Income Tax Assessment (1997 Act) Regulations 2021

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 307 - Key concepts relating to superannuation benefits  

Subdivision 307-D - Superannuation interests  

SECTION 307-230A.08   TOTAL SUPERANNUATION BALANCE VALUE - VESTED BENEFITS TOTAL  

307-230A.08(1)    
This section applies in relation to a superannuation interest of an individual in a superannuation fund at a particular time (the application time ) if:

(a)    under the rules of the fund, the superannuation interest in the fund:

(i) can never support a superannuation income stream; and

(ii) cannot cease in order to commence another superannuation interest in the fund that supports a superannuation income stream; and

(b)    at the time (the test time ) 12 months before the application time:

(i) this section applied in relation to the interest, and the vested benefits total of the interest was 50% or less of the large superannuation balance threshold at the test time; or

(ii) if the interest arose in the 12 months before the application time as a direct result of the payment by a fund (the original fund ) of an involuntary roll-over superannuation benefit, relating to the cessation of an interest in the original fund (the previous interest ), to a successor fund - the previous interest did not exist; or

(iii) if the interest did not arise as a direct result of the payment of an involuntary roll-over superannuation benefit to a successor fund - the interest did not exist; and

(c)    the interest does not support, and can never support:

(i) a military invalidity income stream; or

(ii) a pension to which any paragraph of subsection 307-70.02(1A) applies.

307-230A.08(2)    
A reference in paragraph (1)(a) to a superannuation income stream does not include a superannuation income stream under which an amount is payable to a person because of:

(a)    the person ' s temporary inability to engage in gainful employment; or

(b)    the person ' s permanent inability to engage in gainful employment for which the person is reasonably qualified by education, training or experience.

307-230A.08(3)    
The vested benefits total of the interest at a particular time is the total value of the superannuation benefits to which the individual would become entitled if, at that time, the individual:

(a)    both:

(i) had the right to cause the superannuation interest to cease; and

(ii) voluntarily caused the superannuation interest to cease; or

(b)    became entitled to a superannuation income stream that:

(i) was a SIS pension or an RSA pension; and

(ii) was supported by the superannuation interest; or

(c)    became entitled to a deferred benefit of the superannuation interest.

307-230A.08(4)    
For the purposes of subsection (3) , the total value mentioned in that subsection is to be worked out in accordance with accounting standards in force at the time mentioned in that subsection (even if the standard does not otherwise apply to the superannuation fund).