Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 295 - Taxation of superannuation entities  

Subdivision 295-F - Exempt income  

SECTION 295-387   Disregarded small fund assets  

295-387(1)  
The assets of a *complying superannuation fund are disregarded small fund assets at all times in an income year if the fund is covered by subsection (2) for the income year.

295-387(2)  
A *complying superannuation fund is covered by this subsection for an income year if:

(a) any of these requirements are satisfied:

(i) the fund is a *self managed superannuation fund at a time during the income year;

(ii) there are less than 5 *members of the fund at a time during the income year; and

(b) at a time during the income year, there is at least one *superannuation interest in the fund that is in the *retirement phase; and

(c) just before the start of the income year:

(i) a person has a *total superannuation balance that exceeds $1.6 million; and

(ii) the person is the *retirement phase recipient of a *superannuation income stream (whether or not the fund is the *superannuation income stream provider for the superannuation income stream); and

(d) at a time during the income year, the person has a superannuation interest in the fund (whether or not the superannuation interest is the superannuation interest mentioned in paragraph (b)).