Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 54.5

    In this Division:

"date of the settlement or order" :

  (a)   for a * structured settlement, means:

  (i)   the date on which the agreement that is the structured settlement was entered into; or

  (ii)   if that agreement depends, for its effectiveness, on being approved (however described) by an order of a court, or on being embodied in a consent order made by a court, the date on which that order was made; and

  (b)   for a * structured order, means the date on which the order was made.

"personal injury annuity" means an * annuity:

  (a)   that is purchased under the terms of a * structured settlement as mentioned in paragraph   54 - 10(1)(e); or

  (b)   that is purchased under the terms of a * structured order as mentioned in paragraph   54 - 10(1A)(e).

"personal injury lump sum" means a lump sum:

  (a)   that is purchased under the terms of a * structured settlement as mentioned in paragraph   54 - 10(1)(e); or

  (b)   that is purchased under the terms of a * structured order as mentioned in paragraph   54 - 10(1A)(e).