Commonwealth Numbered Regulations

PARLIAMENTARY CONTRIBUTORY SUPERANNUATION (EARLY RELEASE PAYMENTS) REGULATIONS 2020 (F2020L00542) - REG 7

             (1)  This section applies to the person if:

                     (a)  the payment is required to assist the person to deal with the adverse economic effects of the coronavirus known as COVID-19; and

                     (b)  one or more of paragraphs 6.19B(1A)(a) to (f) of the SIS Regulations applies to the person; and

                     (c)  the person has applied to the Trust for the payment:

                              (i)  in a financial year; and

                             (ii)  because of the ground set out in this section;

                            and subsection (2) is satisfied for the application.

             (2)  A person may make one or more applications described in paragraph (1)(c) as follows:

                     (a)  one in the financial year ending 30 June 2020; and

                     (b)  one in the financial year ending 30 June 2021.

However, no application may be made after 24 September 2020.

             (3)  For the purposes of section 6-23 of the Income Tax Assessment Act 1997 , a payment authorised by a determination made under subsection 22DI(1) of the Act because of the ground in this section is not assessable income and is not exempt income.