Reg 307-200.04 repealed by SLI No 202 of 2007, reg 3 and Sch 1 item 6, effective 1 July 2007. Reg 307-200.04 formerly read:
REGULATION 307-200.04 MEANING OF SUPERANNUATION INTERESTS
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TREATING A SUPERANNUATION INTEREST AS 2 OR MORE SUPERANNUATION INTERESTS (CONSTITUTIONALLY PROTECTED FUNDS)
307-200.04(1)
For subsection
307-200(1)
of the Act, this regulation explains how to treat a superannuation interest in a constitutionally protected fund as 2 or more superannuation interests.
307-200.04(2)
An interest is to be treated as more than 1 interest if:
(a)
the superannuation provider offers an income stream; and
(b)
the rules of the fund do not allow the transfer of amounts between different categories of lump-sum amounts and amounts that form part of, or can be used to purchase, a superannuation income stream; and
(c)
the rules of the fund (as in effect on 5 September 2006) did not allow a specified amount held in the plan:
(i)
to form part of that superannuation income stream; or
(ii)
to be used for the purpose of purchasing a superannuation income stream offered by the provider.
307-200.04(3)
For subregulation (2), the interest is to be treated as more than 1 interest as follows:
(a)
the amount transferred or rolled into the plan from another plan is to be treated as 1 superannuation interest;
(b)
each other amount to which subregulation (2) relates is to be treated as 1 superannuation interest to the extent to which the amount is subject to different requirements regarding the rules, terms or conditions relating to the way it can be cashed or paid as compared to the amount mentioned in paragraph (a);
(c)
if:
(i)
paragraph (b) applies to more than 1 amount; and
(ii)
each of those amounts is subject to different requirements regarding the rules, terms or conditions relating to the way it can be cashed or paid as compared to the amount mentioned in subregulation (2);
each of those amounts is to be treated as a separate superannuation interest.
Reg 307-200.04 inserted by SLI No 90 of 2007, reg 4 and Sch 2 item 1, effective 1 July 2007.
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