Life insurance - exempt annuity business

17-Aug-2009

The government will introduce legislation to confirm that the non-assessable non-exempt income of life insurance companies includes income from assets supporting immediate annuity policies that satisfy the pre-July 2000 approved annuity conditions.

In addition, from the 2007-08 income year, the approved annuity conditions will not apply to immediate annuity policies issued by life insurance companies that are superannuation income streams.

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