Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016 (81 of 2016)

Schedule 11   Dictionary

Income Tax Assessment Act 1997

9   Subsection 995-1(1)

Insert:

crystallised reduction amount has the meaning given by section 136-10 in Schedule 1 to the Taxation Administration Act 1953.

debit value , of a *superannuation interest that supports an income stream that is, or was at any time, a *capped defined benefit income stream, has the meaning given by section 294-145.

default commutation notice has the meaning given by section 136-10 in Schedule 1 to the Taxation Administration Act 1953.

deferred superannuation income stream has the meaning given by the Superannuation Industry (Supervision) Regulations 1994.

defined benefit income has the meaning given by section 303-2.

defined benefit income cap has the meaning given by section 303-4.

disregarded small fund assets has the meaning given by section 295-387.

excess transfer balance has the meaning given by section 294-30 and modified by section 294-140.

excess transfer balance determination has the meaning given by section 136-10 in Schedule 1 to the Taxation Administration Act 1953.

excess transfer balance earnings has the meaning given by section 294-235.

excess transfer balance period has the meaning given by section 294-230.

excess transfer balance tax means tax imposed by the Superannuation (Excess Transfer Balance Tax) Imposition Act 2016.

general transfer balance cap has the meaning given by section 294-35.

member spouse has the same meaning as in Part VIIIB of the Family Law Act 1975.

retirement phase :

(a) section 307-80 sets out when a *superannuation income stream is in the retirement phase ; and

(b) a *superannuation interest is in the retirement phase at a time if it supports a superannuation income stream that is in the retirement phase at that time.

retirement phase recipient of a *superannuation income stream has the meaning given by section 294-20.

retirement phase superannuation income stream benefit (or RP superannuation income stream benefit ) has the meaning given by section 307-75.

rounding amount has the meaning given by section 960-285.

special value , of a *superannuation interest that supports an income stream that is, or was at any time, a *capped defined benefit income stream, has the meaning given by section 294-135.

structured settlement contribution has the meaning given by section 294-80.

superannuation income stream provider for a *superannuation income stream means:

(a) for a superannuation income stream provided by a *superannuation fund - the trustee of the fund; or

(b) for a superannuation income stream that is a pension for the purposes of the Retirement Savings Accounts Act 1997 - the *RSA provider; or

(c) for a superannuation income stream provided by an *approved deposit fund - the trustee of the fund; or

(d) for a superannuation income stream provided by a *life insurance company - the life insurance company.

total superannuation balance has the meaning given by section 307-230.

transfer balance has the meaning given by section 294-30.

transfer balance account means an account that arises under section 294-15.

transfer balance cap has the meaning given by section 294-35 and modified by section 294-185.

transfer balance credit has the meaning given by section 294-25.

transfer balance debit has the meaning given by section 294-80.

unused concessional contributions cap has the meaning given by section 291-20.