Treasury Laws Amendment (Legacy Retirement Product Commutations and Reserves) Regulations 2024 (F2024L01596)

Schedule 1   Amendments

Part 2   Allocations from reserves

Income Tax Assessment (1997 Act) Regulations 2021

17   After subsection 292-90.01(2)

Insert:

Conditions for allocations from reserves

(2A) If:

(a) the amount is allocated from a reserve; and

(b) the amount is not allocated in accordance with the conditions specified in subsection (2);

the conditions are that:

(c) section 292-90.02 does not apply in relation to the allocation; and

(d) the amount is not covered by subsection (3) of this section; and

(e) the amount is not allocated in accordance with the conditions specified in subsection 291-25.01(2); and

(f) the amount is not an amount mentioned in subsection 99G(6) of the Superannuation Industry (Supervision) Act 1993 that is refunded in accordance with that subsection.

Excluded contributions and payments