Treasury Laws Amendment (Building a Stronger and Fairer Super System) Act 2026 (8 of 2026)

Schedule 2   Definition of total superannuation balance

Income Tax Assessment Act 1997

6   After section 307-230

Insert:

307-230A Total superannuation balance value

(1) The total superannuation balance value , at a particular time, of a *superannuation interest is:

(a) if the regulations specify a value, or a method for determining a value, for the purposes of this paragraph - the specified value, or the value determined in accordance with the specified method; or

(b) otherwise - the total amount of the *superannuation benefits that would become payable if:

(i) the individual to whom the superannuation interest relates had the right to cause the superannuation interest to cease at that time; and

(ii) the individual voluntarily caused the superannuation interest to cease at that time.

(2) Regulations made for the purposes of paragraph (1)(a) may specify a value or method in different ways depending on any of the following matters:

(a) the individual to whom the *superannuation interest relates;

(b) whether the superannuation interest is in the *retirement phase;

(c) whether the superannuation interest is or includes a *defined benefit interest;

(d) the *superannuation income stream (if any) supported by the superannuation interest;

(e) if the superannuation interest is an interest in a *superannuation fund or *approved deposit fund - the rules of the fund;

(f) if the superannuation interest is an interest in an *RSA - the terms and conditions of the RSA;

(g) the *superannuation provider in relation to the *superannuation plan in which the individual holds the superannuation interest;

(h) whether the superannuation interest is subject to a *payment split;

(i) whether the individual is treated as having the superannuation interest under subsection 307-230(3);

(j) the death of the individual;

(k) any other matter.

(3) Regulations made for the purposes of paragraph (1)(a) may provide for a value to be determined wholly or partly by reference to:

(a) methods or factors that are approved by legislative instrument by a Minister:

(i) for the purposes of the regulations; or

(ii) for the purposes of another Act or legislative instrument; or

(b) an *actuary's certificate.

(4) Regulations made for the purposes of paragraph (1)(a) may specify circumstances in which a *total superannuation balance value is nil.

(5) Subsections (2), (3) and (4) do not limit the regulations that may be made for the purposes of paragraph (1)(a).