Income Tax Assessment (1997 Act) Regulations 2021

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 296 - Better targeted superannuation concessions  

Subdivision 296-B - Better targeted superannuation concessions  

SECTION 296-65.02  

296-65.02   RELEVANT SUPERANNUATION EARNINGS - DETERMINATION OF AMOUNT ATTRIBUTABLE TO SUPERANNUATION INTEREST  

For the purposes of subsection 296-65(3) of the Act, the amount attributable to a superannuation interest for an income year must be determined with regard to the following matters:

(a)    the characteristics of the interest;

(b)    the period in the year for which the interest existed;

(c)    earnings associated with the interest:

(i) including amounts of earnings that are directed to reserves; and

(ii) regardless of whether or not the earnings are reflected in an account balance associated with the interest;

(d)    changes in the value of the interest;

(e)    the investment options that the interest is invested in, and any changes to the investment options;

(f)    if:

(i) you die in the income year; and

(ii) because of your death, another person becomes a retirement phase recipient of a superannuation income stream supported by the interest;

the periods in the year before and after the other person becomes a retirement phase recipient as mentioned in subparagraph (ii) ;

(g)    if:

(i) you die in the income year; and

(ii) because of subsection 296-70.04(2) , earnings for any period after the end of the income year are to be attributed in accordance with this section;

the period mentioned in subparagraph (ii) of this paragraph;

(h)    the principle that, if the superannuation interest is in a class of interests in the superannuation fund, approved deposit fund or RSA that is identifiable with regard to:

(i) the assets to which interests in the class relate; and

(ii) the level of risk associated with interests in the class;

amounts should be attributed to the interest in a way that is consistent with the way amounts are attributed to other interests in the same class;

(i)    the principle that amounts should be attributed in a way that is fair to all members and other beneficiaries of the superannuation fund, approved deposit fund or RSA;

(j)    the principle that the amount should not include earnings attributable to superannuation interests to which subsection 296-65(3) does not apply.

Note:

An amount determined in accordance with this section may be negative.