Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 294 - Transfer balance cap  

Subdivision 294-B - Transfer balance account  

Operative provisions

SECTION 294-50   Assumptions about income streams  

294-50(1)  
Subsections (2) and (3) apply for the purposes of working out the following matters at a time:

(a) whether you have a *transfer balance account;

(b) the *transfer balance in your transfer balance account.

294-50(2)  
In working out whether there is a superannuation income stream at a time:

(a) have regard only to facts and circumstances that exist at that time; and

(b) assume a requirement will be met, to the extent (if any) that:

(i) the requirement arises under a provision of the *taxation law or under any rules or standards under which a benefit is, or is purported to be, provided; and

(ii) meeting the requirement is a condition for there to be a superannuation income stream at that time; and

(iii) it is not possible to determine, having regard only to facts and circumstances that exist at that time, whether or not the requirement has been met.

294-50(3)  
In working out whether a *superannuation income stream is in the retirement phase at a time, disregard the operation of subsection 307-80(4) , if the time is before the end of the 60-day period mentioned in paragraph (c) of that subsection.