Commonwealth Numbered Acts Commonwealth Numbered ActsIncome Tax Assessment Act 1997
1 Paragraph 295-385(3)(a)
Omit " * superannuation income stream benefits that are payable by the fund at that time", substitute " * RP superannuation income stream benefits of the fund at that time".
2 Paragraph 295-385(4)(a)
Omit "that are payable by the fund at that time", substitute "that are * RP superannuation income stream benefits of the fund at that time".
3 Subsection 295-385(5)
Omit " * superannuation income stream benefits payable by the fund", substitute " * RP superannuation income stream benefits of the fund".
4 At the end of section 295-385
Add:
(7) Also, * disregarded small fund assets are not segregated current pension assets.
5 After section 295-385
Insert:
295-387 Disregarded small fund assets
(1) The assets of a * complying superannuation fund are disregarded small fund assets at all times in an income year if the fund is covered by subsection (2) for the income year.
(2) A * complying superannuation fund is covered by this subsection for an income year if:
(a) any of these requirements are satisfied:
(i) the fund is a * self managed superannuation fund at a time during the income year;
(ii) there are less than 5 * members of the fund at a time during the income year; and
(b) at a time during the income year, there is at least one * superannuation interest in the fund that is in the * retirement phase; and
(c) just before the start of the income year:
(i) a person has a * total superannuation balance that exceeds $1.6 million; and
(ii) the person is the * retirement phase recipient of a * superannuation income stream (whether or not the fund is the * superannuation income stream provider for the superannuation income stream); and
(d) at a time during the income year, the person has a superannuation interest in the fund (whether or not the superannuation interest is the superannuation interest mentioned in paragraph (b)).
6 Subsection 295-390(3) (definition of average value of current pension liabilities )
Omit " * superannuation income stream benefits that are payable by the fund in that year", substitute " * RP superannuation income stream benefits of the fund at any time in that year".
7 Subsection 295-390(7)
Omit " * superannuation income stream benefits payable at those times", substitute " * RP superannuation income stream benefits of the fund at those times".
8 Subsection 295-395(2)
Omit " * superannuation income stream benefits payable by the fund at that time", substitute " * RP superannuation income stream benefits of the fund at that time".
9 At the end of section 295-395
Add:
(3) However, * disregarded small fund assets are not segregated non-current assets.
10 Section 295-405
Repeal the section, substitute:
The * ordinary income or * statutory income of an entity is exempt from income tax as set out in this table.
Note: For an explanation of the acronyms used, see section 295-35.
|
Exempt income |
||
|
Item |
For this entity: |
This is exempt: |
|
1 |
CSF N-CSF CADF N-CADF |
A grant of financial assistance under Part 23 of the Superannuation Industry (Supervision) Act 1993 |
|
2 |
* RSA provider |
Amount credited to the * RSA where a * superannuation income stream covered by section 295-407 was paid from the RSA for all of the period in the income year that the RSA existed |
|
3 |
* RSA provider |
Part of an amount credited to the * RSA (worked out under section 295-410) where a * superannuation income stream covered by section 295-407 was paid from the RSA for part of the period in the income year that the RSA existed |
295-407 Covered superannuation income streams--RSAs
A * superannuation income stream is covered by this section if:
(a) it is a pension (within the meaning of the Retirement Savings Accounts Act 1997 ); and
(b) it is in the * retirement phase.
11 Paragraph 295-410(a)
Omit "pension (within the meaning of the Retirement Savings Accounts Act 1997 )", substitute "pension covered by section 295-407".
12 Section 307-65
Before "A" insert "(1)".
13 At the end of section 307-65
Add:
(2) Treat a lump sum payment arising from a partial commutation of a * superannuation income stream as a superannuation lump sum for the purposes of this Act (other than Subdivision 295-F).
14 Paragraph 307-125(3)(c)
Repeal the paragraph, substitute:
(c) despite paragraphs (a) and (b), if the superannuation benefit arises from the commutation of a superannuation income stream:
(i) if subparagraph (ii) does not apply--when the relevant superannuation income stream commenced; or
(ii) if the superannuation income stream is a * deferred superannuation income stream that had not commenced before the time the commutation happened--just before the time the commutation happened;
15 Paragraph 320-137(3)(d)
After " * annuity", insert "covered by subsection (3A)".
16 Paragraph 320-137(3)(e)
After "an annuity", insert "covered by subsection (3A)".
17 Paragraph 320-137(3)(e) (formula)
After " * annuity", insert "covered by subsection (3A)".
18 After subsection 320-137(3)
Insert:
(3A) An * annuity is covered by this subsection if it is a * superannuation income stream that is in the * retirement phase.
19 Subsection 320-185(4)
Omit "and subsection 320-180(3)", substitute "and subsections 320-180(3) and 320-250(1A)".
20 Paragraph 320-246(1)(a)
Omit "that are currently payable by the fund", substitute "that are currently * RP superannuation income stream benefits of the fund".
21 Subparagraph 320-246(1)(b)(i)
Omit "that are currently payable by complying superannuation funds", substitute "that are currently * RP superannuation income stream benefits of complying superannuation funds".
22 Subparagraph 320-246(1)(e)(ii)
After "is a * superannuation income stream", insert "that is in the * retirement phase".
23 After paragraph 320-246(1)(e)
Insert:
(ea) that provides for an * annuity that:
(i) is not an * immediate annuity; and
(ii) is a superannuation income stream that is in the retirement phase; or
24 Paragraph 320-247(1)(a)
Omit "that are currently payable by a * complying superannuation fund", substitute "that are currently * RP superannuation income stream benefits of a * complying superannuation fund".
25 Paragraph 320-247(2)(a)
Omit "that are currently payable by complying superannuation funds", substitute "that are currently * RP superannuation income stream benefits of * complying superannuation funds".
26 Before subsection 320-250(1)
Insert:
(1A) If:
(a) a * life insurance policy issued by a * life insurance company becomes a policy referred to in subsection 320-190(1); and
(b) immediately before the policy became a policy referred to in subsection 320-190(1), the policy was an * exempt life insurance policy;
the company can transfer from its * segregated exempt assets, to a * complying superannuation asset pool, assets of any kind whose total * transfer value does not exceed the company's liabilities in respect of the policy.
27 Paragraph 320-255(1)(a)
Omit "320-250(1) or (2)", substitute "320-250(1A), (1) or (2)".
28 Application of amendments
The amendments made by this Schedule apply in relation to the 2017-18 income year and later income years.