Document ID: chunk:federal_register_of_legislation:F2024L01596:clause:1_10
Version: federal_register_of_legislation:F2024L01596
Segment Type: clause
Provision Reference: sch 1 cl 10
Character Range: 4406–5263

10  After regulation 1.06B
Insert:

1.06C  Limited period for full commutation of certain income streams
 (1) For the purposes of subparagraphs 1.06(2)(e)(iiia), (7)(g)(va) and (8)(d)(iva), this subregulation applies to a commutation of a benefit if:
 (a) the benefit is commuted during the 5 years beginning on the day this regulation commences; and
 (b) the whole of the benefit is commuted.
 (2) For the purposes of subparagraph 1.06(2)(e)(iiia), this subregulation applies to a commutation of a benefit if the fund providing the benefit:
 (a) is not a defined benefit fund; or
 (b) is a self managed superannuation fund; or
 (c) was, when the benefit commenced to be paid and at all earlier times, a small APRA fund (within the meaning of the Corporations Act 2001).

Part 2—Allocations from reserves

Income Tax Assessment (1997 Act) Regulations 2021