Document ID: chunk:federal_register_of_legislation:C2024C00267:section:3:p37
Version: federal_register_of_legislation:C2024C00267
Segment Type: section
Provision Reference: s 3 (pt 37/64)
Character Range: 491290–494010

27H of the Income Tax Assessment Act 1936 (as in force just before 1 July 2007);
 (b) next, allocate the deductible amount worked out under paragraph (a) to each of those benefits in proportion to the amount of those benefits.
The amount allocated to a superannuation income stream benefit under paragraph (b) is the tax free component of the benefit. The taxable component of the benefit is the remainder of the benefit.
 (3) Subsection (2) does not apply to the payment of a superannuation income stream benefit after at least one of the following events has happened:
 (a) the superannuation income stream has been wholly or partially commuted;
 (b) the holder of the superannuation interest has died, if:
 (i) none of the superannuation income stream benefits paid from the superannuation interest after 30 June 2007 consist of, or include, an element untaxed in the fund; or
 (ii) where no superannuation income stream benefits have been paid from the superannuation interest after 30 June 2007—all payments from the interest on or before that day would have satisfied the requirement in subparagraph (i) if they had been paid after that day;
 (ba) the holder of the superannuation interest is aged 60 or above on 1 July 2007, if none of the superannuation income stream benefits paid from the superannuation interest after 30 June 2007 consist of, or include, an element untaxed in the fund;
 (c) the holder of the superannuation interest turns 60, if:
 (i) none of the superannuation income stream benefits paid from the superannuation interest after 30 June 2007 consist of, or include, an element untaxed in the fund; or
 (ii) where no superannuation income stream benefits have been paid from the superannuation interest after 30 June 2007—all payments from the interest on or before that day would have satisfied the requirement in subparagraph (i) if they had been paid after that day.

Continuing payments of superannuation income stream after subsection (3) event
 (4) If subsection (2) does not apply to the payment of a superannuation income stream benefit because of subsection (3):
 (a) treat the time mentioned in subsection (5) as the applicable time for the purposes of subsection 307‑125(3) of the Income Tax Assessment Act 1997 in relation to the benefit; and
 (b) work out the tax free component of the superannuation interest for the purposes of section 307‑125 of the Income Tax Assessment Act 1997 under subsections (6) and (6A).
 (5) For the purposes of subsection (4), the time is:
 (a) the time just before the event mentioned in subsection (3) happens; or
 (b) if there are 2 or more such events—the time just before the earliest of those events happens.
 (6) For the purposes of paragraph