Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016 (81 of 2016)

Schedule 11   Dictionary

Income Tax Assessment Act 1997

1   At the end of Subdivision 307-B

Add:

307-75 Meaning of retirement phase superannuation income stream benefit

(1) A *superannuation income stream benefit is a retirement phase superannuation income stream benefit (or RP superannuation income stream benefit ) of a *superannuation fund at a time if it is payable by the fund at that time from a *superannuation income stream that is in the *retirement phase at that time.

(2) A *superannuation income stream benefit is also a retirement phase superannuation income stream benefit (or RP superannuation income stream benefit ) of a *superannuation fund at a time if it is payable by the fund after that time from a *superannuation income stream that:

(a) is a *deferred superannuation income stream; and

(b) is in the *retirement phase at that time.

307-80 When a superannuation income stream is in the retirement phase

(1) A *superannuation income stream is in the retirement phase at a time if a *superannuation income stream benefit is payable from it at that time.

(2) A *superannuation income stream is also in the retirement phase at a time if:

(a) it is a *deferred superannuation income stream; and

(b) a *superannuation income stream benefit will be payable from it to a person after that time; and

(c) the person has satisfied (whether at or before that time) a condition of release specified in any of the following items of the table in Schedule 1 to the Superannuation Industry (Supervision) Regulations 1994:

(i) 101 (retirement);

(ii) 102A (terminal medical condition);

(iii) 103 (permanent incapacity);

(iv) 106 (attaining age 65).

(3) However, a *superannuation income stream is not in the retirement phase if it is any of the following:

(a) a transition to retirement income stream (within the meaning of Part 6 of the Superannuation Industry (Supervision) Regulations 1994);

(b) a non-commutable allocated annuity (within the meaning of those regulations);

(c) a non-commutable allocated pension (within the meaning of those regulations);

(d) a transition to retirement income pension (within the meaning of Part 4 of the Retirement Savings Accounts Regulations 1997);

(e) a non-commutable allocated pension (within the meaning of those regulations).

(4) A *superannuation income stream is also not in the retirement phase in an income year if:

(a) the superannuation income stream is specified in a commutation authority issued by the Commissioner under Subdivision 136-B in Schedule 1 to the Taxation Administration Act 1953 to a *superannuation income stream provider; and

(b) the superannuation income stream provider is required by section 136-80 in that Schedule to pay a *superannuation lump sum but fails to do so within the 60-day period mentioned in that section; and

(c) the income year is the income year in which the 60-day period ended, or a later income year.