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 307-205.02E   VALUE OF SUPERANNUATION INTEREST - POOLED INVESTMENT ANNUITIES  

307-205.02E(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 annuity is the value of so much of the collective pool of assets held by the life insurance company at that time as is:

(a)    attributed to the individual under the contract for the provision of the pooled investment annuity; and

(b)    specified in an actuary ' s certificate.

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

(a)    the superannuation income stream is a superannuation annuity provided by a life insurance company; and

(b)    the contract for the provision of the income stream ensures 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 contract for the provision of the income stream ensures 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 with the life insurance company; and

(ii) the pool of assets held by the life insurance company for the collective benefit of those individuals; and

(d)    at least 50 entities have superannuation interests (of any kind) with the life insurance company.