Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 307.80

  (1)   A * superannuation income stream is in the retirement phase at a time if a * superannuation income stream benefit is payable from it at that time.

  (2)   A * superannuation income stream is also in the retirement phase at a time if:

  (a)   it is a * deferred superannuation income stream; and

  (b)   a * superannuation income stream benefit will be payable from it to a person after that time; and

  (c)   the person has satisfied (whether at or before that time) a condition of release specified in any of the following items of the table in Schedule   1 to the Superannuation Industry (Supervision) Regulations   1994 :

  (i)   101 (retirement);

  (ii)   102A (terminal medical condition);

  (iii)   103 (permanent incapacity);

  (iv)   106 (attaining age 65).

  (3)   However, a * superannuation income stream from which a * superannuation income stream benefit is payable is not in the retirement phase at a time if:

  (a)   the superannuation income stream is any of the following:

  (i)   a transition to retirement income stream (within the meaning of Part   6 of the Superannuation Industry (Supervision) Regulations   1994 );

  (ii)   a non - commutable allocated annuity (within the meaning of those regulations);

  (iii)   a non - commutable allocated pension (within the meaning of those regulations);

  (iv)   a transition to retirement pension (within the meaning of Part   4 of the Retirement Savings Accounts Regulations   1997 );

  (v)   a non - commutable allocated pension (within the meaning of those regulations); and

  (aa)   the person to whom the benefit is payable is not a reversionary beneficiary; and

  (b)   at or before that time, the person to whom the benefit is payable:

  (i)   has not satisfied a condition of release specified in paragraph   (2)(c); or

  (ii)   has satisfied a condition of release specified in subparagraph   (2)(c)(i), (ii) or (iii), but has not notified the * superannuation income stream provider for the superannuation income stream of that fact.

  (4)   A * superannuation income stream is also not in the retirement phase in an income year if:

  (a)   the superannuation income stream is specified in a commutation authority issued by the Commissioner under Subdivision   136 - B in Schedule   1 to the Taxation Administration Act 1953 to a * superannuation income stream provider; and

  (b)   the superannuation income stream provider is required by section   136 - 80 in that Schedule to pay a * superannuation lump sum but fails to do so within the 60 - day period mentioned in that section; and

  (c)   the income year is the income year in which the 60 - day period ended, or a later income year.

Note:   The operation of this subsection in relation to the part of the income year before the end of the 60 - day period is modified for the purposes of the transfer balance cap: see section   294 - 50.

Table of sections

307 - 120   Components of superannuation benefit

307 - 125   Proportioning rule

307 - 130   Superannuation guarantee payment consists entirely of taxable component

307 - 133   PPL superannuation contribution payment

307 - 135   Superannuation co - contribution benefit payment consists entirely of tax free component

307 - 140   Contributions - splitting superannuation benefit consists entirely of taxable component

307 - 142   Components of certain unclaimed money payments

307 - 143   Components of a superannuation benefit that is a repayment when an entitlement to a credit ceases for a release authority relating to an FHSS determination

307 - 145   Modification for disability benefits

307 - 150   Modification in respect of superannuation lump sum with element untaxed in fund