Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 295.480

  (1)   A whole of life policy is an insurance policy:

  (a)   that includes an investment component; and

  (b)   the premiums for which are not dissected; and

  (c)   where the sum insured (and any bonuses) are payable on:

  (i)   the death of the individual insured; or

  (ii)   the earlier of the death of the individual insured and the individual attaining the age specified in the policy (being at least the age of 85).

  (2)   An endowment policy is an insurance policy:

  (a)   that includes an investment component; and

  (b)   the premiums for which are not dissected; and

  (c)   where the sum insured (and any bonuses) are payable on:

  (i)   a day specified in, or worked out under, the policy; or

  (ii)   the death of the individual insured if that happens before that day;

but does not include a * whole of life policy.