Document ID: chunk:federal_register_of_legislation:F2024L01471:clause:1_6
Version: federal_register_of_legislation:F2024L01471
Segment Type: clause
Provision Reference: sch 1 cl 6
Character Range: 2082–4399

6  Amendment of assessments for the 2023‑24 income year—transitional rule for permanent incapacity benefits
 (1)  Under subsection 301‑105(1) of the Act, this section prescribes matters of a transitional nature that relate to the 2023‑24 income year.
 (2) This section applies if:
 (a) a superannuation benefit (the trigger benefit) was paid to an individual in the 2020‑21 income year or an earlier income year; and
 (b) the Commissioner made an assessment for the income year for the individual before 4 December 2020; and
 (c) the trigger benefit was paid to the individual because the individual satisfied a condition of release specified in item 103 (permanent incapacity) of the table in Schedule 1 to the Superannuation Industry (Supervision) Regulations 1994; and
 (d) the Commissioner made the assessment on the basis that the trigger benefit was a superannuation lump sum.
 (3) The Commissioner cannot amend an assessment for the 2023‑24 income year for the individual on the basis that a superannuation benefit paid to the individual is a superannuation income stream benefit if:
 (a) the superannuation benefit was paid to the individual because the individual satisfied a condition of release specified in item 103 (permanent incapacity) of the table in Schedule 1 to the Superannuation Industry (Supervision) Regulations 1994; and
 (b) the Commissioner made the assessment on the basis that the superannuation benefit was a superannuation lump sum; and
 (c) for the 2022‑23 income year:
 (i) a superannuation benefit (the 2022‑23 benefit) was paid to the individual because the individual satisfied a condition of release specified in item 103 (permanent incapacity) of the table in Schedule 1 to the Superannuation Industry (Supervision) Regulations 1994; and
 (ii) the Commissioner made an assessment for the individual on the basis that the 2022‑23 benefit was a superannuation lump sum.
 (4) Subsection (3) does not apply in any of these cases:
 (a) if the Commissioner may amend the assessment in accordance with item 5 (fraud or evasion) or 6 (review or appeal) of the table in subsection 170(1) of the Income Tax Assessment Act 1936;
 (b) if the amendment is made for the purpose of giving effect to a provision specified in the regulations for the purposes of paragraph 301‑100(4)(b) of the Act.