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

                     (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

307-135    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

307-145    Modification for disability benefits

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