Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT (No. 4) 1987 No. 138 of 1987 - SECT 49

49. The Principal Act as amended by this Part applies in relation to annuities
issued after 8 o'clock in the evening by standard time in the Australian
Capital Territory on 19 September 1986 and before the end of 28 October 1987
as if:

   (a)  the reference in subsection 48 (3) of this Act to 29 October 1987 were
        a reference to 19 September 1986;

   (b)  section 13 of this Act were omitted and the following section
        substituted:

"13. Section 27H of the Principal Act is amended by adding at the end of the
definition of 'annuity' in subsection (4) ', but does not include an annuity
that, under subsection 159GP (10), is a qualifying security for the purposes
of Division 16E;'.";

   (c)  paragraph 39 (c) of this Act were omitted; and

   (d)  paragraph 39 (e) of this Act were omitted and the following paragraph
        substituted:

"(e) by adding at the end the following subsection:
'(10) Where:

   (a)  a deferred annuity, within the meaning of Subdivision AA of Division
        2, is issued after 8 o'clock in the evening, by standard time in the
        Australian Capital Territory, on 19 September 1986 and before the end
        of 28 October 1987;

   (b)  the requirements of paragraphs (b) to (e) (inclusive) of the
definition of "qualifying security" in subsection (1) are satisfied in
relation to the annuity; and

   (c)  the annuity is not an ineligible annuity;
the annuity is a qualifying security for the purpose of this Division.'.".