Federal Register of Legislation
Life Insurance (Consequential Amendments and Repeals) Act 1995
No. 5 of 1995
An Act to amend and to repeal certain Acts in consequence of the enactment of the Life Insurance Act 1995, and for other purposes
[Assented to 23 February 1995]
The Parliament of Australia enacts:
PART 1—PRELIMINARY
Short title
1. This Act may be cited as the Life Insurance (Consequential Amendments and Repeals) Act 1995.
Commencement
2. This Act commences on the day on which the Life Insurance Act 1995 commences.
Application
3.(1) The amendments made by this Act to the Defence Force Retirement and Death Benefits Act 1973, the Defence Forces Retirement Benefits Act 1948, the Parliamentary Contributory Superannuation Act 1948 or the Superannuation Act 1976 only apply to a transfer value (within the meaning of that Act) that has become payable to or in respect of a person on or after the commencement of this Act.
(2) The amendments made by this Act to the Income Tax Assessment Act 1936 only apply to the 1994-95 year of income and the subsequent years of income.
(3) In subsection (2), "year of income" has the same meaning as in the Income Tax Assessment Act 1936.
PART 2—CONSEQUENTIAL AMENDMENTS
Consequential amendments
4.(1) The Acts specified in Part 1 of the Schedule are amended as set out in that Part.
(2) The Corporations Law set out in section 82 of the Corporations Act 19892 is amended as set out in Part 2 of the Schedule.
PART 3—REPEAL OF ACTS
Repeal of Acts
5. The following Acts are repealed:
(a) the Life Insurance Act 1945;
(b) the Life Insurance Policy Holders' Protection Levies Act 1991;
(c) the Life Insurance Policy Holders' Protection Levies Collection Act 1991.
___________
SCHEDULE
PART 1 Subsection 4(1)
AMENDMENTS OF ACTS
Defence Force Retirement and Death Benefits Act 1973
1. Subsection 66(1) (definition of "life policy"):
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