Private ruling: Income stream benefit
Published: July 2013

Ruling: In order to protect the privacy and commercial in-confidence components of this private binding ruling, the following summary is provided. | The Commissioner ruled that: | · The protections payments received by a Trustee of a Superannuation fund and credited to a Member's pension account balance, constitutes a continuation of the existing income stream benefit for the purposes of section 307-70 of the ITAA 1997 | · The Individual Contract that is held by the Trustee to discharge its current or future liabilities in relation to currently payable superannuation income stream benefits constitute a segregated current pension asset pursuant to section 295-385 of the ITAA 1997. | · The Individual Contract satisfy the condition in subsections 295-385(3)(a) and 295-385(4) of the ITAA 1997 when the relevant Member enters the pension phase as a single superannuation income stream exists.