Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016 (81 of 2016)
Schedule 8 Innovative income streams and integrity
Part 1 Amendments
Income Tax Assessment Act 1997
5 After section 295-385
295-387 Disregarded small fund assets
(1) The assets of a *complying superannuation fund are disregarded small fund assets at all times in an income year if the fund is covered by subsection (2) for the income year.
(2) A *complying superannuation fund is covered by this subsection for an income year if:
(a) any of these requirements are satisfied:
(i) the fund is a *self managed superannuation fund at a time during the income year;
(ii) there are less than 5 *members of the fund at a time during the income year; and
(b) at a time during the income year, there is at least one *superannuation interest in the fund that is in the *retirement phase; and
(c) just before the start of the income year:
(i) a person has a *total superannuation balance that exceeds $1.6 million; and
(ii) the person is the *retirement phase recipient of a *superannuation income stream (whether or not the fund is the *superannuation income stream provider for the superannuation income stream); and
(d) at a time during the income year, the person has a superannuation interest in the fund (whether or not the superannuation interest is the superannuation interest mentioned in paragraph (b)).