Treasury Laws Amendment (Miscellaneous Amendments) Regulations 2019 (F2019L01641)

Schedule 5   Superannuation

Part 2   Innovative income streams

Income Tax Assessment Regulations 1997

2   At the end of Subdivision 294-C

Add:

294-80.02 Debit in transfer balance account - reduction in amount of superannuation income stream benefit

(1) For the purposes of item 8 of the table in subsection 294-80(1) of the Act, a transfer balance debit arises under this regulation in your transfer balance account if:

(a) you are or were a retirement phase recipient of a deferred superannuation income stream to which subregulation 307-205.02C(1) applies (see subregulation 307-205.02C(3)) supported by a superannuation interest; and

(b) but for regulation 294-80.03, a transfer balance debit would arise at a time under item 5 or 6 of the table in subsection 294-80(1) of the Act in your transfer balance account because of the superannuation income stream.

(2) The amount of the debit is the total amount of the superannuation benefits that would be payable if you voluntarily caused the superannuation interest to cease at that time.

(3) The debit arises at that time.

294-80.03 Debit in transfer balance account - certain items of table in subsection 294-80(1) of the Act do not apply to certain superannuation income streams

For the purposes of subsection 294-80(3) of the Act, items 5 and 6 of the table in subsection 294-80(1) of the Act do not apply to deferred superannuation income streams to which subregulation 307-205.02C(1) applies (see subregulation 307-205.02C(3)).