Document ID: chunk:federal_register_of_legislation:C2017C00177:clause:8_5
Version: federal_register_of_legislation:C2017C00177
Segment Type: clause
Provision Reference: sch 8 cl 5
Character Range: 117622–118847

5  After section 295‑385
Insert:

295‑387  Disregarded small fund assets
 (1) The assets of a *complying superannuation fund are disregarded small fund assets at all times in an income year if the fund is covered by subsection (2) for the income year.
 (2) A *complying superannuation fund is covered by this subsection for an income year if:
 (a) any of these requirements are satisfied:
 (i) the fund is a *self managed superannuation fund at a time during the income year;
 (ii) there are less than 5 *members of the fund at a time during the income year; and
 (b) at a time during the income year, there is at least one *superannuation interest in the fund that is in the *retirement phase; and
 (c) just before the start of the income year:
 (i) a person has a *total superannuation balance that exceeds $1.6 million; and
 (ii) the person is the *retirement phase recipient of a *superannuation income stream (whether or not the fund is the *superannuation income stream provider for the superannuation income stream); and
 (d) at a time during the income year, the person has a superannuation interest in the fund (whether or not the superannuation interest is the superannuation interest mentioned in paragraph (b)).