Income Tax (Transitional Provisions) Act 1997
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-30
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SUPERANNUATION
Division 301
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Superannuation member benefits paid from complying plans etc
SECTION 301-100
Amendment of assessments
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transitional rule for permanent incapacity benefits, etc.
301-100(1)
This section applies if: (a) a superannuation benefit (the trigger benefit ) was paid to a person in the 2020-21 income year or an earlier income year; and (b) the Commissioner made an assessment for the income year for the person before 4 December 2020; and (c) the trigger benefit was paid to the person because the person satisfied a condition of release specified in item 103 (permanent incapacity) of the table in Schedule 1 to the Superannuation Industry (Supervision) Regulations 1994 ; and (d) the Commissioner made the assessment on the basis that the trigger benefit was a superannuation lump sum.
301-100(2)
The Commissioner cannot amend an assessment on the basis that a superannuation benefit paid to the person is a superannuation income stream benefit because of the amendments made by Schedule 9 to the Treasury Laws Amendment (2022 Measures No. 4) Act 2023 if: (a) the superannuation benefit is the trigger benefit; or (b) all of these conditions are satisfied:
301-100(3)
Subsection (2) applies despite any other provision of this Act (apart from subsection (4) of this section), the Income Tax Assessment Act 1997 and the Income Tax Assessment Act 1936 .
301-100(4)
Subsection (2) does not apply in any of these cases: (a) if the Commissioner may amend the assessment in accordance with item 5 (fraud or evasion) or 6 (review or appeal) of the table in subsection 170(1) of the Income Tax Assessment Act 1936 ; (b) if the amendment is made for the purpose of giving effect to a provision specified in the regulations for the purposes of this paragraph.
View history note
Hide history noteThis section applies if: (a) a superannuation benefit (the trigger benefit ) was paid to a person in the 2020-21 income year or an earlier income year; and (b) the Commissioner made an assessment for the income year for the person before 4 December 2020; and (c) the trigger benefit was paid to the person because the person satisfied a condition of release specified in item 103 (permanent incapacity) of the table in Schedule 1 to the Superannuation Industry (Supervision) Regulations 1994 ; and (d) the Commissioner made the assessment on the basis that the trigger benefit was a superannuation lump sum.
301-100(2)
The Commissioner cannot amend an assessment on the basis that a superannuation benefit paid to the person is a superannuation income stream benefit because of the amendments made by Schedule 9 to the Treasury Laws Amendment (2022 Measures No. 4) Act 2023 if: (a) the superannuation benefit is the trigger benefit; or (b) all of these conditions are satisfied:
(i) the assessment is for the 2021-22 income year or an earlier income year;
(ii) the superannuation benefit was paid to the person after the trigger benefit was paid to the person;
(iii) the superannuation benefit was paid to the person because the person satisfied a condition of release specified in item 103 (permanent incapacity) of the table in Schedule 1 to the Superannuation Industry (Supervision) Regulations 1994 ;
(iv) the Commissioner made the assessment on the basis that the superannuation benefit was a superannuation lump sum.
301-100(3)
Subsection (2) applies despite any other provision of this Act (apart from subsection (4) of this section), the Income Tax Assessment Act 1997 and the Income Tax Assessment Act 1936 .
301-100(4)
Subsection (2) does not apply in any of these cases: (a) if the Commissioner may amend the assessment in accordance with item 5 (fraud or evasion) or 6 (review or appeal) of the table in subsection 170(1) of the Income Tax Assessment Act 1936 ; (b) if the amendment is made for the purpose of giving effect to a provision specified in the regulations for the purposes of this paragraph.