Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 295.387

             (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)).