Document ID: chunk:federal_register_of_legislation:C2025C00029:section:5:p9
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 5 (pt 9/32)
Character Range: 1403967–1406547

subsection 54‑35(5);
  would be exempt from income tax under this Division if the *injured person were still alive and the payment, or each of the payments, were instead made to the injured person.

54‑70  Special provisions about trusts
 (1) A payment of a *personal injury annuity or a *personal injury lump sum to the trustee of a trust is exempt from income tax for the trustee if:
 (a) the beneficiary of the trust is the *injured person; and
 (b) because of Subdivision 54‑B or 54‑C, the payment would have been exempt from income tax if it had been made directly to the beneficiary.
 (2) A payment made in accordance with paragraph 54‑35(3)(b) to the trustee of a trust is exempt from income tax for the trustee if:
 (a) the beneficiary of the trust is the reversionary beneficiary; and
 (b) because of section 54‑65, the payment would have been exempt from income tax if it had been made directly to the beneficiary.
 (3) A payment of a lump sum in accordance with subsection 54‑35(4) to the trustee of a trust is exempt from income tax for the trustee.
 (4) If a payment is exempt from income tax for a trustee because of this section, the payment is also exempt from income tax for a beneficiary, or the beneficiary, of the trust, even if the trustee:
 (a) pays all or part of the payment to the beneficiary; or
 (b) applies all or part of the payment for the benefit of the beneficiary.

54‑75  Minister to arrange for review and report
 (1) The Minister must cause a person to review, and to report to the Minister in writing about, the operation of the following provisions (the structured settlements and orders provisions):
 (a) the other provisions of this Division;
 (b) Division 2A of Part 10 of the Life Insurance Act 1995.
 (2) The person must be someone who, in the Minister's opinion, is suitably qualified and appropriate to conduct the review.
 (3) The review and report must relate to the period beginning when this Division commences and ending after 4 years and 6 months.
 (4) The person must give the report to the Minister as soon as practicable, and in any event within 6 months, after the end of that period.
 (5) The report may include suggestions for changes to the structured settlements and orders provisions that, in the person's opinion, are needed to overcome, or would help overcome, problems identified during the review and set out in the report.
 (6) The person must provide a reasonable opportunity for members of the public to make submissions to him or her about matters to which the review relates.
 (7) The Minister must cause a copy