Document ID: chunk:federal_register_of_legislation:C2025C00014:section:159gp:p1
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 159GP (pt 1/5)
Character Range: 1413710–1416318

159GP  Interpretation
 (1) In this Division, unless the contrary intention appears:
accrual amount has the meaning given by subsection 159GQB(1).
accrual period has the meaning given by section 159GQA.
agreement has the same meaning as in Subdivision D of Division 3.
annuity has the same meaning as in section 10 of the Superannuation Industry (Supervision) Act 1993.
associate has the same meaning as in Subdivision D of Division 3.
deferred superannuation income stream has the same meaning as in the Income Tax Assessment Act 1997.
eligible return has the meaning given by subsection (3).
fixed return security means a qualifying security under which the amount or amounts payable are or consist of:
 (a) a specified amount or specified amounts;
 (b) an amount or amounts the method of calculation of which does not involve an interest or indexation rate or other factor, being a rate or factor that varies or may vary during the term of the security; or
 (c) any combination of amounts referred to in paragraph (a) or (b).
holder, in relation to a security at a particular time, means the person who, if the amount or amounts payable under the security were due and payable at that time, would be entitled to receive payment of the amount or amounts.
implicit interest rate has the meaning given by subsection 159GQB(2).
ineligible annuity means:
 (a) an annuity that is issued by a life assurance company to or for the benefit of a natural person other than in the capacity of trustee of a trust estate; or
 (b) an annuity that is issued by a life assurance company to a complying superannuation fund if:
 (i) the annuity is held by the fund for the sole purpose of meeting its liabilities to provide one or more deferred superannuation income streams to one or more members of the fund; and
 (ii) the value of the annuity and the one or more deferred superannuation income streams is the same or substantially the same; and
 (iii) the terms on which the annuity and the one or more deferred superannuation income streams are payable are the same or substantially the same; or
 (c) an annuity that is issued by a life assurance company to an RSA provider if:
 (i) the annuity is held by the RSA provider for the sole purpose of meeting its liabilities to provide one or more deferred superannuation income streams to one or more holders of the RSA; and
 (ii) the value of the annuity and the one or more deferred superannuation income streams is the same or substantially the same; and
 (iii) the terms on which the annuity and the one or more deferred superannuation income streams are payable are the