Income Tax Assessment (1997 Act) Regulations 2021

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 307 - Key concepts relating to superannuation benefits  

Subdivision 307-C - Components of a superannuation benefit  

SECTION 307-125.03   COMPONENTS OF CERTAIN MILITARY SUPERANNUATION BENEFITS  

307-125.03(1)    
For the purposes of paragraph 307-125(4)(a) of the Act, subsection (3) specifies an alternative method for determining the components of a superannuation benefit covered by subsection (2) .

307-125.03(2)    
For the purposes of subsection (1) , this subsection covers a superannuation benefit if:

(a)    the superannuation benefit is a superannuation lump sum that is a payment of invalidity pay, an invalidity pension or a pension mentioned in subparagraph 301-275(1)(b)(i) , (ii) or (iii) of the Act; and

(b)    the invalidity pay, invalidity pension or pension commenced at a time (the commencement time ) that is on or after 20 September 2007.

307-125.03(3)    
Determine the components, according to the following method:

(a)    first, assume that:

(i) the superannuation benefit is a superannuation income stream benefit; and

(ii) the relevant superannuation income stream commenced at the commencement time;

(b)    next, determine the components, making the assumptions mentioned in paragraph (a) , in accordance with subsections 307-125(1) , (2) and (3) of the Act.

Note:

The components may be modified under sections 307-145 and 307-150 of the Act (see subsection 307-120(3) of the Act).