Document ID: chunk:federal_register_of_legislation:C2017C00177:clause:11_1:p1
Version: federal_register_of_legislation:C2017C00177
Segment Type: clause
Provision Reference: sch 11 cl 1 (pt 1/2)
Character Range: 169311–172148

1  At the end of Subdivision 307‑B
Add:

307‑75  Meaning of retirement phase superannuation income stream benefit
 (1) A *superannuation income stream benefit is a retirement phase superannuation income stream benefit (or RP superannuation income stream benefit) of a *superannuation fund at a time if it is payable by the fund at that time from a *superannuation income stream that is in the *retirement phase at that time.
 (2) A *superannuation income stream benefit is also a retirement phase superannuation income stream benefit (or RP superannuation income stream benefit) of a *superannuation fund at a time if it is payable by the fund after that time from a *superannuation income stream that:
 (a) is a *deferred superannuation income stream; and
 (b) is in the *retirement phase at that time.

307‑80  When a superannuation income stream is in the retirement phase
 (1) A *superannuation income stream is in the retirement phase at a time if a *superannuation income stream benefit is payable from it at that time.
 (2) A *superannuation income stream is also in the retirement phase at a time if:
 (a) it is a *deferred superannuation income stream; and
 (b) a *superannuation income stream benefit will be payable from it to a person after that time; and
 (c) the person has satisfied (whether at or before that time) a condition of release specified in any of the following items of the table in Schedule 1 to the Superannuation Industry (Supervision) Regulations 1994:
 (i) 101 (retirement);
 (ii) 102A (terminal medical condition);
 (iii) 103 (permanent incapacity);
 (iv) 106 (attaining age 65).
 (3) However, a *superannuation income stream is not in the retirement phase if it is any of the following:
 (a) a transition to retirement income stream (within the meaning of Part 6 of the Superannuation Industry (Supervision) Regulations 1994);
 (b) a non‑commutable allocated annuity (within the meaning of those regulations);
 (c) a non‑commutable allocated pension (within the meaning of those regulations);
 (d) a transition to retirement income pension (within the meaning of Part 4 of the Retirement Savings Accounts Regulations 1997);
 (e) a non‑commutable allocated pension (within the meaning of those regulations).
 (4) A *superannuation income stream is also not in the retirement phase in an income year if:
 (a) the superannuation income stream is specified in a commutation authority issued by the Commissioner under Subdivision 136‑B in Schedule 1 to the Taxation Administration Act 1953 to a *superannuation income stream provider; and
 (b) the superannuation income stream provider is required by section 136‑80 in that Schedule to pay a *superannuation lump sum but fails to do so within the 60‑day period mentioned in that section; and
 (c) the income year is the income year in which the 60‑day period