Document ID: chunk:federal_register_of_legislation:F2025C00069:reg:3:p15
Version: federal_register_of_legislation:F2025C00069
Segment Type: reg
Provision Reference: reg 3 (pt 15/66)
Character Range: 262603–265318

a benefit, means indexed in accordance with section 159SG of the Tax Act (as in force before 1 July 2007), modified so that subsection (1) reads as follows:
 (1) The benefit as indexed for each year of income is:
 (a) in relation to the year of income in which occurs the day on which a benefit was required to have been calculated or was received by the fund—the amount of the benefit that was calculated or received; or
 (b) in relation to a later year of income—the amount calculated by multiplying the benefit for the immediately preceding year of income by the indexation factor worked out in accordance with subsection (2) for the later year of income.
lump sum, in this Part but not in Schedule 1, includes an asset.
non‑commutable allocated annuity has the meaning given by regulation 6.01AA.
non‑commutable allocated pension has the meaning given by regulation 6.01AB.
non‑commutable annuity means an annuity provided under a contract that:
 (a) meets the standards of subregulation 1.05(2), (9) or (10); and
 (b) ensures that payments of benefits are made only in accordance with the rules set out in regulations 6.16, 6.18, 6.19 and 6.22A, as if:
 (i) the annuity were a regulated superannuation fund; and
 (ii) the annuitant were a member of the fund; and
 (iii) the annuity provider were a trustee of the fund; and
 (c) ensures that, if the annuity is commuted under subparagraph 1.05(2)(f)(i), (9)(h)(i) or (10)(d)(i), the resulting superannuation lump sum cannot be cashed unless:
 (i) the purpose of the commutation is to cash an unrestricted non‑preserved benefit; or
 (ii) before commutation, the annuitant has satisfied a condition of release in respect of which the cashing restriction for preserved benefits and restricted non‑preserved benefits is 'Nil'.
non‑commutable income stream means a benefit that:
 (a) cannot be commuted; and
 (b) is paid at least monthly; and
 (c) does not have a residual capital value; and
 (d) is such that the total amount paid each month is fixed or varies only:
 (i) for the purpose of complying with the Act and these regulations; and
 (ii) during any period of 12 months by a rate not exceeding either:
 (A) 5% per annum; or
 (B) the rate of increase in the last Consumer Price Index (All Capital Cities) for a quarter to be published by the Australian Statistician before the end of that period of 12 months compared with the Consumer Price Index (All Capital Cities) published for the same quarter in the preceding year.
non‑commutable pension means a pension provided under rules of a superannuation fund that:
 (a) meet the standards of subregulation 1.06(2), (7) or (8); and
 (b) ensure that, if the pension is commuted under subparagraph 1.06(2)(e)(i),