INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 307 - Key concepts relating to superannuation benefits  

Subdivision 307-B - Superannuation lump sums and superannuation income stream benefits  

SECTION 307-80   When a superannuation income stream is in the retirement phase  

307-80(1)  
A *superannuation income stream is in the retirement phase at a time if a *superannuation income stream benefit is payable from it at that time.

307-80(2)  
A *superannuation income stream is also in the retirement phase at a time if:


(a) it is a *deferred superannuation income stream; and


(b) a *superannuation income stream benefit will be payable from it to a person after that time; and


(c) the person has satisfied (whether at or before that time) a condition of release specified in any of the following items of the table in Schedule 1 to the Superannuation Industry (Supervision) Regulations 1994 :


(i) 101 (retirement);

(ii) 102A (terminal medical condition);

(iii) 103 (permanent incapacity);

(iv) 106 (attaining age 65).

307-80(3)  


However, a *superannuation income stream from which a*superannuation income stream benefit is payable is not in the retirement phase at a time if:


(a) the superannuation income stream is any of the following:


(i) a transition to retirement income stream (within the meaning of Part 6 of the Superannuation Industry (Supervision) Regulations 1994 );

(ii) a non-commutable allocated annuity (within the meaning of those regulations);

(iii) a non-commutable allocated pension (within the meaning of those regulations);

(iv) a transition to retirement pension (within the meaning of Part 4 of the Retirement Savings Accounts Regulations 1997 );

(v) a non-commutable allocated pension (within the meaning of those regulations); and


(aa) the person to whom the benefit is payable is not a reversionary beneficiary; and


(b) at or before that time, the person to whom the benefit is payable:


(i) has not satisfied a condition of release specified in paragraph (2)(c); or

(ii) has satisfied a condition of release specified in subparagraph (2)(c)(i), (ii) or (iii), but has not notified the *superannuation income stream provider for the superannuation income stream of that fact.

307-80(4)  
A *superannuation income stream is also not in the retirement phase in an income year if:


(a) the superannuation income stream is specified in a commutation authority issued by the Commissioner under Subdivision 136-B in Schedule 1 to the Taxation Administration Act 1953 to a *superannuation income stream provider; and


(b) the superannuation income stream provider is required by section 136-80 in that Schedule to pay a *superannuation lump sum but fails to do so within the 60-day period mentioned in that section; and


(c) the income year is the income year in which the 60-day period ended, or a later income year.

Note:

The operation of this subsection in relation to the part of the income year before the end of the 60-day period is modified for the purposes of the transfer balance cap: see section 294-50 .


 

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