Income Tax Assessment (1997 Act) Regulations 2021

CHAPTER 7 - TRANSITIONAL MATTERS  

PART 1000-6 - TRANSITIONAL MATTERS RELATING TO THE INCOME TAX ASSESSMENT AMENDMENT (TRANSFER BALANCE ACCOUNT VALUE FOR CERTAIN SUPERANNUATION INCOME STREAMS) REGULATIONS 2024  

SECTION 1000-6.03   MODIFIED CONTINUING APPLICATION OF OLD REGULATIONS  

1000-6.03(1)    
This section applies for the purposes of the continuing application of the old regulations in relation to a superannuation income stream that:

(a)    commenced before the 2021 commencement time; and

(b)    is supported by a superannuation interest covered by subsection 294-135.01(6) of this instrument.

1000-6.03(2)    
This section applies despite subsection 1000-1.06(1) .

1000-6.03(3)    
For the purposes mentioned in subsection (1) , treat the special value of the superannuation interest at a time (the relevant time ) that is before the 2021 commencement time as being the special value of the superannuation interest at the relevant time worked out under section 294-135.01 , as amended by the amending instrument.

1000-6.03(4)    
To avoid doubt, for the purposes of subsection (3) , assume that section 294-135.01 , as amended by the amending instrument:

(a)    applies in relation to a transfer balance credit that arises before the 2021 commencement time (despite subsection 1000-1.06(6) ); and

(b)    applies in relation to working out the special value, at a particular time, of a superannuation interest even if the particular time is before the 2021 commencement time (despite section 1000-6.02 ).

1000-6.03(5)    
For the purposes mentioned in subsection (1) , if the superannuation income stream mentioned in that subsection ceased before the 2021 commencement time, treat section 294-80.02B of this instrument as applying in relation to that cessation.