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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.


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