203CAssignments or commutations of tax‑exempt annuities are generally not effective

#### 203C Assignments or commutations of tax‑exempt annuities are generally not effective (1) A purported assignment or commutation of an annuity that is, at the time of the purported assignment or commutation, a tax‑exempt annuity is not effective at law (subject to subsection (2)). (2) However, the annuity can be commuted as mentioned in section 54‑35 of the Income Tax Assessment Act 1997.