Income Tax Assessment Amendment Regulations 2007 (No. 6)

(202 of 2007)

29 June 2007

Income Tax Assessment Act 1997

1   Name of Regulations

These Regulations are the Income Tax Assessment Amendment Regulations 2007 (No. 6).

2   Commencement

These Regulations commence on 1 July 2007.

3   Amendment of Income Tax Assessment Regulations 1997

Schedule 1 amends the Income Tax Assessment Regulations 1997 as amended by the Income Tax Assessment Regulations 2007 (No. 2) and the Income Tax Assessment Regulations 2007 (No. 3).

Schedule 1   Amendment

[1]   Part 2, subregulation 292-25.01 (2)

omit

subregulations (3) and (4)

insert

subregulation (3)

[2]   Part 2, subregulation 292-25.01 (4)

omit

An amount that is allocated from a reserve is to be treated

insert

An amount that is allocated from a reserve, other than an amount that is covered by subregulation (2), is to be treated

[3]   Part 2, subregulation 292-25.01 (5)

omit

Subparagraph (4) (a) (ii)

insert

Paragraph (4) (a)

[4]   Part 2, regulation 307-200.02

omit

superannuation plan is to be treated as 1 superannuation interest in the relevant

insert

self-managed superannuation fund is to be treated as 1 superannuation interest in the

[5]   Part 2, subregulations 307-200.03 (4) and (5)

substitute

(4) For this regulation, an amount specified in a notice given under subsection 307-285 (1) of the Act by the trustee of a scheme is not included as contributions made into the scheme or earnings on those contributions.

[6]   Part 2, regulation 307-200.04

omit

[7]   Part 2, paragraph 307-205.02 (1) (a)

substitute

(a) applies to a superannuation income stream or a superannuation annuity, other than:

(i) a superannuation income stream of a type prescribed by regulation 295-385.01; or

(ii) a superannuation income stream or a superannuation annuity for which the rules providing for the income stream or annuity are based on:

(A) an identifiable lump sum amount; or

(B) the amount available in the member’s account; or

(iii) a superannuation income stream that is supported by a superannuation interest that can be valued under paragraph 307-205.02B (a); and

[8]   Part 2, after regulation 307-205.02

insert

307-205.02A   Superannuation income streams or superannuation annuities based on identifiable amounts  - value of an interest

For a superannuation income stream or a superannuation annuity mentioned in subparagraph 307-205.02 (1) (a) (ii), the value of the superannuation interest that supports the income stream or annuity is:

(a) the identifiable lump sum amount; or

(b) the amount available in the member’s account.

307-205.02B   Public sector superannuation schemes  - value of an interest

A superannuation interest in a public sector superannuation scheme is to be valued:

(a) by using the practice for valuing a superannuation interest (other than an interest that supports a superannuation income stream mentioned in subparagraph 307-205.02 (1) (a) (i)) that was used by the scheme immediately before 28 June 2007; or

(b) if there was not a practice for valuing an interest at that time  - by using the method in subregulation 307-205.02 (2).

[9]   Part 6, regulation 995-1.01, definition of superannuation income stream benefit

omit

995-1.02

insert

995-1.03

[10]   Schedule 1A, section 1.7

omit

insert

[11]   Schedule 1A, paragraph 5.1 (2) (b)

omit

worked out by

insert

worked out on advice from

[12]   Schedule 1B, Table 1

substitute

Table 1

[13]   Schedule 1B, Table 2

substitute

Table 2