Document ID: chunk:federal_register_of_legislation:F2024L01596:clause:1_19:p1
Version: federal_register_of_legislation:F2024L01596
Segment Type: clause
Provision Reference: sch 1 cl 19 (pt 1/3)
Character Range: 6525–9289

19  At the end of Subdivision 292‑C
Add:

292‑90.02  Allocations from reserves—allocations that aren't included in your non‑concessional contributions
 (1) For the purposes of paragraph 292‑90.01(2A)(c), this section applies in relation to the allocation of an amount in a complying superannuation plan for you for a financial year from a reserve if any of subsections (2) to (6) of this section applies.
Note: The result of this section applying in relation to an allocation is that the allocation does not satisfy the condition in subsection 292‑90.01(2A) for inclusion in your non‑concessional contributions for a financial year.
 (2) This subsection applies if:
 (a) the allocation of the amount for you is part of the allocation, in a fair and reasonable manner, of amounts to accounts for:
 (i) every member of the complying superannuation plan; or
 (ii) if you are member of a class of members of the complying superannuation plan, and the reserve relates only to that class of members—every member of the class; and
 (b) the total amount that is allocated for you for the financial year as part of allocations to which paragraph (a) applies is less than 5% of the value of your interest in the complying superannuation plan at the time of allocation; and
 (c) the amount would not be assessable income of the complying superannuation plan if it were made as a contribution.
 (3) This subsection applies if:
 (a) the reserve is a pension reserve of the complying superannuation plan; and
 (b) the amount is allocated from the reserve for you to satisfy a pension liability; and
 (c) that liability is paid during the financial year.
 (4) This subsection applies if:
 (a) the reserve is a pension reserve of the complying superannuation plan; and
 (b) the reserve is used to discharge all or part of a liability of the plan to pay a superannuation income stream benefit from a superannuation income stream of which you are the recipient; and
 (c) the superannuation income stream is commuted or ceases; and
 (d) the commutation or cessation is not a result of the death of the primary beneficiary; and
 (e) the amount is allocated from the reserve for you as a result of you having been (before the commutation or cessation) the recipient of the superannuation income stream; and
 (f) if the reserve relates to more than one superannuation income stream—the allocation is fair and reasonable having regard to:
 (i) for each superannuation income stream that has not been commuted or ceased—the value of the interest that supports the superannuation income stream; and
 (ii) for each superannuation income stream that has been commuted or ceased—the value of the interest, that supported the superannuation income stream, immediately before the superannuation