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

21   In the appropriate position in Chapter 7

Insert:

Part 1000-7 - Transitional matters relating to the Treasury Laws Amendment (Legacy Retirement Product Commutations and Reserves) Regulations 2024

1000-7.01 Transitional provision - pension reserves

(1) This section applies to working out, for the purposes of subsection 292-90.02(4), whether a reserve of a complying superannuation plan is a pension reserve at a time occurring on or after the commencement of this section.

(2) If, before that commencement:

(a) the reserve was used for the purpose of enabling the plan to discharge all or part of a liability of the plan to pay a superannuation income stream benefit from a superannuation income stream; and

(b) the superannuation income stream was commuted or otherwise ceased; and

(c) after the commutation or cessation, an amount was allocated from the reserve for a person; and

(d) immediately before the commutation or cessation, the reserve was a pension reserve;

disregard the allocation.