Income Tax Assessment Act 1997
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Hide history noteSECTION 294-50 Assumptions about income streams 294-50(1)
Subsections (2) and (3) apply for the purposes of working out the following matters at a time:
(a) whether you have a *transfer balance account;
(b) the *transfer balance in your transfer balance account.
294-50(2)
In working out whether there is a superannuation income stream at a time:
(a) have regard only to facts and circumstances that exist at that time; and
(b) assume a requirement will be met, to the extent (if any) that:
(i) the requirement arises under a provision of the *taxation law or under any rules or standards under which a benefit is, or is purported to be, provided; and
(ii) meeting the requirement is a condition for there to be a superannuation income stream at that time; and
(iii) it is not possible to determine, having regard only to facts and circumstances that exist at that time, whether or not the requirement has been met.
294-50(3)
In working out whether a *superannuation income stream is in the retirement phase at a time, disregard the operation of subsection 307-80(4) , if the time is before the end of the 60-day period mentioned in paragraph (c) of that subsection.
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