Document ID: chunk:federal_register_of_legislation:C2007A00009:clause:1_25:p5
Version: federal_register_of_legislation:C2007A00009
Segment Type: clause
Provision Reference: sch 1 cl 25 (pt 5/7)
Character Range: 257440–260309

income stream

  For the purposes of the Income Tax Assessment Act 1997, a superannuation income stream benefit is taken to be a disability superannuation benefit if, just before 1 July 2007, the superannuation income stream from which the benefit is paid was covered by paragraph (b) of the definition of death or disability annuity/pension in section 159SJ of the Income Tax Assessment Act 1936.

Division 302—Superannuation death benefits paid from complying plans etc.

Table of sections

302‑195 Extended meaning of death benefits dependant for superannuation income stream

302‑195  Extended meaning of death benefits dependant for superannuation income stream

  For the purposes of Division 302 of the Income Tax Assessment Act 1997, treat a person who receives a superannuation income stream benefit as a death benefits dependant in relation to the benefit if:
 (a) the benefit is a superannuation death benefit; and
 (b) just before 1 July 2007, the superannuation income stream from which the benefit is paid was covered by paragraph (a) of the definition of death or disability annuity/pension in section 159SJ of the Income Tax Assessment Act 1936.

Division 307—Key concepts relating to superannuation benefits

Table of sections

307‑125 Treatment of tax free component of existing pension payments etc.
307‑345 Low rate component—Effect of rebate under the Income Tax Assessment Act 1936

307‑125  Treatment of tax free component of existing pension payments etc.

 (1) This section applies to a superannuation income stream from which at least one superannuation income stream benefit has been paid before 1 July 2007.

 (2) Despite subsection 307‑125(2) of the Income Tax Assessment Act 1997, work out the tax free component of superannuation income stream benefits paid from the superannuation income stream in an income year beginning on or after 1 July 2007 as follows:
 (a) first, work out the deductible amount in relation to the superannuation income stream for the income year including 30 June 2007 in accordance with section 27H of the Income Tax Assessment Act 1936 (as in force just before 1 July 2007);
 (b) next, allocate the deductible amount worked out under paragraph (a) to each of those benefits in proportion to the amount of those benefits.
The amount allocated to a superannuation income stream benefit under paragraph (b) is the tax free component of the benefit. The taxable component of the benefit is the remainder of the benefit.

 (3) Subsection (2) does not apply to the payment of a superannuation income stream benefit after at least one of the following events has happened:
 (a) the superannuation income stream has been wholly or partially commuted;
 (b) the holder of the superannuation interest has died, if:
 (i) none of the superannuation income stream benefits paid from the superannuation interest after 30