Income Tax Assessment (1997 Act) Regulations 2021

CHAPTER 6 - THE DICTIONARY  

PART 6-5 - DICTIONARY DEFINITIONS  

Division 995 - Definitions  

SECTION 995-1.01  

995-1.01   DEFINITIONS  

Note:

A number of expressions used in this instrument are defined in the Act, including the following:

(a) superannuation benefit;

(b) superannuation income stream benefit.

In this instrument:

2013 allowances determination
has the meaning given by subsection 51-5.01(3) .

accruing member
:

(a) for the purposes of Schedule 1A - has the meaning given by clause 1.1 of that Schedule; and

(b) for the purposes of Subdivision 293-D and Schedule 1AA - has the meaning given by subsection 293-115.05(2) .

Act
means the Income Tax Assessment Act 1997 .

activities of daily living
has the meaning given by subsection 295-465.01(5) .

adjusted base amount
has the same meaning as in the SIS Regulations.

alternative valuation method
has the meaning given by subsection 307-230A.05(2) .

approved stock exchange
: see section 995-1.02 .

assessable contribution
means an amount included in the assessable income of an entity by Subdivision 295-C of the Act, disregarding item 5.3 of the table in section 50-25 of the Act (income tax exemption for constitutionally protected funds) and Subdivision 295-D of the Act (about excluded contributions).

base amount payment split
has the same meaning as in the SIS Regulations.

benefit category
:

(a) for the purposes of Subdivision 307-D and Subdivision 291-C and Schedule 1A - has the meaning given by clause 1.2 of that Schedule; and

(b) for the purposes of Schedule 1AA - has the meaning given by clause 2 of that Schedule.

bundled
has the meaning given by subsection 295-465.01(5) .

cognitive loss
has the meaning given by subsection 295-465.01(5) .

conditions determination
has the meaning given by subsection 51-5.01(3) .

constitutionally protected fund
: see section 995-1.03 .

death benefit income stream
, in relation to a superannuation interest, means:

(a) a superannuation income stream:

(i) that a person is a retirement phase recipient of because of the death of another person; and

(ii) that is supported by the superannuation interest; or

(b) an income stream (other than a superannuation income stream):

(i) that is payable to a person because of the death of another person; and

(ii) that is supported by the superannuation interest.

death (life) cover
has the meaning given by subsection 295-465.01(5) .

defined benefit fund
:

(a) for the purposes of Schedule 1A - has the meaning given by clause 1.3 of that Schedule; and

(b) for the purposes of Subdivision 307-D and Schedule 1AA - has the meaning given by clause 2A of that Schedule.

defined benefit member
:

(a) means a member of a superannuation fund whose entitlements to superannuation benefits (other than benefits payable on death or disability) are defined by reference to one or more of the following matters:

(i) the member ' s salary, or allowance in the nature of salary, at a particular date or averaged over a period;

(ii) another individual ' s salary, or allowance in the nature of salary, at a particular date or averaged over a period;

(iii) a specified amount;

(iv) specified conversion factors;

other than a member of a superannuation fund whose entitlements to superannuation are defined solely by reference to one or more of the following matters:

(v) the member ' s disability superannuation benefits;

(vi) the member ' s superannuation death benefits;

(vii) payments of amounts mentioned in paragraph 307-10(a) of the Act (which relates to temporary disability payments); and

(b) in clause 3.6 of Schedule 1A - has a meaning affected by subclause (4) of that clause; and

(c) in clause 15 of Schedule 1AA - has a meaning affected by subclause (4) of that clause.

domestic (home) duties
has the meaning given by subsection 295-465.01(5) .

employer-sponsor
has the meaning given by subsection 16(1) of the SIS Act.

family law value
has the meaning given by subsection 307-230A.04(2) .

funded benefit interest
has the meaning given by subsection 293-115.15(2) .

Governor-General Pension Scheme
means the Governor-General Pension Scheme constituted by allowances payable under section 4 of the Governor-General Act 1974 .

insolvent
, for an issuer, means:

(a) the issuer cannot pay its debts as they fall due; or

(b) the issuer ' s liabilities exceed its assets.

loss of limb
has the meaning given by subsection 295-465.01(5) .

maximum commutation amount
has the meaning given by subsection 307-230A.09(2) .

member contributions
has the meaning given by subregulation 5.01(1) of the SIS Regulations.

military invalidity income stream
means an income stream that is any of the following:

(a) invalidity pay within the meaning of the Defence Force Retirement and Death Benefits Act 1973 ;

(b) invalidity pension under the Military Superannuation and Benefits Scheme;

(c) a pension payable under section 16 of the Australian Defence Force Cover Act 2015 .

military or police person
means a person mentioned in paragraph 302-195(2)(a) , (b) or (c) of the Act.

