Income Tax Assessment Amendment Regulations 2007 (No. 2) (90 of 2007)

Schedule 2   Amendments commencing on 1 July 2007

[2]   Part 6, regulation 995-1.01, after definition of Act

insert

RSA Act means the Retirement Savings Accounts Act 1997.

RSA Regulations means the Retirement Savings Accounts Regulations 1997.

SIS Act means the Superannuation Industry (Supervision) Act 1993.

SIS Regulations means the Superannuation Industry (Supervision) Regulations 1994.

superannuation annuity means:

(a) an income stream:

(i) that is issued by a life insurance company or registered organisation; and

(ii) that commenced before 20 September 2007; and

(iii) that is an annuity within the meaning of:

(A) subsection 10 (1) of the SIS Act; or

(B) subregulation 1.07 (1A) of the RSA Regulations; or

(b) an income stream that:

(i) is issued by a life insurance company or registered organisation; and

(ii) meets the standards set out in subregulation 1.05 (1) of the SIS Regulations.

superannuation income stream means:

(a) an income stream that is taken to be:

(i) an annuity for the purposes of the SIS Act in accordance with subregulation 1.05 (1) of the SIS Regulations; or

(ii) a pension for the purposes of the SIS Act in accordance with subregulation 1.06 (1) of the SIS Regulations; or

(iii) a pension for the purposes of the RSA Act in accordance with regulation 1.07 of the RSA Regulations; or

(b) an income stream that:

(i) is an annuity or pension within the meaning of the SIS Act; and

(ii) commenced before 20 September 2007.

superannuation income stream benefit means a payment from an interest that supports a superannuation income stream, other than a payment to which regulation 995-1.02 applies.