Treasury Laws Amendment (2022 Measures No. 4) Act 2023 (29 of 2023)

Schedule 9   Taxation of military superannuation benefits: Reversing the Douglas decision

Income Tax Assessment (1997 Act) Regulations 2021

3   In the appropriate position in Chapter 7

Insert:

Part 1000-3 - Transitional matters relating to the Treasury Laws Amendment (2022 Measures No. 4) Act 2023

1000-3.01 Definitions

In this Part:

2021 commencement time means the commencement time (within the meaning of Part 1000-1).

old regulations has the same meaning as in Part 1000-1.

1000-3.02 Application of amendments

The amendments of section 307-70.02 made by Schedule 9 to the Treasury Laws Amendment (2022 Measures No. 4) Act 2023 apply in relation to income years starting on or after the 2021 commencement time.

1000-3.03 Modified continuing application of old regulations

(1) This section applies for the purposes of the continuing application of the old regulations, as mentioned in subsection 1000-1.02(2), in relation to an income year starting on or after 1 July 2007.

(2) For those purposes, in determining whether an income stream is a superannuation income stream:

(a) if the income stream would be (apart from this subsection) a superannuation income stream under that continuing application, but would not be a superannuation income stream under section 307-70.02 because of the amendments made by Schedule 9 to the Treasury Laws Amendment (2022 Measures No. 4) Act 2023 - treat the income stream as not being a superannuation income stream; and

(b) if the income stream would not be a superannuation income stream under that continuing application (apart from this subsection), but would be a superannuation income stream under section 307-70.02 because of those amendments - treat the income stream as being a superannuation income stream.