Income Tax Assessment (1997 Act) Regulations 2021

CHAPTER 7 - TRANSITIONAL MATTERS  

PART 1000-8 - TRANSITIONAL MATTERS RELATING TO THE INCOME TAX ASSESSMENT (1997 ACT) AMENDMENT (BUILDING A STRONGER AND FAIRER SUPER SYSTEM AND OTHER MEASURES) REGULATIONS 2026  

SECTION 1000-8.02   TRANSITIONAL PROVISION - DIFFERENCE IN TOTAL SUPERANNUATION BALANCE VALUE RESULTING FROM A CHANGE IN VALUATION METHODS  

1000-8.02(1)    
This section applies to a superannuation interest if:

(a)    it is a superannuation interest of yours:

(i) just before 1 July 2026; and

(ii) at all times occurring between 1 July 2026 and 30 June 2027; or

(b)    it supports a death benefit income stream that, because of the death of another person, you are receiving:

(i) just before 1 July 2026; and

(ii) at all times occurring between 1 July 2026 and 30 June 2027.

1000-8.02(2)    
If the total superannuation balance value of the superannuation interest just before 1 July 2026 exceeds the new method value, the excess is included in the total worked out for you under subsection 296-70.03(1) in relation to the interest.

1000-8.02(3)    
If the new method value exceeds the total superannuation balance value of the superannuation interest just before 1 July 2026, the excess is included in the total worked out for you under subsection 296-70.02(1) in relation to the interest.

1000-8.02(4)    
If column 1 of an item of the following table applies, the new method value is the amount set out in column 2 of that item:

New method value
Item	Column 1 If …	Column 2 the new method value is …
1	the total superannuation balance value of the superannuation interest just before 1 July 2027 is the family law value	equal to what would be the family law value of the interest just before 1 July 2026 if each reference in paragraphs 307-230A.04(1)(a) , (b) and (c) to determining a value on that day were a reference to determining the value just before 1 July 2027.
2	the method for determining the total superannuation balance value of the superannuation interest just before 1 July 2027 is an alternative valuation method	the value of the interest just before 1 July 2026 determined using that method (even if no certificate is in force in relation to the interest at that time under section 307-230A.06 ).
3	the total superannuation balance value of the superannuation interest just before 1 July 2027 is the vested benefits total of the interest	the vested benefits total of the interest just before 1 July 2026.
4	the total superannuation balance value of the superannuation interest just before 1 July 2027 is the maximum commutation amount of the interest	the maximum commutation amount of the interest just before 1 July 2026.