Income Tax Assessment Act 1997 to provide an income tax exemption: for annuities and certain deferred lump sums paid under structured settlements to seriously injured persons, subject to eligibility criteria; and for life insurance companies on income derived from assets that support structured settlements; and
Life Insurance Act 1995 to provide that any commutation or assignment of a tax-exempt structured settlement annuity or lump sum will be ineffective. Also makes consequential amendments to the
Income Tax Assessment Act 1936 and the
Income Tax (Transitional Provisions) Act 1997 and contains application provisions.