Income Tax Assessment (1997 Act) Regulations 2021

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 296 - Better targeted superannuation concessions  

Subdivision 296-B - Better targeted superannuation concessions  

SECTION 296-70.04   MODIFICATION OF SECTIONS 296-65 AND 296-70 OF THE ACT IN RELATION TO DECEASED INDIVIDUAL  

296-70.04(1)    
For the purposes of subsection 296-75(1) of the Act, this section prescribes modifications of sections 296-65 and 296-70 of the Act that apply to an individual (the deceased individual ) who dies during an income year (the relevant year ) of the deceased individual.

296-70.04(2)    
If subsection 296-65(1) of the Act applies in relation to a superannuation interest of the deceased individual for the relevant year, then, for the purposes of working out the deceased individual ' s relevant superannuation earnings for the interest for the relevant year, paragraph (b) of that subsection is taken to refer to:

(a)    the income year, of the entity mentioned in paragraph (a) of that subsection, that is the same period as the relevant year (or that, of the income years of the entity, covers the most of the relevant year); and

(b)    any later income year of that entity that includes any of the period between the death of the deceased individual and the earlier of the following:

(i) the time when all superannuation death benefits have been paid or distributed from the interest;

(ii) the time when, because of the deceased individual ' s death, another person starts to receive a death benefit income stream.

296-70.04(3)    
If section 296-70 of the Act applies in relation to a superannuation interest of the deceased individual for the relevant year, then, for the purposes of applying the formula in subsection 296-70(1) of the Act to work out the deceased individual ' s relevant superannuation earnings for the relevant year for the interest, the total superannuation balance value of the interest at the end of the relevant year is taken to be nil.

Note 1:

Certain contributions and withdrawals that occur after the relevant year are counted in the relevant year for the purposes of subsection 296-70(1) of the Act (see in particular paragraphs 296-70.02(1)(i) and 296-70.03(1)(c) and (d) ).

Note 2:

If another person receives a superannuation death benefit from the interest, or a death benefit income stream supported by the interest, subsection (3) does not affect the total superannuation balance value of the interest for the purposes of working out the other person ' s relevant superannuation earnings.