Income Tax Assessment (1997 Act) Regulations 2021

CHAPTER 6 - THE DICTIONARY  

PART 6-5 - DICTIONARY DEFINITIONS  

Division 995 - Definitions  

SECTION 995-1.01  

995-1.01   DEFINITIONS  

Note:

A number of expressions used in this instrument are defined in the Act, including the following:

  • (a) superannuation benefit;
  • (b) superannuation income stream benefit.
  • In this instrument:

    2013 allowances determination
    has the meaning given by subsection 51-5.01(3) .

    accruing member
    :


    (a) for the purposes of Schedule 1A - has the meaning given by clause 1.1 of that Schedule; and


    (b) for the purposes of Subdivision 293-D and Schedule 1AA - has the meaning given by subsection 293-115.05(2) .

    Act
    means the Income Tax Assessment Act 1997 .

    activities of daily living
    has the meaning given by subsection 295-465.01(5) .

    approved stock exchange
    : see section 995-1.02 .

    assessable contribution
    means an amount included in the assessable income of an entity by Subdivision 295-C of the Act, disregarding item 5.3 of the table in section 50-25 of the Act (income tax exemption for constitutionally protected funds) and Subdivision 295-D of the Act (about excluded contributions).

    benefit category
    :


    (a) for the purposes of Subdivision 291-C and Schedule 1A - has the meaning given by clause 1.2 of that Schedule; and


    (b) for the purposes of Schedule 1AA - has the meaning given by clause 2 of that Schedule.

    bundled
    has the meaning given by subsection 295-465.01(5) .

    cognitive loss
    has the meaning given by subsection 295-465.01(5) .

    conditions determination
    has the meaning given by subsection 51-5.01(3) .

    constitutionally protected fund
    : see section 995-1.03 .

    death (life) cover
    has the meaning given by subsection 295-465.01(5) .

    defined benefit fund
    :


    (a) for the purposes of Schedule 1A - has the meaning given by clause 1.3 of that Schedule; and


    (b) for the purposes of Schedule 1AA - has the meaning given by clause 2A of that Schedule.

    defined benefit member
    :


    (a) means a member of a superannuation fund whose entitlements to superannuation benefits (other than benefits payable on death or disability) are defined by reference to one or more of the following matters:


    (i) the member ' s salary, or allowance in the nature of salary, at a particular date or averaged over a period;

    (ii) another individual ' s salary, or allowance in the nature of salary, at a particular date or averaged over a period;

    (iii) a specified amount;

    (iv) specified conversion factors;
    other than a member of a superannuation fund whose entitlements to superannuation are defined solely by reference to one or more of the following matters:

    (v) the member ' s disability superannuation benefits;

    (vi) the member ' s superannuation death benefits;

    (vii) payments of amounts mentioned in paragraph 307-10(a) of the Act (which relates to temporary disability payments); and


    (b) in clause 3.6 of Schedule 1A - has a meaning affected by subclause (4) of that clause; and


    (c) in clause 15 of Schedule 1AA - has a meaning affected by subclause (4) of that clause.

    domestic (home) duties
    has the meaning given by subsection 295-465.01(5) .

    employer-sponsor
    has the meaning given by subsection 16(1) of the SIS Act.

    funded benefit interest
    has the meaning given by subsection 293-115.15(2) .

    Governor-General Pension Scheme
    means the Governor-General Pension Scheme constituted by allowances payable under section 4 of the Governor-General Act 1974 .

    insolvent
    , for an issuer, means:


    (a) the issuer cannot pay its debts as they fall due; or


    (b) the issuer ' s liabilities exceed its assets.

    loss of limb
    has the meaning given by subsection 295-465.01(5) .

    member contributions
    has the meaning given by subregulation 5.01(1) of the SIS Regulations.

    military or police person
    means a person mentioned in paragraph 302-195(2)(a) , (b) or (c) of the Act.

    Military Superannuation and Benefits Scheme
    has the meaning given by section 307-125.01 .

    non-accruing member
    :


    (a) for the purposes of section 291-170.04 and Schedule 1A - has the meaning given by subsection 291-170.04(5) ; and


    (b) for the purposes of Subdivision 293-D - has the meaning given by subsection 293-115.05(2) .

    normal domestic duties
    has the meaning given by subsection 295-465.01(5) .

    on-hold member
    has the meaning given by subsection 291-170.04(6) .

    pensioned member
    has the meaning given by subsection 291-170.04(7) .

    pooled investment annuity
    has the meaning given by subsection 307-205.02E(2) .

    pooled investment pension
    has the meaning given by subsection 307-205.02D(2) .

    registered organisation
    has the meaning given by subsection 10(1) of the SIS Act.

    relevant 2006 interest
    , in relation to a member, means:


    (a) a defined benefit interest held by the member on 5 September 2006; or


    (b) any superannuation interest to which the entire value of the interest mentioned in paragraph (a) was transferred (whether directly or through a series of transfers between superannuation interests).

    relevant 2009 interest
    , in relation to a member, means:


    (a) a defined benefit interest held by the member on 12 May 2009; or


    (b) any superannuation interest to which the entire value of the interest mentioned in paragraph (a) was transferred (whether directly or through a series of transfers between superannuation interests).

    RSA Act
    means the Retirement Savings Accounts Act 1997 .

    RSA Regulations
    means the Retirement Savings Accounts Regulations 1997 .

    RSE licensee
    has the same meaning as in the SIS Act.

    SIS Act
    means the Superannuation Industry (Supervision) Act 1993 .

    SIS Regulations
    means the Superannuation Industry (Supervision) Regulations 1994 .

    superannuation annuity
    : see section 995-1.05 .

    superannuation income stream
    : see section 307-70.02 .

    superannuation salary
    means the salary used to determine a person ' s entitlement to superannuation benefits.

    superannuation sub-fund
    , in relation to defined benefit members of a superannuation fund, means an arrangement in the fund which satisfies the following conditions:


    (a) there are separately identifiable assets and separately identifiable beneficiaries;


    (b) the interest of each beneficiary is determined by reference only to the conditions governing that arrangement;


    (c) the defined benefit members have the same employer-sponsor;


    (d) the employer-sponsor deals with each of the defined benefit members at arm ' s length.

    terminal medical condition
    : see section 995-1.06 .

    TPD any occupation
    has the meaning given by subsection 295-465.01(5) .

    TPD own occupation
    has the meaning given by subsection 295-465.01(5) .




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