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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-D - Miscellaneous    View history reference

Operative provisions

SECTION 54-75  Minister to arrange for review and report  

 View history reference

54-75(1)  

The Minister must cause a person to review, and to report to the Minister in writing about, the operation of the following provisions (the structured settlements and orders provisions ):


(a) the other provisions of this Division;


(b) Division 2A of Part 10 of the Life Insurance Act 1995 .

54-75(2)  

The person must be someone who, in the Minister ' s opinion, is suitably qualified and appropriate to conduct the review.

54-75(3)  

The review and report must relate to the period beginning when this Division commences and ending after 4 years and 6 months.

54-75(4)  

The person must give the report to the Minister as soon as practicable, and in any event within 6 months, after the end of that period.

54-75(5)  

The report may include suggestions for changes to the structured settlements and orders provisions that, in the person ' s opinion, are needed to overcome, or would help overcome, problems identified during the review and set out in the report.

54-75(6)  

The person must provide a reasonable opportunity for members of the public to make submissions to him or her about matters to which the review relates.

54-75(7)  

The Minister must cause a copy of the report to be laid before each House of the Parliament within 15 sitting days of that House after the Minister receives the report.


 



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