Income Tax Assessment (1997 Act) Regulations 2021
CHAPTER 7
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TRANSITIONAL MATTERS
PART 1000-6
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TRANSITIONAL MATTERS RELATING TO THE INCOME TAX ASSESSMENT AMENDMENT (TRANSFER BALANCE ACCOUNT VALUE FOR CERTAIN SUPERANNUATION INCOME STREAMS) REGULATIONS 2024
SECTION 1000-6.03
MODIFIED CONTINUING APPLICATION OF OLD REGULATIONS
1000-6.03(1)
This section applies for the purposes of the continuing application of the old regulations in relation to a superannuation income stream that: (a) commenced before the 2021 commencement time; and (b) is supported by a superannuation interest covered by subsection 294-135.01(6) of this instrument.
1000-6.03(2)
This section applies despite subsection 1000-1.06(1) .
1000-6.03(3)
For the purposes mentioned in subsection (1) , treat the special value of the superannuation interest at a time (the relevant time ) that is before the 2021 commencement time as being the special value of the superannuation interest at the relevant time worked out under section 294-135.01 , as amended by the amending instrument.
1000-6.03(4)
To avoid doubt, for the purposes of subsection (3) , assume that section 294-135.01 , as amended by the amending instrument: (a) applies in relation to a transfer balance credit that arises before the 2021 commencement time (despite subsection 1000-1.06(6) ); and (b) applies in relation to working out the special value, at a particular time, of a superannuation interest even if the particular time is before the 2021 commencement time (despite section 1000-6.02 ).
1000-6.03(5)
For the purposes mentioned in subsection (1) , if the superannuation income stream mentioned in that subsection ceased before the 2021 commencement time, treat section 294-80.02B of this instrument as applying in relation to that cessation.
View history note
Hide history noteThis section applies for the purposes of the continuing application of the old regulations in relation to a superannuation income stream that: (a) commenced before the 2021 commencement time; and (b) is supported by a superannuation interest covered by subsection 294-135.01(6) of this instrument.
1000-6.03(2)
This section applies despite subsection 1000-1.06(1) .
1000-6.03(3)
For the purposes mentioned in subsection (1) , treat the special value of the superannuation interest at a time (the relevant time ) that is before the 2021 commencement time as being the special value of the superannuation interest at the relevant time worked out under section 294-135.01 , as amended by the amending instrument.
1000-6.03(4)
To avoid doubt, for the purposes of subsection (3) , assume that section 294-135.01 , as amended by the amending instrument: (a) applies in relation to a transfer balance credit that arises before the 2021 commencement time (despite subsection 1000-1.06(6) ); and (b) applies in relation to working out the special value, at a particular time, of a superannuation interest even if the particular time is before the 2021 commencement time (despite section 1000-6.02 ).
1000-6.03(5)
For the purposes mentioned in subsection (1) , if the superannuation income stream mentioned in that subsection ceased before the 2021 commencement time, treat section 294-80.02B of this instrument as applying in relation to that cessation.