Treasury Laws Amendment (Miscellaneous Amendments) Regulations 2018 (F2018L01691)

Schedule 1   Amendments

Part 3   Amendments commencing the day after registration

Division 1   Superannuation income stream benefits

Income Tax Assessment Regulations 1997

5   Before Subdivision 307-C

Insert:

Subdivision 307-B - Superannuation lump sums and superannuation income stream benefits

307-70.01 Superannuation income stream benefits

(1) For the purposes of subsection 307-70(1) of the Act (definition of superannuation income stream benefit ), all superannuation benefits are specified, apart from a superannuation benefit covered by subregulation (2).

(2) A superannuation benefit is covered by this subregulation if:

(a) the superannuation benefit was paid:

(i) on or after 1 July 2007; and

(ii) before 1 July 2017; and

(b) the superannuation benefit was paid from a superannuation interest that supported a superannuation income stream; and

(c) the superannuation income stream met the requirement in paragraph 995-1.03(a) (as in force before the commencement of Schedule 6 to the Treasury Laws Amendment (Fair and Sustainable Superannuation) Regulations 2017) when the superannuation benefit was paid; and

(d) the person to whom the superannuation benefit was paid made an election in relation to that payment under paragraph 995-1.03(b) (as in force before the commencement of that Schedule).