Document ID: chunk:federal_register_of_legislation:F2024L01596:clause:1_6
Version: federal_register_of_legislation:F2024L01596
Segment Type: clause
Provision Reference: sch 1 cl 6
Character Range: 3254–4087

6  After regulation 1.05
Insert:

1.05AA  Limited period for full commutation of certain annuities
 (1) For the purposes of subparagraphs 1.05(2)(f)(iiia), (9)(h)(via) and (10)(d)(iva), this subregulation 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.
 (2) For the purposes of subparagraph 1.05(2)(f)(iiia), this subregulation applies to a commutation of a benefit if the superannuation fund that purchases the benefit or provides the consideration for the benefit:
 (a) is not a defined benefit fund; or
 (b) is a self managed superannuation fund; or
 (c) was, when the benefit commenced to be paid and at all earlier times, a small APRA fund (within the meaning of the Corporations Act 2001).