Income Tax Assessment (1997 Act) Regulations 2021

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 307 - Key concepts relating to superannuation benefits  

Subdivision 307-D - Superannuation interests  

SECTION 307-205.02D   VALUE OF SUPERANNUATION INTEREST - POOLED INVESTMENT PENSIONS  

307-205.02D(1)    
For the purposes of paragraph 307-205(1)(a) of the Act, the value at a particular time of an individual ' s superannuation interest that supports a pooled investment pension is the value of so much of the collective pool of assets in the fund at that time as is:

(a)    attributed to the individual under the rules of the fund; and

(b)    specified in an actuary ' s certificate.

307-205.02D(2)    
A pooled investment pension is a superannuation income stream supported by an individual ' s superannuation interest if:

(a)    the interest is in a superannuation fund; and

(b)    the rules for the provision of the income stream ensure that, once payments of the income stream start, the income stream is to continue for the remainder of the individual ' s life; and

(c)    the rules for the provision of the income stream ensure that the amounts of those payments are determined by having regard to:

(i) the age, life expectancy or other factors relevant to the mortality of each individual who has that kind of superannuation interest in the fund; and

(ii) the pool of assets in the fund held for the collective benefit of those individuals.