Income Tax Assessment Act 1997
Section 294-25 applies in relation to a *capped defined benefit income stream as if a reference in that section to the *value of a *superannuation interest were a reference to the *special value of the superannuation interest. Meaning of special value - lifetime products 294-135(2)
The special 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 item 1 or 2 of the table in subsection 294-130(1) , is the amount worked out using the formula:
Annual entitlement × 16
(a) dividing the amount of the first *superannuation income stream benefit you are entitled to receive from the income stream just after that time by the number of whole days to which that benefit relates; and
(b) multiplying the result by 365. Meaning of special value - life expectancy and market linked products 294-135(3)
The special 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 the amount worked out using the formula:
Annual entitlement × Remaining term
means the number of years remaining at that time in the period throughout which *superannuation income stream benefits are payable under the income stream, rounded up to the next whole number.
The regulations may specify a method for determining the special value of a *superannuation interest that supports a *superannuation income stream prescribed by regulations made for the purposes of subsection 294-130(2) .
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