Income Tax Assessment (1997 Act) Regulations 2021

CHAPTER 7 - TRANSITIONAL MATTERS  

PART 1000-7 - TRANSITIONAL MATTERS RELATING TO THE TREASURY LAWS AMENDMENT (LEGACY RETIREMENT PRODUCT COMMUTATIONS AND RESERVES) REGULATIONS 2024  

SECTION 1000-7.01   TRANSITIONAL PROVISION - PENSION RESERVES  

1000-7.01(1)    
This section applies to working out, for the purposes of subsection 292-90.02(4) , whether a reserve of a complying superannuation plan is a pension reserve at a time occurring on or after the commencement of this section.

1000-7.01(2)    
If, before that commencement:

(a)    the reserve was used for the purpose of enabling the plan to discharge all or part of a liability of the plan to pay a superannuation income stream benefit from a superannuation income stream; and

(b)    the superannuation income stream was commuted or otherwise ceased; and

(c)    after the commutation or cessation, an amount was allocated from the reserve for a person; and

(d)    immediately before the commutation or cessation, the reserve was a pension reserve;

disregard the allocation.