INCOME TAX ASSESSMENT ACT 1997 - SECT 54.65 Exemption for certain payments to reversionary beneficiaries

INCOME TAX ASSESSMENT ACT 1997 - SECT 54.65

    A payment that is made to the reversionary beneficiary of a * personal injury annuity for which there is a * guarantee period is exempt from income tax if:

  (a)   the payment is a periodic or lump sum payment made in accordance with subsection   54 - 35(3); and

  (b)   either:

  (i)   if subparagraph   54 - 35(3)(b)(i) applies--the payment; or

  (ii)   if subparagraph   54 - 35(3)(b)(ii) applies--each of the payments taken into account in working out the amount of the lump sum under subsection   54 - 35(5);

    would be exempt from income tax under this Division if the * injured person were still alive and the payment, or each of the payments, were instead made to the injured person.