Income Tax Assessment (1997 Act) Regulations 2021

CHAPTER 7 - TRANSITIONAL MATTERS  

PART 1000-8 - TRANSITIONAL MATTERS RELATING TO THE INCOME TAX ASSESSMENT (1997 ACT) AMENDMENT (BUILDING A STRONGER AND FAIRER SUPER SYSTEM AND OTHER MEASURES) REGULATIONS 2026  

SECTION 1000-8.03   TRANSITIONAL PROVISION - TOTAL SUPERANNUATION BALANCE VALUE FOR CERTAIN SUPERANNUATION INTERESTS JUST BEFORE 1 JULY 2026  

1000-8.03(1)    
Subsection (2) applies in relation to:

(a)    a superannuation interest that is an interest of yours just before 1 July 2026 (the transition time ) if, at that time:

(i) the interest is in the retirement phase and the interest does not support a superannuation income stream mentioned in subsection 307-230A.02(5) ; or

(ii) the interest is an interest that you are treated as having under subsection 307-230(3) of the Act because you are a non-member spouse in relation to another superannuation interest, and paragraph (a) of this subsection applies to the other superannuation interest;

(b)    a superannuation interest (also a relevant interest ) that supports a superannuation income stream of which you are, because of the death of another person, a retirement phase recipient at the transition time, if, at that time:

(i) the interest is in the retirement phase and the interest does not support a superannuation income stream mentioned in subsection 307-230A.02(5) ; or

(ii) the interest is an interest that you are treated as having under subsection 307-230(3) of the Act because you are a non-member spouse in relation to another superannuation interest, and paragraph (a) of this subsection applies to the other superannuation interest.

1000-8.03(2)    
For the purposes of paragraph 307-230A(1)(a) of the Act, the greater of the following values is specified:

(a)    the value worked out using the following formula;

(b)    nil.

The transfer balance in your transfer balance account at that time
The number of relevant interests of yours to which this subsection applies at the transition time

1000-8.03(3)    
Subsection (4) applies if a transfer balance credit has arisen, at or before that time, in your transfer balance account in respect of a superannuation income stream mentioned in subsection 307-230A.02(5) .

1000-8.03(4)    
For purposes of working out the transfer balance mentioned in subsection (2) of this section, disregard the operation of the following provisions in relation to the superannuation income stream mentioned in subsection (3) :

(a)    items 1 and 2 of the table in subsection 294-25(1) of the Act;

(b)    items 1, 3, 4, 5 and 6 of the table in subsection 294-80(1) of the Act.

1000-8.03(5)    
For the purposes of this section, disregard sections 307-230A.10 and 307-230A.11 .