Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Subsection (3) applies for the purposes of subparagraph (b)(i) of the definition of virtual PST life insurance policy in subsection 995 - 1(1) of the Income Tax Assessment Act 1997 , as in force just after the commencement of item 259 of Schedule 1 to the Superannuation Legislation Amendment (Simplification) Act 2007 .
(2) Subsection (3) also applies for the purposes of subparagraph (b)(i) of the definition of complying superannuation/FHSA life insurance policy in subsection 995 - 1(1) of the Income Tax Assessment Act 1997 , as in force just after the commencement of item 47 of Schedule 7 to the First Home Saver Accounts (Consequential Amendments) Act 2008 .
(3) Treat an annuity as having been purchased out of a superannuation lump sum or an employment termination payment, if the annuity was purchased:
(a) before 1 July 2007; and
(b) out of an eligible termination payment (within the meaning of the Income Tax Assessment Act 1997 , as in force just before the commencement mentioned in subsection (1) of this section).
Table of sections
320 - 225 Transfer of part of an asset to segregated exempt assets
320 - 230 Transfers of assets to segregated exempt assets