Income Tax Assessment Regulations 1997 [Repealed]
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View history notePart 3 heading inserted by SLI No 103 of 2007, reg 3 and Sch 1 item 3, applicable in relation to a financial year that starts on or after 1 July 2007.
Div 307 inserted by SLI No 90 of 2007, reg 4 and Sch 2 item 1, effective 1 July 2007.
Subdiv 307-C inserted by SLI No 329 of 2007, reg 3 and Sch 1 item 1, effective 3 October 2007.
For paragraph 307-125(4)(a) of the Act, subregulation (2) specifies an alternative method for determining the components of a superannuation benefit to which that subregulation applies if:
(a) immediately before the death of a person (the deceased ), a superannuation interest (the relevant superannuation interest ) was supporting a superannuation income stream (the original superannuation income stream ) payable to the deceased; and
(b) the original superannuation income stream did not automatically revert to another person on the deceased ' s death; and
(c) no amounts, other than investment earnings, have been added to the relevant superannuation interest on or after the deceased ' s death; and
(d) one or both of the following occurs after the deceased ' s death:
(i) a superannuation death benefit that is a superannuation lump sum is paid using only an amount from the relevant superannuation interest;
(ii) a superannuation income stream (the new superannuation income stream ) is commenced using only an amount applied from the relevant superannuation interest.
Reg 307-125.02(1) amended by FRLI No F2017L00321, reg 4 and Sch 7 item 1, by omitting " or an amount to fund an anti-detriment increase " after " investment earnings " from para (c), applicable in relation to a superannuation benefit that is:
The method statement sets out how to work out the tax free component and taxable component of:
(a) a superannuation death benefit mentioned in subparagraph (1)(d)(i); or
(b) a superannuation benefit paid from a superannuation interest that supports the new superannuation income stream mentioned in subparagraph (1)(d)(ii). Method statement
Step 1.
Reduce the amount of the benefit by the extent, if any, to which the benefit is attributable to any of the following:
Step 2.
The tax free component of the benefit is the amount that represents the same proportion of the amount resulting from step 1 as the tax free component of the relevant superannuation interest bore to the value of the relevant superannuation interest when the original superannuation income stream commenced.
Step 3.
The taxable component of the benefit is the amount of the benefit less the tax free component of the benefit worked out under step 2.
Reg 307-125.02(2) amended by FRLI No F2017L00321, reg 4 and Sch 7 item 2, by repealing para (a) of method statement, step 1, applicable in relation to a superannuation benefit that is:
Para (a) of method statement, step 1 formerly read:
(a) an anti-detriment increase;
In this regulation:
anti-detriment increase
(Repealed by FRLI No F2017L00321)
Definition of " anti-detriment increase " repealed by FRLI No F2017L00321, reg 4 and Sch 7 item 3, applicable in relation to a superannuation benefit that is:
The definition formerly read:
anti-detriment increase
, in relation to a benefit, means any increase to the benefit which resulted in the fund that paid the benefit being entitled to a deduction under section 295-485 of the Act.
(a) an amount paid under a policy of insurance on the life of the deceased; or
(b) an amount arising from self-insurance.
Reg 307-125.02 inserted by SLI No 103 of 2013, reg 4 and Sch 1 item 2, applicable to a superannuation benefit to which subregulation 307-125.02(2) applies that is paid on or after 4 June 2013.
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