Income Tax Assessment (1997 Act) Regulations 2021
CHAPTER 7
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TRANSITIONAL MATTERS
PART 1000-7
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TRANSITIONAL MATTERS RELATING TO THE TREASURY LAWS AMENDMENT (LEGACY RETIREMENT PRODUCT COMMUTATIONS AND RESERVES) REGULATIONS 2024
SECTION 1000-7.01
TRANSITIONAL PROVISION
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PENSION RESERVES
1000-7.01(1)
This section applies to working out, for the purposes of subsection 292-90.02(4) , whether a reserve of a complying superannuation plan is a pension reserve at a time occurring on or after the commencement of this section.
1000-7.01(2)
If, before that commencement: (a) the reserve was used for the purpose of enabling the plan to discharge all or part of a liability of the plan to pay a superannuation income stream benefit from a superannuation income stream; and (b) the superannuation income stream was commuted or otherwise ceased; and (c) after the commutation or cessation, an amount was allocated from the reserve for a person; and (d) immediately before the commutation or cessation, the reserve was a pension reserve;
View history note
Hide history noteThis section applies to working out, for the purposes of subsection 292-90.02(4) , whether a reserve of a complying superannuation plan is a pension reserve at a time occurring on or after the commencement of this section.
1000-7.01(2)
If, before that commencement: (a) the reserve was used for the purpose of enabling the plan to discharge all or part of a liability of the plan to pay a superannuation income stream benefit from a superannuation income stream; and (b) the superannuation income stream was commuted or otherwise ceased; and (c) after the commutation or cessation, an amount was allocated from the reserve for a person; and (d) immediately before the commutation or cessation, the reserve was a pension reserve;
disregard the allocation.