Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997 - SECT 307.127

Extension--income stream replacing an earlier one because of an involuntary roll-over

             (1)  Section 307-125 also applies to a superannuation income stream (the later income stream ) if:

                     (a)  the later income stream commenced using only the amount of an involuntary roll-over superannuation benefit:

                              (i)  covered by paragraph 306-12(a) of the Income Tax Assessment Act 1997 ; and

                             (ii)  paid from a superannuation interest (the earlier interest ); and

                     (b)  immediately before that benefit was paid:

                              (i)  the earlier interest was supporting another superannuation income stream (the earlier income stream ); and

                             (ii)  section 307-125 of this Act applied to the earlier income stream because of subsection (1) of that section.

             (2)  Section 307-125 applies to the later income stream as if:

                     (a)  references in that section to the later income stream (in relation to a time, or event happening, before the payment of that involuntary roll-over superannuation benefit) include references to the earlier income stream; and

                     (b)  references in that section to the superannuation interest supporting the later income stream (in relation to a time, or event happening, before the payment of that benefit) include references to the earlier interest.



AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback