Tax and Superannuation Laws Amendment (2014 Measures No. 7) Act 2015 (21 of 2015)
Schedule 4 Providing certainty for superannuation fund mergers
Part 1 Main amendments
Income Tax (Transitional Provisions) Act 1997
7 After section 307-125
307-127 Extension - income stream replacing an earlier one because of an involuntary roll-over
(1) Section 307-125 also applies to a superannuation income stream (the later income stream ) if:
(a) the later income stream commenced using only the amount of an involuntary roll-over superannuation benefit:
(i) covered by paragraph 306-12(a) of the Income Tax Assessment Act 1997; and
(ii) paid from a superannuation interest (the earlier interest ); and
(b) immediately before that benefit was paid:
(i) the earlier interest was supporting another superannuation income stream (the earlier income stream ); and
(ii) section 307-125 of this Act applied to the earlier income stream because of subsection (1) of that section.
(2) Section 307-125 applies to the later income stream as if:
(a) references in that section to the later income stream (in relation to a time, or event happening, before the payment of that involuntary roll-over superannuation benefit) include references to the earlier income stream; and
(b) references in that section to the superannuation interest supporting the later income stream (in relation to a time, or event happening, before the payment of that benefit) include references to the earlier interest.