Income Tax Assessment Amendment (Superannuation Measures No. 1) Regulation 2013 (103 of 2013)

Schedule 1   Amendments

Income Tax Assessment Regulations 1997

6   At the end of regulation 995-1.01

Add:

(2)In these Regulations:

superannuation income stream benefit :

(a)means a payment from an interest that supports a superannuation income stream, other than a payment to which regulation 995-1.03 applies; and

(b)for the purposes of sections 295-385, 295-390,295-395, 320-246 and 320-247 of the Act - includes an amount taken to be the amount of a superannuation income stream benefit under subregulation(3) or (4).

(3)For the purposes of sections 295-385, 295-390, 295-395, 320-246 and 320-247 of the Act, if:

(a)a superannuation death benefit that is a superannuation lump sum is paid after the death of a person (the deceased )using only an amount from a superannuation interest; and

(b)immediately before the deceased's death, the superannuation interest was supporting a superannuation income stream payable to the deceased; and

(c)the superannuation income stream did not automatically revert to another person on the death of the deceased;

the amount paid as the superannuation lump sum, to the extent it is not attributable to any amount(other than investment earnings) added to the superannuation interest on or after the deceased's death, is taken to be the amount of a payment from a superannuation income stream of a superannuation income stream benefit that was payable from the day of the deceased's death until as soon as it was practicable to pay the superannuation lump sum.

(4)For the purposes of sections 295-385, 295-390, 295-395, 320-246 and 320-247 of the Act, if:

(a)immediately before the death of a person (the deceased ), a superannuation interest was supporting a superannuation income stream payable to the deceased; and

(b)a new superannuation income stream is commenced using an amount applied from the superannuation interest after the death of the deceased;

the amount so applied, to the extent it is not attributable to any amount(other than investments earnings) added to the superannuation interest on or after the deceased's death, is taken to be the amount of a payment from a superannuation income stream of a superannuation income stream benefit that was payable from the day of the deceased's death until as soon as it was practicable to commence the new superannuation income stream.

(5)In this regulation:

investment earnings does not include:

(a)an amount paid under a policy of insurance on the life of the deceased; or

(b)an amount arising from self-insurance.