Military Superannuation and Benefits Scheme
has the meaning given by section 307-125.01 .

non-accruing member
:

(a) for the purposes of section 291-170.04 and Schedule 1A - has the meaning given by subsection 291-170.04(5) ; and

(b) for the purposes of Subdivision 293-D - has the meaning given by subsection 293-115.05(2) .

normal domestic duties
has the meaning given by subsection 295-465.01(5) .

on-hold member
has the meaning given by subsection 291-170.04(6) .

pension liability of a complying superannuation plan
means a liability of the plan to pay a superannuation income stream benefit.

pension reserve
has the meaning given by subsection 292-90.02(7) .

pensioned member
has the meaning given by subsection 291-170.04(7) .

percentage payment split
has the same meaning as in the SIS Regulations.

pooled investment annuity
has the meaning given by subsection 307-205.02E(2) .

pooled investment pension
has the meaning given by subsection 307-205.02D(2) .

registered organisation
has the meaning given by subsection 10(1) of the SIS Act.

relevant 2006 interest
, in relation to a member, means:

(a) a defined benefit interest held by the member on 5 September 2006; or

(b) any superannuation interest to which the entire value of the interest mentioned in paragraph (a) was transferred (whether directly or through a series of transfers between superannuation interests).

relevant 2009 interest
, in relation to a member, means:

(a) a defined benefit interest held by the member on 12 May 2009; or

(b) any superannuation interest to which the entire value of the interest mentioned in paragraph (a) was transferred (whether directly or through a series of transfers between superannuation interests).

RSA Act
means the Retirement Savings Accounts Act 1997 .

RSA annuity
means an annuity (within the meaning of the RSA Act).

RSA pension
means a pension (within the meaning of the RSA Act).

RSA Regulations
means the Retirement Savings Accounts Regulations 1997 .

RSE licensee
has the same meaning as in the SIS Act.

SIS Act
means the Superannuation Industry (Supervision) Act 1993 .

SIS annuity
means an annuity (within the meaning of the SIS Act).

SIS pension
means a pension (within the meaning of the SIS Act).

SIS Regulations
means the Superannuation Industry (Supervision) Regulations 1994 .

splitting order
has the same meaning as in the SIS Regulations.

State higher level office holder
means any of the following:

(a) the Governor of a State;

(b) a member of the staff of the Governor of a State;

(c) a Minister of the government of a State;

(d) a member of the staff of a Minister of the government of a State;

(e) a member of the Parliament of a State;

(f) the Clerk of a house of the Parliament of a State;

(g) a deputy Clerk of a house of the Parliament of a State or an office holder of the Parliament of a State of equivalent seniority;

(h) the head of a Department of the Parliament of a State or an office holder of the Parliament of a State of equivalent seniority;

(i) the head of a Department of the Public Service of a State or a statutory office holder of equivalent seniority, including a statutory office holder who is the head of an instrumentality or agency of a State;

(j) the head of a body, including an office or a commission, within a Department of the Public Service of a State if the body:

(i) has the general administration of an Act of the State under a statute; or

(ii) has a distinct statutory function that is critical to the constitutional functioning of the State;

(k) an office holder within a Department of the Public Service of a State if the office holder:

(i) has the general administration of an Act of the State under a statute; or

(ii) has a distinct statutory function that is critical to the constitutional functioning of the State;

(l) a head or deputy head of a body, including an office or a commission, of a State if the body has a predominant legal function that is critical to the constitutional functioning of the State;

(m) the Solicitor-General of a State;

(n) a judge, justice or magistrate of the court of a State;

(o) a member of a tribunal of a State, or a commissioner of a commission of a State, who exercises judicial power of a State;

(p) a commissioner, deputy commissioner or assistant commissioner of a police force of a State, or an officer of equivalent rank of a police force of a State.

superannuation actuary
has the same meaning as in the SIS Act.

superannuation agreement
has the same meaning as in the SIS Regulations.

superannuation annuity
: see section 995-1.05 .

superannuation income stream
: see section 307-70.02 .

superannuation salary
means the salary used to determine a person ' s entitlement to superannuation benefits.

superannuation sub-fund
, in relation to defined benefit members of a superannuation fund, means an arrangement in the fund which satisfies the following conditions:

(a) there are separately identifiable assets and separately identifiable beneficiaries;

(b) the interest of each beneficiary is determined by reference only to the conditions governing that arrangement;

(c) the defined benefit members have the same employer-sponsor;

(d) the employer-sponsor deals with each of the defined benefit members at arm ' s length.

terminal medical condition
: see section 995-1.06 .

TPD any occupation
has the meaning given by subsection 295-465.01(5) .

TPD own occupation
has the meaning given by subsection 295-465.01(5) .

vested benefits total
has the meaning given by subsection 307-230A.08(3) .