Income Tax Assessment Act 1997

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   Total superannuation balance value  

307-230A(1)    
The total superannuation balance value , at a particular time, of a * superannuation interest is:

(a)    if the regulations specify a value, or a method for determining a value, for the purposes of this paragraph - the specified value, or the value determined in accordance with the specified method; or

(b)    otherwise - the total amount of the * superannuation benefits that would become payable if:

(i) the individual to whom the superannuation interest relates had the right to cause the superannuation interest to cease at that time; and

(ii) the individual voluntarily caused the superannuation interest to cease at that time.

307-230A(2)    
Regulations made for the purposes of paragraph (1)(a) may specify a value or method in different ways depending on any of the following matters:

(a)    the individual to whom the * superannuation interest relates;

(b)    whether the superannuation interest is in the * retirement phase;

(c)    whether the superannuation interest is or includes a * defined benefit interest;

(d)    the * superannuation income stream (if any) supported by the superannuation interest;

(e)    if the superannuation interest is an interest in a * superannuation fund or * approved deposit fund - the rules of the fund;

(f)    if the superannuation interest is an interest in an * RSA - the terms and conditions of the RSA;

(g)    the * superannuation provider in relation to the * superannuation plan in which the individual holds the superannuation interest;

(h)    whether the superannuation interest is subject to a * payment split;

(i)    whether the individual is treated as having the superannuation interest under subsection 307-230(3) ;

(j)    the death of the individual;

(k)    any other matter.

307-230A(3)    
Regulations made for the purposes of paragraph (1)(a) may provide for a value to be determined wholly or partly by reference to:

(a)    methods or factors that are approved by legislative instrument by a Minister:

(i) for the purposes of the regulations; or

(ii) for the purposes of another Act or legislative instrument; or

(b)    an * actuary ' s certificate.

307-230A(4)    
Regulations made for the purposes of paragraph (1)(a) may specify circumstances in which a * total superannuation balance value is nil.

307-230A(5)    
Subsections (2) , (3) and (4) do not limit the regulations that may be made for the purposes of paragraph (1)(a) .