Document ID: chunk:federal_register_of_legislation:F2025C00069:reg:3:p6
Version: federal_register_of_legislation:F2025C00069
Segment Type: reg
Provision Reference: reg 3 (pt 6/52)
Character Range: 85049–87707

used for subparagraph (2)(f)(ii) and there is a surviving reversionary beneficiary who also dies within that period, there is payable to the reversionary beneficiary's estate an amount determined as described in paragraph (b) as if that paragraph applied to the reversionary beneficiary.
 (4) A contract for the provision of a benefit (in this subregulation called the annuity):
 (a) that does not meet the standards in subregulation (2); and
 (b) that does not fix the size of payments of benefit in a year; and
 (c) under which the commencement day is on or after 22 December 1992;
meets the standards of this subregulation if the contract at least ensures that:
 (d) the standards in paragraphs (2)(h) and (i) are met; and
 (e) payments are made at least annually; and
 (f) for an annuity that has a commencement day on or after 22 December 1992 and before 1 January 2006—the payments in a year (excluding payments by way of commutation but including payments made under a payment split) are not larger or smaller in total than, respectively, the maximum and minimum limits calculated in accordance with Schedule 1A; and
 (g) for an annuity that has a commencement day on or after 1 January 2006—the payments in a year (excluding payments by way of commutation but including payments made under a payment split) are not larger or smaller in total than the following:
 (i) for payments made during the period starting on 1 January 2006 and ending on 30 June 2006—the respective maximum and minimum limits for the year calculated in accordance with 1 of the following Schedules:
 (A) Schedule 1A;
 (B) Schedule 1AAB;
 (ii) for payments made on or after 1 July 2006—the respective maximum and minimum limits for the year calculated in accordance with Schedule 1AAB.
Note: 22 December 1992 was the date of Royal Assent to the Taxation Laws Amendment (Superannuation) Act 1992.
 (5) For the purpose of determining whether an annuity meets the standards in subregulation (4), it is immaterial:
 (a) that:
 (i) the commencement day of the annuity occurs on or after 1 June in a financial year; and
 (ii) the contract does not ensure that payments in that financial year meet the standard in that subregulation for the minimum amount; or
 (b) that the contract does not ensure that the payments in the year in which the annuity is to end meet the standard in that subregulation for the minimum amount.
 (6) A contract for the provision of a benefit (in this subregulation called the annuity):
 (a) that does not meet the standards of subregulation (2); and
 (b) that fixes the size of the payments of benefit in a year, allowing for variation only as specified in