Income Tax Assessment Amendment Regulations 2007 (No. 6) (202 of 2007)

Schedule 1   Amendment

[8]   Part 2, after regulation 307-205.02

insert

307-205.02A   Superannuation income streams or superannuation annuities based on identifiable amounts  - value of an interest

For a superannuation income stream or a superannuation annuity mentioned in subparagraph 307-205.02 (1) (a) (ii), the value of the superannuation interest that supports the income stream or annuity is:

(a) the identifiable lump sum amount; or

(b) the amount available in the member’s account.

307-205.02B   Public sector superannuation schemes  - value of an interest

A superannuation interest in a public sector superannuation scheme is to be valued:

(a) by using the practice for valuing a superannuation interest (other than an interest that supports a superannuation income stream mentioned in subparagraph 307-205.02 (1) (a) (i)) that was used by the scheme immediately before 28 June 2007; or

(b) if there was not a practice for valuing an interest at that time  - by using the method in subregulation 307-205.02 (2).