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

1   After paragraph 307-70.02(1)(b)

Insert:

(ba) an income stream in respect of which these conditions are satisfied:

(i) the income stream is a defined benefit pension within the meaning of regulation 1.03 of the SIS Regulations; and

(ii) the income stream commenced on or after 20 September 2007; and

(iii) the income stream is provided by a defined benefit fund (within the meaning of regulation 1.03 of the SIS Regulations), or an exempt public sector superannuation scheme (within the meaning of the SIS Act); and

(iv) if the income stream is provided by a defined benefit fund (within the meaning of regulation 1.03 of the SIS Regulations) that is not a public sector superannuation scheme - the fund or scheme has more than 6 members, or had more than 6 members at any time on or before the day the income stream commenced; and

(v) the income stream is not invalidity pay within the meaning of the Defence Force Retirement and Death Benefits Act 1973; and

(vi) the income stream is not an invalidity pension under the superannuation scheme established under the Military Superannuation and Benefits Act 1991; or