Treasury Laws Amendment (Legacy Retirement Product Commutations and Reserves) Regulations 2024 (F2024L01596)

Schedule 1 Amendments

Insert:

1.06C Limited period for full commutation of certain income streams

(1) For the purposes of subparagraphs 1.06(2)(e)(iiia), (7)(g)(va) and (8)(d)(iva), this subregulation applies to a commutation of a benefit if:

(a) the benefit is commuted during the 5 years beginning on the day this regulation commences; and

(b) the whole of the benefit is commuted.

(2) For the purposes of subparagraph 1.06(2)(e)(iiia), this subregulation applies to a commutation of a benefit if the fund providing the benefit:

(a) is not a defined benefit fund; or

(b) is a self managed superannuation fund; or

(c) was, when the benefit commenced to be paid and at all earlier times, a small APRA fund (within the meaning of the Corporations Act 2001).