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Edited version of your private ruling
Authorisation Number: 1012467108350
Ruling
Subject: Income stream benefit
In order to protect the privacy and commercial in-confidence components of this private binding ruling, the following summary is provided.
The Commissioner ruled that:
· The protections payments received by a Trustee of a Superannuation fund and credited to a Member's pension account balance, constitutes a continuation of the existing income stream benefit for the purposes of section 307-70 of the ITAA 1997
· The Individual Contract that is held by the Trustee to discharge its current or future liabilities in relation to currently payable superannuation income stream benefits constitute a segregated current pension asset pursuant to section 295-385 of the ITAA 1997.
· The Individual Contract satisfy the condition in subsections 295-385(3)(a) and 295-385(4) of the ITAA 1997 when the relevant Member enters the pension phase as a single superannuation income stream exists.