchased under the terms of a *structured settlement as mentioned in paragraph 54-10(1)(e) ; or


(b) that is purchased under the terms of a *structured order as mentioned in paragraph 54-10(1A)(e) .


 



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