Commonwealth Numbered Acts

Income Tax Assessment Amendment Act (No. 3) 1984 No. 47 of 1984 - SECT 29

29. Section 110 of the Principal Act is amended-

(a) by inserting before the definition of ''Australian policy'' the following
definition:

'' 'annuity business' means business of, or in relation to, the granting of,
or the undertaking of liability in respect of, annuities;'';

(b) by omitting ''insurance business'' from the definition of ''Australian
statutory fund'' and substituting ''assurance business'';

   (c)  by inserting after the definition of ''Australian statutory fund'' the
        following definitions:

'' 'deferred annuity' means an annuity other than an immediate annuity;

'' 'eligible policy' means-

   (a)  a superannuation policy;

   (b)  a life assurance policy in relation to an immediate annuity; or

   (c)  a life assurance policy in relation to a roll-over annuity;

'' 'exempt statutory fund', in relation to a company, means an Australian
statutory fund, or any other fund, maintained by the company solely in respect
of a class of life assurance business that consists of business of, or in
relation to, the issuing of, or the undertaking of liability under, eligible
policies;'';

   (d)  by omitting ''79'' from paragraph (c) of the definition of ''exempt
        superannuation fund'' and substituting ''23FB'';

(e) by inserting ''life assurance'' before ''policies'' in the definition of
''future premiums'';

   (f)  by inserting after the definition of ''future premiums'' the following
        definitions:

'' 'immediate annuity' means an annuity that is presently payable to a natural
person;

'' 'life assurance business' includes annuity business;'';

(g) by inserting after the definition of ''life assurance company'' the
following definition:

'' 'life assurance policy' includes an instrument securing the grant of an
annuity, whether or not for a term dependent upon human life;'';

   (h)  by inserting after the definition of ''overseas policy'' the following
        definitions:

'' 'premium' includes consideration received or receivable in respect of the
grant of, or undertaking of liabilities in respect of, an annuity;

'' 'roll-over annuity' means a deferred annuity the purchase price of which
consists wholly of a rolled-over amount or rolled-over amounts within the
meaning of Subdivision AA of Division 2;'';

   (j)  by omitting the definition of ''superannuation statutory fund''; and

(k) by inserting ''life assurance'' before ''policies'' in the definition of
''valuation of liabilities''.