Income Tax Assessment Regulations 1997 (Repealed)

PART 2A - SPECIALIST LIABILITY RULES  

Division 294 - Transfer balance cap  

Subdivision 294-D - Modifications for certain defined benefit income streams  

REGULATION 294-130.01   MEANING OF CAPPED DEFINED BENEFIT INCOME STREAM  

294-130.01(1)    
For the purposes of subsection 294-130(2) of the Act, a superannuation income stream is prescribed if subregulation (2), (3), (3A), (3B) or (4) applies to the income stream.

294-130.01(2)    
This subregulation applies to a superannuation income stream if it is a pension for the purposes of the SIS Act that is provided under rules:

(a) that are in existence at the date of registration of the Superannuation Industry (Supervision) Amendment Regulations 2007 (No 3) ; and

(b) that would meet the standards of subregulation 1.06(2) of the SIS Regulations except for the circumstances in which those rules allow for either or both of the following:

(i) the pension to be commuted;

(ii) the variation or cessation of pension payments in respect of a child of the deceased primary or reversionary beneficiary.

294-130.01(3)    
This subregulation applies to a superannuation income stream if:

(a) it is a pension for the purposes of the SIS Act that is paid from a successor fund; and

(b) the rules of the original fund satisfied subregulation (2); and

(c) the rules of the successor fund satisfy paragraph (2)(b).

294-130.01(3A)    
This subregulation applies to a superannuation income stream if:

(a) it is covered by item 2 of the table in subsection 294-130(1) of the Act; and

(b) it starts to be in the retirement phase on or after 1 July 2017; and

(c) it arises as a direct result of the payment of an involuntary roll-over superannuation benefit to a successor fund.

294-130.01(3B)    
This subregulation applies to a superannuation income stream if:

(a) it is covered by any of items 3 to 7 of the table in subsection 294-130(1) of the Act; and

(b) it starts to be in the retirement phase on or after 1 July 2017; and

(c) it arises as a direct result of the payment of an involuntary roll-over superannuation benefit to a successor fund.

294-130.01(4)    
This subregulation applies to a superannuation income stream if it is a pension for the purposes of the SIS Act that is provided:

(a) on the grounds of invalidity under a public sector superannuation scheme; and

(b) under rules that would meet the standards of subregulation 1.06(2) of the SIS Regulations except to the extent that those rules allow for the variation, suspension or cessation of pension payments due to any of the following:

(i) the primary beneficiary ' s level of incapacity being reclassified;

(ii) the primary beneficiary ' s personal earnings changing;

(iii) the primary beneficiary being employed by a participating employer of the relevant superannuation scheme;

(iv) the primary beneficiary failing to provide information as required by the rules;

(v) the primary beneficiary reaching a particular age.