Income Tax (Transitional Provisions) Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 301 - Superannuation member benefits paid from complying plans etc  

SECTION 301-100   Amendment of assessments - transitional rule for permanent incapacity benefits, etc.  

301-100(1)    
This section applies if:

(a)    a superannuation benefit (the trigger benefit ) was paid to a person in the 2020-21 income year or an earlier income year; and

(b)    the Commissioner made an assessment for the income year for the person before 4 December 2020; and

(c)    the trigger benefit was paid to the person because the person satisfied a condition of release specified in item 103 (permanent incapacity) of the table in Schedule 1 to the Superannuation Industry (Supervision) Regulations 1994 ; and

(d)    the Commissioner made the assessment on the basis that the trigger benefit was a superannuation lump sum.

301-100(2)    
The Commissioner cannot amend an assessment on the basis that a superannuation benefit paid to the person is a superannuation income stream benefit because of the amendments made by Schedule 9 to the Treasury Laws Amendment (2022 Measures No. 4) Act 2023 if:

(a)    the superannuation benefit is the trigger benefit; or

(b)    all of these conditions are satisfied:

(i) the assessment is for the 2021-22 income year or an earlier income year;

(ii) the superannuation benefit was paid to the person after the trigger benefit was paid to the person;

(iii) the superannuation benefit was paid to the person because the person satisfied a condition of release specified in item 103 (permanent incapacity) of the table in Schedule 1 to the Superannuation Industry (Supervision) Regulations 1994 ;

(iv) the Commissioner made the assessment on the basis that the superannuation benefit was a superannuation lump sum.

301-100(3)    
Subsection (2) applies despite any other provision of this Act (apart from subsection (4) of this section), the Income Tax Assessment Act 1997 and the Income Tax Assessment Act 1936 .

301-100(4)    
Subsection (2) does not apply in any of these cases:

(a)    if the Commissioner may amend the assessment in accordance with item 5 (fraud or evasion) or 6 (review or appeal) of the table in subsection 170(1) of the Income Tax Assessment Act 1936 ;

(b)    if the amendment is made for the purpose of giving effect to a provision specified in the regulations for the purposes of this paragraph.