Income Tax Assessment (1997 Act) Regulations 2021

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 307 - Key concepts relating to superannuation benefits  

Subdivision 307-D - Superannuation interests  

SECTION 307-230A.02   TOTAL SUPERANNUATION BALANCE VALUE - SUPERANNUATION INTERESTS IN RETIREMENT PHASE  

Superannuation interests that have family law values

307-230A.02(1)    
Subject to subsections (5) and (6), subsection (2) applies in relation to a superannuation interest at a particular time if, at that time:

(a)    the interest is in the retirement phase; and

(b)    the interest has a family law value.

307-230A.02(2)    
For the purposes of paragraph 307-230A(1)(a) of the Act:

(a)    if there is no alternative valuation method for the interest - the family law value is specified; or

(b)    if there is an alternative valuation method for the interest - the alternative valuation method is specified.

Other superannuation interests

307-230A.02(3)    
Subject to subsections (5) and (6), subsection (4) applies in relation to a superannuation interest at a particular time if, at that time:

(a)    the interest is in the retirement phase; and

(b)    the interest does not have a family law value.

307-230A.02(4)    
For the purposes of paragraph 307-230A(1)(a) of the Act, the value of the interest (within the meaning of section 307-205 of the Act) is specified.

Superannuation interests to which this section does not apply

307-230A.02(5)    
This section does not apply in relation to a superannuation interest at a particular time if the interest supports any of the following superannuation income streams at that time:

(a)    an allocated annuity;

(b)    an allocated pension;

(c)    an allocated pension (within the meaning of the RSA Regulations);

(d)    an account-based annuity;

(e)    an account-based pension (within the meaning of the SIS Regulations);

(f)    an account based pension (within the meaning of the RSA Regulations);

(g)    a market linked annuity (within the meaning of the SIS Regulations);

(h)    a market linked pension (within the meaning of the SIS Regulations);

(i)    a market linked pension (within the meaning of the RSA Regulations).

Note:

For the total superannuation balance value of a superannuation interest that supports any of those superannuation income streams, see paragraph 307-230A(1)(b) of the Act.

307-230A.02(6)    
This section does not apply in relation to a superannuation interest to which subsection 307-230A.03(2) or (4) applies.