Superannuation Industry (Supervision) Regulations 1994
For the purposes of paragraph 1.06A(3)(d) , the amount for a commutation of a benefit (the income stream ) is:
(a) if the income stream is commuted during the 14 day period starting on the retirement phase start day for the income stream - the access amount for the income stream at the time of the commutation; or
(b) if the income stream is commuted on the death of the beneficiary within the first half of the life expectancy period for the income stream and paragraph (a) does not apply - the access amount for the income stream at the time of the death; or
(i) the amount worked out for the income stream under subregulation (2); or
(ii) if the amount worked out for the income stream under subregulation (2) is less than or equal to zero - nil.
For the purposes of paragraph (1)(c), the amount for the income stream is worked out using the following formula:
(a) starting on the retirement phase start day for the income stream; and
(b) ending on the day of the commutation.
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