Income Tax Assessment (1997 Act) Regulations 2021

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 296 - Better targeted superannuation concessions  

Subdivision 296-B - Better targeted superannuation concessions  

SECTION 296-70.03   RELEVANT SUPERANNUATION EARNINGS - YOUR WITHDRAWALS TOTAL  

296-70.03(1)    
For the purposes of the definition of your withdrawals total in subsection 296-70(1) of the Act, the amount for an income year for a superannuation interest (the relevant interest ) that is mentioned in subsection 296-65(2) of the Act is the total of the following amounts:

(a)    the amount of a superannuation benefit paid, rolled over, transferred or allotted from the relevant interest during the year (subject to subsections (2) to (5) of this section);

(b)    if:

(i) the relevant interest becomes subject to a payment split at any time in the year; and

(ii) at that time, the non-member spouse in relation to the interest is treated, under subsection 307-230(3) of the Act, as having a superannuation interest (the non-member spouse ' s interest ) because of the payment split;

the total superannuation balance value of the non-member spouse ' s interest at that time;

(c)    if:

(i) you die during the year; and

(ii) at any time in the year, or in any later income year, another person starts to receive a death benefit income stream, that is supported by the relevant interest, because of your death;

the total superannuation balance value of the relevant interest at that time;

(d)    if:

(i) you die during the year; and

(ii) at any time in the year, or in any later income year, another person receives a superannuation death benefit from the relevant interest because of your death; and

(iii) the superannuation death benefit is not paid from a death benefit income stream that is supported by the relevant interest;

the amount of the superannuation death benefit;

(e)    the amount by which the total superannuation balance value of the relevant interest decreases during the year because of any of the following:

(i) a military invalidity income stream that was payable to you ceases to be payable to you;

(ii) if the relevant interest supports a military invalidity income stream that is payable to you - the amount that is payable decreases because you are reclassified in respect of your incapacity.

296-70.03(2)    
For the purposes of paragraph (1)(a) , treat a superannuation benefit as being paid from the relevant interest if:

(a)    the relevant interest is an interest that you are treated, under subsection 307-230(3) of the Act, as having because another superannuation interest is subject to a payment split; and

(b)    the superannuation benefit is paid to you because of the payment split.

296-70.03(3)    
For the purposes of paragraph (1)(a) , if:

(a)    a superannuation benefit is paid because the relevant interest is subject to a payment split; and

(b)    when the benefit is paid, the non-member spouse in relation to the relevant interest is treated, under subsection 307-230(3) of the Act, as having a superannuation interest because the relevant interest is subject to the payment split;

the amount paid to the non-member spouse is to be disregarded.

296-70.03(4)    
For the purposes of paragraph (1)(a) , disregard the following amounts:

(a)    an amount of superannuation death benefits paid to another person from the relevant interest;

(b)    an amount paid to another person from a death benefit income stream supported by the relevant interest.

296-70.03(5)    
For the purposes of paragraph (1)(a) , disregard an amount:

(a)    that is paid from a military invalidity income stream; and

(b)    that is paid in arrears because of a decision (however described) about your incapacity (however described) (including a decision about your classification in respect of incapacity), where the decision applies to a period before the decision is made; and

(c)    where the amount, or a corresponding amount, is not included in your contributions total for the year or any previous income year under section 296-70.02 for the purposes of subsection 296-70(1) of the Act.

Exclusion - fraud or dishonesty

296-70.03(6)    
Do not include in the total mentioned in subsection (1) an amount in relation to which all of the following paragraphs apply:

(a)    the amount arose, in circumstances mentioned in one or more of the paragraphs of subsection (1) , as a result of fraud or dishonesty;

(b)    an individual has been convicted of an offence involving that fraud or dishonesty;

(c)    you notify the Commissioner in the approved form of the matters mentioned in paragraphs (a) and (b) of this subsection.

Note:

For approved form , see subsection 995-1(1) of the Act.

Avoidance of double-counting

296-70.03(7)    
To avoid doubt, do not include an amount, or part of an amount, in the total mentioned in subsection (1) more than once, even if more than one provision of that subsection applies to the amount or part of the amount.