Treasury Laws Amendment (Military Superannuation Benefits) Regulations 2023 (F2023L00846)

Schedule 1   Amendments

Part 4   Application

Income Tax Assessment (1997 Act) Regulations 2021

5   In the appropriate position in Chapter 7

Insert:

Part 1000-4 - Transitional matters relating to the Treasury Laws Amendment (Military Superannuation Benefits) Regulations 2023

1000-4.01 Definitions

In this Part:

2021 commencement time means the commencement time (within the meaning of Part 1000-1).

amending instrument means the Treasury Laws Amendment (Military Superannuation Benefits) Regulations 2023.

old regulations has the same meaning as in Part 1000-1.

1000-4.02 Application of amendments

(1) The amendments made by Part 1 of Schedule 1 to the amending instrument apply in relation to income years starting on or after 1 July 2023.

(2) The amendments made by Part 2 of Schedule 1 to the amending instrument apply in relation to superannuation income streams that commenced on or after the 2021 commencement time.

1000-4.03 Modified continuing application of old regulations

(1) This section applies for the purposes of the continuing application of the old regulations, in relation to superannuation income streams that commenced before the 2021 commencement time.

(2) This section applies despite subsection 1000-1.06(1).

(3) For the purposes mentioned in subsection (1), treat a superannuation income stream as being prescribed by the old regulations for the purposes of subsection 294-130(2) of the Act (as a capped defined benefit income stream) if the superannuation income stream:

(a) would not be so prescribed under that continuing application (apart from this subsection); but

(b) would be so prescribed under subsection 294-130.01(7) (as inserted by Part 2 of Schedule 1 to the amending instrument), on the assumption that the superannuation income stream commenced on or after the 2021 commencement time.