Income Tax Assessment Act 1997



Division 295 - Taxation of superannuation entities  

Subdivision 295-F - Exempt income  

SECTION 295-387   Disregarded small fund assets  

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.

A *complying superannuation fund is covered by this subsection for an income year if:


the fund is a *small superannuation 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) ).


However, the fund is not covered by subsection (2) for an income year if, at all times during the income year, all of the assets of the superannuation fund would, apart from subsection 295-385(7) , be *segregated current pension assets.

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