Document ID: chunk:federal_register_of_legislation:F2024C01224:front:0:p19
Version: federal_register_of_legislation:F2024C01224
Segment Type: other
Provision Reference: 
Character Range: 45898–48588

superannuation contributions surcharge; or
 (ii) to give effect to an entitlement of a non‑member spouse under a payment split; or
 (iii) to meet the rights of a client to return a financial product under Division 5 of Part 7.9 of the Corporations Act 2001; or
 (iv) to comply with section 136‑80 in Schedule 1 to the Taxation Administration Act 1953; or
 (ba) for a commutation in part—the account balance of the pension, immediately after the commutation in part, would be equal to or would exceed the total payment amount calculated in accordance with Schedule 4, as reduced by the amount of payments (excluding amounts paid by way of commutation) to the RSA holder already made in the financial year in which the commutation in part would occur; or
 (c) the pension has paid, in the financial year in which the commutation is to take place, at least the minimum amount under subregulation (3); or
 (d) for the purpose of paying an amount under Division 131 or 135 in Schedule 1 to the Taxation Administration Act 1953, or section 292‑80C of the Income Tax (Transitional Provisions) Act 1997, to give effect to a release authority in respect of the primary beneficiary.
 (3) For paragraph (2)(c), the minimum amount is calculated using the formula:

where:
annual amount for the financial year means the amount worked out in accordance with Schedule 4 for the pension, rounded to the nearest 10 whole dollars.
days in payment period means the number of days in the period that:
 (a) starts on:
 (i) if the pension commenced in the financial year in which the commutation is to take place—the commencement day; or
 (ii) in any other case—1 July in that financial year; and
 (b) ends at the end of the day on which the commutation is to take place.
days in financial year means the number of days in the financial year in which the commutation is to take place.
 (4) In this regulation:
rolled over means paid as a superannuation lump sum within the superannuation system.

1.08AA  Commutation of market linked pension—limited period for full commutation
  For the purposes of subparagraph 1.07A(3A)(e)(iva), this regulation applies to a commutation of a benefit if:
 (a) the commutation occurs during the 5 years beginning on the day this regulation commences; and
 (b) the whole of the benefit is commuted.

1.08A  Commutation of an account‑based pension
 (1) For paragraph 1.07(1)(c), a benefit meets the standards of this regulation if, under the applicable terms or conditions of the RSA, the pension cannot be commuted, in whole or in part, except in the following circumstances:
 (a) the commutation results from the death of the pensioner or a reversionary pensioner;
 (b) the sole