INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 294 - Transfer balance cap  

Subdivision 294-D - Modifications for certain defined benefit income streams  

Operative provisions

SECTION 294-130   Meaning of capped defined benefit income stream  

294-130(1)  
A *superannuation income stream is a capped defined benefit income stream if it is:


(a) covered by an item of the following table; and


(b) if it is covered by any of items 2 to 7 of that table - it is in the *retirement phase just before 1 July 2017.


Capped defined benefit income streams
Item Topic A superannuation income stream is covered if:
1 Lifetime pension it is a pension for the purposes of the Superannuation Industry (Supervision) Act 1993 (the SIS Act ) that is provided under rules that meet the standards of subregulation 1.06(2) of the Superannuation Industry (Supervision) Regulations 1994 (the SIS Regulations )
2 Lifetime annuity it is an annuity for the purposes of the SIS Act that is provided under a contract that meets the standards of subregulation 1.05(2) of the SIS Regulations
3 Life expectancy pension it is a pension for the purposes of the SIS Act that is provided under rules that meet the standards of subregulation 1.06(7) of the SIS Regulations
4 Life expectancy annuity it is an annuity for the purposes of the SIS Act that is provided under a contract that meets the standards of subregulation 1.05(9) of the SIS Regulations
5 Market linked pension it is a pension for the purposes of the SIS Act that is provided under rules that meet the standards of subregulation 1.06(8) of the SIS Regulations
6 Market linked annuity it is an annuity for the purposes of the SIS Act that is provided under a contract that meets the standards of subregulation 1.05(10) of the SIS Regulations
7 Market linked pension (RSA) it is a pension for the purposes of the Retirement Savings Accounts Act 1997 that is provided under terms and conditions that meet the standards of subregulation 1.07(3A) of the Retirement Savings Accounts Regulations 1997

294-130(2)  
A *superannuation income stream is also a capped defined benefit income stream if the income stream is prescribed by the regulations for the purposes of this subsection.


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