The ATO on Wed 18.12.2013, released Product Ruling PR 2013/24 (Challenger Guaranteed Annuity (Liquid Lifetime)). It applies to entities that purchase an annuity as described in the Ruling from 1 July 2013 until 30 June 2016. Among other things, the Ruling states that regular payments made under the annuity are assessable income under s 27H(1) of the ITAA 1997 to the extent the regular payments exceed the “deductible amount” in relation to the Annuity.
[LTN 245, 18/12/13]