Document ID: chunk:federal_register_of_legislation:C2025C00135:section:203b
Version: federal_register_of_legislation:C2025C00135
Segment Type: section
Provision Reference: s 203B
Character Range: 365794–366942

203B  Application of Division to tax‑exempt annuities and lump sums
  This Division applies, at a particular time, to:
 (a) an annuity (a tax‑exempt annuity) payable (now or in the future) by:
 (i) a company that is registered under section 21; or
 (ii) a body that carries on State insurance, within the meaning of paragraph 51(xiv) of the Constitution;
  if, at that time, the requirements of sections 54‑20 to 54‑40 of the Income Tax Assessment Act 1997 are satisfied in relation to the annuity; and
 (b) a lump sum (a tax‑exempt lump sum) payable (now or in the future) by:
 (i) a company that is registered under section 21; or
 (ii) a body that carries on State insurance, within the meaning of paragraph 51(xiv) of the Constitution;
  if, at that time, the requirements of sections 54‑45 to 54‑60 of the Income Tax Assessment Act 1997 are satisfied in relation to the lump sum.
Note 1: The application of this Division to bodies that carry on State insurance is subject to section 5.
Note 2: Division 54 of the Income Tax Assessment Act 1997 provides a tax exemption for certain payments under structured settlements and structured orders.