Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) For the purposes of item 8 of the table in subsection 294 - 80(1) of the Act, a transfer balance debit arises under this section in your transfer balance account if:
(a) you receive a superannuation lump sum because a capped defined benefit income stream (the commuted stream ) covered by any of items 1 to 7 of the table in subsection 294 - 130(1) of the Act is commuted, in full or in part, on or after 1 July 2017; and
(b) the superannuation lump sum is transferred directly to the purchase of a superannuation income stream (the commenced stream ) that is covered by an item of the table in subsection 294 - 25.02(1) of this instrument and is in the retirement phase.
(2) The amount of the debit is the amount worked out under item 1 of the table in subsection 294 - 80(1) of the Act (as it applies in relation to a capped defined benefit income stream under section 294 - 145 of the Act) for the commuted stream as if that item applied to the commuted stream.
(3) The debit arises at the later of:
(a) immediately after the commencement of the Treasury Laws Amendment (Allowing Commutation of Certain Income Streams) Regulations 2022 ; and
(b) immediately after the commutation occurs.
(4) For the purposes of subsection 294 - 80(3) of the Act, item 1 of the table in subsection 294 - 80(1) of the Act does not apply to capped defined benefit income streams that are commuted in circumstances resulting in transfer balance debits arising under this section.