Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES

PART 3-30 - SUPERANNUATION

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Division 306 - Roll-overs etc.

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Operative provisions

SECTION 306-10

306-10 Roll-over superannuation benefit

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A *superannuation benefit is a roll-over superannuation benefit if:

(a)

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the benefit is a *superannuation lump sum and a *superannuation benefit; and

(b) the benefit is not a superannuation benefit of a kind specified in the regulations; and

(c)

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the benefit satisfies any of the following conditions:

(i) it is paid from a *complying superannuation plan;

(ii) it is an *unclaimed money payment;

(iii) it arises from the commutation of a *superannuation annuity;

(iv) it is a payment under subsection 131-80(1) or (3) in Schedule 1 to the Taxation Administration Act 1953 ; and

(d) the benefit satisfies any of the following conditions:

(i) it is paid to a complying superannuation plan;

(ii) it is paid to an entity to purchase a superannuation annuity from the entity.

Note 1:

A superannuation benefit may be paid from one superannuation plan of a superannuation provider to another superannuation plan of the same provider.

Note 2:

For the treatment of amounts transferred within a superannuation plan, see subsection 307-5(8) .

Note 3:

Subparagraph (c)(iv) relates to payments when an entitlement to a credit ceases for a release authority relating to an FHSS determination.

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History

S 306-10 amended by No 75 of 2023, s 3 and Sch 4 items 1 - 3, by omitting " and " after " a *superannuation annuity; " from para (c)(iii) and inserting para (c)(iv) and note 3, effective 15 September 2024. No 75 of 2023, s 3 and Sch 4 items 28 and 30 contain the following application and transitional provisions:

28 Application of amendments etc.
(1)
The amendments made by this Schedule apply in relation to first home super saver determinations made, or to be made, on or after 1 July 2018.

(2)
However, the amendments made by this Schedule of the following provisions apply in relation to first home super saver determinations made, or to be made, on or after the commencement of this Schedule:
(a) paragraph 138-10(2)(a) in Schedule 1 to the Taxation Administration Act 1953 ;
(b) subsection 313-40(2) of the Income Tax Assessment Act 1997 .

(3)
Subitem (4) applies for the purposes of subsection 313-35(1) of the Income Tax Assessment Act 1997 , if the first home super saver determination mentioned in paragraph (a) of that subsection is made before the commencement of this Schedule.

(4)
Treat the reference in subparagraph 313-35(1)(c)(i) of that Act (as inserted by this Schedule) to " 90 days " as instead being a reference to " 14 days " .

…
30 Transitional - assisting individuals who have unsuccessfully attempted to obtain FHSS released amounts
(1)
This item applies if:
(a) a first home super saver determination (the original determination ) was made in relation to you during the period:

(i) starting on 1 July 2018; and

(ii) ending immediately before the commencement of this Schedule; and

(b) after the original determination was made, you begin holding an interest that:

(i) relates to real property or land; and

(ii) is an interest of a kind mentioned in paragraph 138-10(2)(a) in Schedule 1 to the Taxation Administration Act 1953 (as amended by this Schedule); and

(c) during the 3-year period starting at the commencement of this Schedule, you take one or more of the following actions:

(i) apply, under subsection 138-13(2) in Schedule 1 to the Taxation Administration Act 1953 , to amend the original determination;

(ii) amend, under subsection 131-12(1) in that Schedule, your valid request relating to the original determination;

(iii) apply, under subsection 131-30(3) in that Schedule, to vary a release authority issued in relation to the original determination; and

(d) when you take such an action, the Commissioner has not begun treating, under Division 3 of Part IIB of the Taxation Administration Act 1953 , any credit to which you have become entitled:

(i) under section 131-65 in Schedule 1 to that Act; and

(ii) in relation to a release authority relating to any first home super saver determination made in relation to you.

(2)
For the purposes of an action covered by paragraph (1)(c), each of the following provisions in Schedule 1 to the Taxation Administration Act 1953 :
(a) paragraph 138-13(1)(a) ;
(b) paragraph 131-12(1)(b) ;
(c) subparagraph 131-30(2)(a)(ii) ;
applies to you as if you satisfy paragraph 138-10(2)(a) in that Schedule.

Note:

This means the fact that you now hold that interest relating to real property or land does not prevent you from seeking to:

(a) amend the original determination; or

(b) amend your valid request for a release authority relating to the original determination; or

(c) vary a release authority issued in relation to the original determination.

(3)
However, any amendment of the original determination as a result of this item:
(a) must not state an FHSS maximum release amount that exceeds what that amount could have been at the time the original determination was made; and
(b) must reflect the limits that were in paragraphs 138-35(1)(a) and (b) in Schedule 1 to the Taxation Administration Act 1953 at the time the original determination was made.

(4)
Subdivisions 313-C to 313-E of the Income Tax Assessment Act 1997 do not apply to you in circumstances relating to, or resulting from, (whether directly or indirectly) an action covered by paragraph (1)(c) of this item.

S 306-10 amended by No 81 of 2016, s 3 and Sch 1 item 5, by omitting " member " after " *superannuation " from para (a), effective 1 January 2017 and applicable on and after 1 July 2017.

S 306-10 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable on and after 1 July 2007.

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