Document ID: chunk:federal_register_of_legislation:C2007A00009:clause:1_25:p6
Version: federal_register_of_legislation:C2007A00009
Segment Type: clause
Provision Reference: sch 1 cl 25 (pt 6/7)
Character Range: 260039–262796

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;
 (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 subsection (6).

 (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 (4)(b), work out the tax free component of the superannuation interest as follows:
 (a) first, assume that:
 (i) an eligible termination payment had been made in respect of the holder of the interest just before the time mentioned in subsection (5); and
 (ii) the amount of the eligible termination payment had been equal to the value of the superannuation interest at that time;
 (b) next, work out the unused undeducted purchase price (within the meaning of section 27A of the Income Tax Assessment Act 1936 just before the commencement of this item) of the superannuation income stream, reduced by the tax free components (worked out under subsection (2)) of any benefits paid from the superannuation income stream after 30 June 2007;
 (c) next, work out the pre‑July 83 component (within the meaning of section 27A of the Income