Treasury Laws Amendment (2019 Measures No. 3) Act 2020 (64 of 2020)

Schedule 3   Miscellaneous amendments

Part 4   Superannuation

Income Tax Assessment Act 1997

328   Subsection 294-145(6)

Repeal the subsection, substitute:

(6) The debit value , at a particular time, of a *superannuation interest that supports an income stream that is, or was at any time, a *capped defined benefit income stream covered by any of items 3 to 7 of the table in subsection 294-130(1) is:

(a) the amount of the *transfer balance credit that arose in your *transfer balance account in respect of the income stream; less

(b) the sum of the following:

(i) the amount of any *transfer balance debits (apart from debits arising under item 4 of the table in subsection 294-80(1)) that have arisen in your transfer balance account in respect of the income stream before that time;

(ii) if item 1 of the table in subsection 294-80(1) applies in relation to the income stream because the income stream is commuted - the amount worked out under subsection (6A).

(6A) The amount is the sum of the following:

(a) the total amount of *superannuation income stream benefits that youwere entitled to receive from the income stream before the start of the financial year in which the commutation takes place;

(b) if regulation 1.07B of the Superannuation Industry (Supervision) Regulations 1994 applies to the income stream - the greater of the following:

(i) the minimum amount under subregulation 1.07B(4) of those regulations for the income stream for that financial year;

(ii) the total amount of superannuation income stream benefits that you received from the income stream in that financial year (other than superannuation income stream benefits that you were entitled to receive from the income stream before the start of that financial year);

(c) if regulation 1.07C of the Superannuation Industry (Supervision) Regulations 1994 applies to the income stream - the greater of the following:

(i) the minimum amount under subregulation 1.07C(3) of those regulations for the income stream for that financial year;

(ii) the total amount of superannuation income stream benefits that you received from the income stream in that financial year (other than superannuation income stream benefits that you were entitled to receive from the income stream before the start of that financial year);

(d) if regulation 1.08 of the Retirement Savings Accounts Regulations 1997 applies to the income stream - the greater of the following:

(i) the minimum amount under regulation 1.08 of those regulations for the income stream for that financial year;

(ii) the total amount of superannuation income stream benefits that you received from the income stream in that financial year (other than superannuation income stream benefits that you were entitled to receive from the income stream before the start of that financial year).