Document ID: chunk:federal_register_of_legislation:F2024C01248:reg:21:p7
Version: federal_register_of_legislation:F2024C01248
Segment Type: reg
Provision Reference: reg 21 (pt 7/8)
Character Range: 228330–231316

Streams) Regulations 2024.
old regulations has the same meaning as in Part 1000‑1.

1000‑6.02  Application of amendments
 (1) Section 294‑80.02B, as inserted by the amending instrument, applies in relation to a superannuation income stream that ceases, as mentioned in paragraph (1)(c) of that section, on or after the 2021 commencement time.
 (2) The amendments made by the amending instrument to section 294‑135.01 of this instrument apply in relation to working out the special value, at a particular time, of a superannuation interest if the particular time is on or after the 2021 commencement time.

1000‑6.03  Modified continuing application of old regulations
  (1) This section applies for the purposes of the continuing application of the old regulations in relation to a superannuation income stream that:
 (a) commenced before the 2021 commencement time; and
 (b) is supported by a superannuation interest covered by subsection 294‑135.01(6) of this instrument.
 (2) This section applies despite subsection 1000‑1.06(1).
 (3) For the purposes mentioned in subsection (1), treat the special value of the superannuation interest at a time (the relevant time) that is before the 2021 commencement time as being the special value of the superannuation interest at the relevant time worked out under section 294‑135.01, as amended by the amending instrument.
 (4) To avoid doubt, for the purposes of subsection (3), assume that section 294‑135.01, as amended by the amending instrument:
 (a) applies in relation to a transfer balance credit that arises before the 2021 commencement time (despite subsection 1000‑1.06(6)); and
 (b) applies in relation to working out the special value, at a particular time, of a superannuation interest even if the particular time is before the 2021 commencement time (despite section 1000‑6.02).
 (5) For the purposes mentioned in subsection (1), if the superannuation income stream mentioned in that subsection ceased before the 2021 commencement time, treat section 294‑80.02B of this instrument as applying in relation to that cessation.

Part 1000‑7—Transitional matters relating to the Treasury Laws Amendment (Legacy Retirement Product Commutations and Reserves) Regulations 2024

1000‑7.01  Transitional provision—pension reserves
 (1) This section applies to working out, for the purposes of subsection 292‑90.02(4), whether a reserve of a complying superannuation plan is a pension reserve at a time occurring on or after the commencement of this section.
 (2) If, before that commencement:
 (a) the reserve was used for the purpose of enabling the plan to discharge all or part of a liability of the plan to pay a superannuation income stream benefit from a superannuation income stream; and
 (b) the superannuation income stream was commuted or otherwise ceased; and
 (c) after the commutation or cessation, an amount was allocated from the reserve for a person; and
 (d) immediately before the commutation or cessation, the reserve