INCOME TAX ASSESSMENT REGULATIONS 1997

PART 6 - THE DICTIONARY  

Division 995 - Definitions  

REGULATION 995-1.01   DEFINITIONS  

995-1.01(1)  


In these Regulations, unless the contrary intention appears:

accruing member
has:


(a) for the purposes of Schedule 1A - the meaning given by clause 1.1 of that Schedule; and


(b) for the purposes of Subdivision 293-DA and Schedule 1AA - the meaning given by subregulation 293-115.05(2) .

Act
means the Income Tax Assessment Act 1997 .

defined benefit member:

(a) means a member of a superannuation fund whose entitlements to superannuation benefits (other than benefits payable on death or disability) are defined by reference to 1 or more of the following matters:


(i) the member ' s salary, or allowance in the nature of salary, at a particular date or averaged over a period;

(ii) another individual ' s salary, or allowance in the nature of salary, at a particular date or averaged over a period;

(iii) a specified amount;

(iv) specified conversion factors; but


(b) does not include a member of a superannuation fund whose entitlements to superannuation are defined solely by reference to 1 or more of the following matters:


(i) the member ' s disability superannuation benefits;

(ii) the member ' s superannuation death benefits;

(iii) payments of amounts mentioned in paragraph 307-10(a) of the Act (which relates to temporary disability payments).

funded benefit interest
has the meaning given by subregulation 293-115.15(2) .

Governor-General Pension Scheme
means the Governor-General Pension Scheme constituted by allowances payable under section 4 of the Governor-General Act 1974 .

insolvent ,
for an issuer, means:


(a) the issuer cannot pay its debts as they fall due; or


(b) the issuer ' s liabilities exceed its assets.

new entrant rate
(Repealed by SLI No 52 of 2014)

non-accruing member
has, for the purposes of Subdivision 293-DA , the meaning given by subregulation 293-115.05(2) .

on-hold member
, in relation to a defined benefit member of a superannuation fund, has the meaning given by subregulation 292-170.04(5A) .

pensioned member
, in relation to a defined benefit member of a superannuation fund, has the meaning given by subregulation 292-170.04(5) .

pooled investment annuity
has the meaning given by subregulation 307-205.02E(2) .

pooled investment pension
has the meaning given by subregulation 307-205.02D(2) .

RSA Act
means the Retirement Savings Accounts Act 1997 .

RSA Regulations
means the Retirement Savings Accounts Regulations 1997 .

SIS Act
means the Superannuation Industry (Supervision) Act 1993 .

SIS Regulations
means the Superannuation Industry (Supervision) Regulations 1994 .

superannuation annuity
means:


(a) an income stream:


(i) that is issued by a life insurance company or registered organisation; and

(ii) that commenced before 20 September 2007; and

(iii) that is an annuity within the meaning of:

(A) subsection 10(1) of the SIS Act; or

(B) subregulation 1.07(1A) of the RSA Regulations; or


(b) an income stream that:


(i) is issued by a life insurance company or registered organisation; and

(ii) is taken to be an annuity for the purposes of the SIS Act in accordance with subregulation 1.05(1) of the SIS Regulations; or


(c) a deferred superannuation income stream that is taken to be an annuity for the purposes of the SIS Act in accordance with subregulation 1.05(1) of the SIS Regulations because the contract for the provision of the income stream meets the standards of subregulation 1.06A(2) of the SIS Regulations.

superannuation income stream
means:


(a) an income stream that is taken to be:


(i) an annuity for the purposes of the SIS Act in accordance with subregulation 1.05(1) of the SIS Regulations; or

(ii) a pension for the purposes of the SIS Act in accordance with subregulation 1.06(1) of the SIS Regulations; or

(iii) a pension for the purposes of the RSA Act in accordance with regulation 1.07 of the RSA Regulations; or


(b) an income stream that:


(i) is an annuity or pension within the meaning of the SIS Act; and

(ii) commenced before 20 September 2007; or


(c) a deferred superannuation income stream that is taken to be:


(i) an annuity for the purposes of the SIS Act in accordance with subregulation 1.05(1) of the SIS Regulations because the contract for the provision of the income stream meets the standards of subregulation 1.06A(2) of the SIS Regulations; or

(ii) a pension for the purposes of the SIS Act in accordance with subregulation 1.06(1) of the SIS Regulations because the rules for the provision of the income stream meet the standards of subregulation 1.06A(2) of the SIS Regulations; or


(d) for the purposes of sections 295-385 , 295-390 , 295-395 , 320-246 and 320-247 of the Act - one or more rights (whether contingent or not), to the extent that they are covered by subregulation (3).

superannuation income stream benefit
: see subregulations (2) to (5).

superannuation salary
means the salary used to determine a person ' s entitlement to superannuation benefits.

terminal medical condition
has the meaning given by regulation 303-10.01 .

995-1.01(2)  


Subregulation (3) applies if:


(a) immediately before the death of a person (the deceased), a superannuation interest was supporting a superannuation income stream payable to the deceased; and


(b) the superannuation income stream did not automatically revert to another person on the death of the deceased; and


(c) one or more other persons each have a right (whether contingent or not) to be paid an amount that will be a superannuation benefit from the superannuation interest; and


(d) each such right arises on the death of the deceased, and ceases to exist immediately after the payment of the amount mentioned in paragraph (c).

995-1.01(3)  


For the purposes of paragraph (d) of the definition of superannuation income stream in subregulation (1), this subregulation covers each such right, to the extent that the value of the superannuation interest has not increased (other than through investment earnings) on or after the deceased ' s death.

995-1.01(4)  


Subregulations (4A) and (4B) apply if:


(a) immediately before the death of a person (the deceased ), a superannuation interest was supporting a superannuation income stream payable to the deceased; and


(b) the superannuation income stream did not automatically revert to another person on the death of the deceased; and


(c) one or more persons each have a right (whether contingent or not) to commence a new superannuation income stream using an amount applied from the superannuation interest; and


(d) each such right arises on the death of the deceased, and ceases to exist at the time the relevant new superannuation income stream commences (disregarding paragraph (4A)(a)); and


(e) each of the new income streams is of a kind mentioned in paragraph (a) of the definition of superannuation income stream in subregulation (1).

995-1.01(4A)  


For the purposes of sections 295-385 , 295-390 , 295-395 , 320-246 and 320-247 of the Act, in applying paragraph (a) of the definition of superannuation income stream in subregulation (1):


(a) treat each new superannuation income stream mentioned in paragraph (4)(c) as commencing on the death of the deceased; and


(b) during the period:


(i) starting on the death of the deceased; and

(ii) ending at the time the new superannuation income stream commences (disregarding paragraph (a));

take account of the value of the superannuation interest only to the extent that the value has not increased (other than through investment earnings) on or after the deceased ' s death.

995-1.01(4B)  


For the purposes of subregulations (2) and (3), disregard a right mentioned in paragraph (4)(c).

995-1.01(5)  


In this regulation:

investment earnings
does not include:


(a) an amount paid under a policy of insurance on the life of the deceased; or


(b) an amount arising from self-insurance.




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