Income Tax Assessment Amendment Regulations 2007 (No. 6)

(202 of 2007)

29 June 2007

Income Tax Assessment Act 1997

1   Name of Regulations

These Regulations are the Income Tax Assessment Amendment Regulations 2007 (No. 6).

2   Commencement

These Regulations commence on 1 July 2007.

3   Amendment of Income Tax Assessment Regulations 1997

Schedule 1 amends the Income Tax Assessment Regulations 1997 as amended by the Income Tax Assessment Regulations 2007 (No. 2) and the Income Tax Assessment Regulations 2007 (No. 3).

Schedule 1   Amendment

[1]   Part 2, subregulation 292-25.01 (2)

omit

subregulations (3) and (4)

insert

subregulation (3)

[2]   Part 2, subregulation 292-25.01 (4)

omit

An amount that is allocated from a reserve is to be treated

insert

An amount that is allocated from a reserve, other than an amount that is covered by subregulation (2), is to be treated

[3]   Part 2, subregulation 292-25.01 (5)

omit

Subparagraph (4) (a) (ii)

insert

Paragraph (4) (a)

[4]   Part 2, regulation 307-200.02

omit

superannuation plan is to be treated as 1 superannuation interest in the relevant

insert

self-managed superannuation fund is to be treated as 1 superannuation interest in the

[5]   Part 2, subregulations 307-200.03 (4) and (5)

substitute

(4) For this regulation, an amount specified in a notice given under subsection 307-285 (1) of the Act by the trustee of a scheme is not included as contributions made into the scheme or earnings on those contributions.

[6]   Part 2, regulation 307-200.04

omit

[7]   Part 2, paragraph 307-205.02 (1) (a)

substitute

(a) applies to a superannuation income stream or a superannuation annuity, other than:

(i) a superannuation income stream of a type prescribed by regulation 295-385.01; or

(ii) a superannuation income stream or a superannuation annuity for which the rules providing for the income stream or annuity are based on:

(A) an identifiable lump sum amount; or

(B) the amount available in the member’s account; or

(iii) a superannuation income stream that is supported by a superannuation interest that can be valued under paragraph 307-205.02B (a); and

[8]   Part 2, after regulation 307-205.02

insert

307-205.02A   Superannuation income streams or superannuation annuities based on identifiable amounts  - value of an interest

For a superannuation income stream or a superannuation annuity mentioned in subparagraph 307-205.02 (1) (a) (ii), the value of the superannuation interest that supports the income stream or annuity is:

(a) the identifiable lump sum amount; or

(b) the amount available in the member’s account.

307-205.02B   Public sector superannuation schemes  - value of an interest

A superannuation interest in a public sector superannuation scheme is to be valued:

(a) by using the practice for valuing a superannuation interest (other than an interest that supports a superannuation income stream mentioned in subparagraph 307-205.02 (1) (a) (i)) that was used by the scheme immediately before 28 June 2007; or

(b) if there was not a practice for valuing an interest at that time  - by using the method in subregulation 307-205.02 (2).

[9]   Part 6, regulation 995-1.01, definition of superannuation income stream benefit

omit

995-1.02

insert

995-1.03

[10]   Schedule 1A, section 1.7

omit

(1.2 x (New entrant rate X S X (D/365))-M)

insert

(1.2 x (New entrant rate X S X (D/365)-M))

[11]   Schedule 1A, paragraph 5.1 (2) (b)

omit

worked out by

insert

worked out on advice from

[12]   Schedule 1B, Table 1

substitute

Table 1

Age

Factor for indexed lifetime income stream

Factor for non-indexed lifetime income stream

18

23.238

15.405

19

23.158

15.385

20

23.084

15.366

21

23.016

15.349

22

22.956

15.334

23

22.906

15.322

24

22.862

15.312

25

22.816

15.302

26

22.763

15.289

27

22.694

15.271

28

22.612

15.248

29

22.523

15.223

30

22.422

15.194

31

22.310

15.160

32

22.193

15.124

33

22.076

15.086

34

21.950

15.045

35

21.821

15.002

36

21.691

14.958

37

21.553

14.911

38

21.410

14.861

39

21.266

14.809

40

21.113

14.754

41

20.956

14.695

42

20.790

14.632

43

20.609

14.562

44

20.421

14.487

45

20.229

14.409

46

20.030

14.326

47

19.823

14.239

48

19.610

14.148

49

19.391

14.052

50

19.164

13.950

51

18.931

13.844

52

18.691

13.732

53

18.443

13.615

54

18.189

13.492

55

17.927

13.364

56

17.659

13.230

57

17.383

13.089

58

17.100

12.943

59

16.810

12.790

60

16.513

12.631

61

16.209

12.465

62

15.891

12.287

63

15.558

12.099

64

15.213

11.900

65

14.861

11.693

66

14.506

11.480

67

14.144

11.260

68

13.775

11.032

69

13.396

10.794

70

13.011

10.548

71

12.627

10.297

72

12.230

10.035

73

11.815

9.756

74

11.398

9.471

75

10.983

9.183

76

10.566

8.889

77

10.144

8.587

78

9.723

8.282

79

9.314

7.980

80

8.898

7.669

81

8.486

7.357

82

8.087

7.051

83

7.697

6.748

84

7.323

6.455

85

6.966

6.172

86

6.627

5.901

87

6.311

5.647

88

6.010

5.402

89

5.728

5.171

90

5.465

4.954

91

5.218

4.750

92

4.991

4.561

93

4.773

4.379

94

4.566

4.205

95

4.360

4.031

[13]   Schedule 1B, Table 2

substitute

Table 2

Number of years

Factor for indexed fixed-term income stream

Factor for non-indexed fixed-term income stream

0

0.000

0.000

1

0.981

0.969

2

1.925

1.879

3

2.834

2.734

4

3.709

3.536

5

4.550

4.289

6

5.360

4.996

7

6.140

5.661

8

6.891

6.284

9

7.613

6.870

10

8.308

7.420

11

8.977

7.936

12

9.621

8.421

13

10.241

8.876

14

10.837

9.303

15

11.411

9.705

16

11.963

10.081

17

12.495

10.435

18

13.007

10.768

19

13.499

11.079

20

13.973

11.372

21

14.430

11.647

22

14.869

11.906

23

15.291

12.148

24

15.698

12.376

25

16.090

12.590

26

16.466

12.790

27

16.829

12.979

28

17.178

13.156

29

17.514

13.322

30

17.837

13.478