Treasury Laws Amendment (2017 Measures No. 2) Act 2017 (55 of 2017)

Schedule 1   Amendments relating to superannuation reform package

Part 1   Amendments

Income Tax Assessment Act 1997

13   Subsection 307-80(3)

Repeal the subsection, substitute:

(3) However, a *superannuation income stream from which a*superannuation income stream benefit is payable is not in the retirement phase at a time if:

(a) the superannuation income stream is any of the following:

(i) a transition to retirement income stream (within the meaning of Part 6 of the Superannuation Industry (Supervision) Regulations 1994);

(ii) a non-commutable allocated annuity (within the meaning of those regulations);

(iii) a non-commutable allocated pension (within the meaning of those regulations);

(iv) a transition to retirement pension (within the meaning of Part 4 of the Retirement Savings Accounts Regulations 1997);

(v) a non-commutable allocated pension (within the meaning of those regulations); and

(b) at or before that time, the person to whom the benefit is payable:

(i) has not satisfied a condition of release specified in paragraph (2)(c); or

(ii) has satisfied a condition of release specified in subparagraph (2)(c)(i), (ii) or (iii), but has not notified the *superannuation income stream provider for the superannuation income stream of that fact.