Compare documents

Income tax: capital gains: what is meant by the term 'original beneficial owner' as used in subsection 160ZZI(3) of the Income Tax Assessment Act 1936 (the Act)?

Preamble

The term "original beneficial owner" is not defined in the Act. In the context of section 160ZZI, an "original beneficial owner" of the rights under a policy of life assurance is the person who:- (i) first takes out the policy, and (ii) holds the policy in his or her own right and for his or her own benefit. Note: TD 93/D285 deals separately with trustees of a trust estate taking out policies of life assurance.

Choose document B