Document ID: chunk:federal_register_of_legislation:F2024C01248:reg:21:p3
Version: federal_register_of_legislation:F2024C01248
Segment Type: reg
Provision Reference: reg 21 (pt 3/8)
Character Range: 217645–220519

regulations or Division 294 of this instrument.
 (2) The repeal of Division 294 of the old regulations by the repealing regulations does not affect a transfer balance credit or transfer balance debit that arises before the commencement time.
 (3) Section 294‑25.01 applies in relation to any amount of consideration paid at or after the commencement time.
 (4) Section 294‑80.01 applies in relation to any later benefit that a person is entitled to receive at or after the commencement time, whether the earlier benefit occurs before, at or after the commencement time.
 (5) Section 294‑80.03 applies in relation to any superannuation income stream that, at or after the commencement time, stops being a superannuation income stream that is in the retirement phase.
 (6) Sections 294‑135.01 and 294‑145.01 apply in relation to any transfer balance credit or transfer balance debit that arises at or after the commencement time.

1000‑1.07  Application of pre‑1 July 88 funding credits
 (1) Paragraph 295‑265.01(8)(b) has effect as if the reference to method 1 included a reference to method 1 within the meaning of subregulation 295‑265.01(12) of the old regulations.
 (2) Step 1 of the method statement in subsection 295‑265.05(1) has effect as if the value of pre‑1 July 88 liabilities of a superannuation fund for an income year starting before the commencement time were:
 (a) if method 2 (within the meaning of subregulation 295‑265.01(12) of the old regulations) was used in relation to the superannuation fund for the income year—the notionally updated value of pre‑1 July 1988 liabilities worked out under regulation 295‑265.01 of the old regulations for the income year in relation to the superannuation fund; or
 (b) in any other case—the value of pre‑1 July 1988 liabilities worked out under regulation 295‑265.01 of the old regulations for the income year in relation to the superannuation fund.
 (3) Step 2 of the method statement in subsection 295‑265.05(1) has effect as if the assets available to fund pre‑1 July 88 liabilities of a superannuation fund for an income year starting before the commencement time were:
 (a) if method 2 (within the meaning of subregulation 295‑265.01(12) of the old regulations) was used in relation to the superannuation fund for the income year—the notionally updated amount of assets available to fund pre‑1 July 1988 liabilities worked out under regulation 295‑265.01 of the old regulations for the income year in relation to the superannuation fund; or
 (b) in any other case—the assets available to fund pre‑1 July 1988 liabilities worked out under regulation 295‑265.01 of the old regulations for the income year in relation to the superannuation fund.

1000‑1.08  Departing Australia superannuation payments
 (1) Subsection 301‑170.01(1) applies in relation to a superannuation lump sum paid at or after the commencement