Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p2
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 2/5)
Character Range: 4649120–4651801

were liabilities in respect of superannuation income stream benefits that are prescribed by the regulations for the purposes of this section.
 (6) However, assets of a *complying superannuation fund that are supporting a *superannuation income stream benefit that is prescribed by the regulations for the purposes of this section are not segregated current pension assets to the extent that the *market value of the assets exceeds the account balance supporting the benefit.
 (7) Also, *disregarded small fund assets are not segregated current pension assets.

Meaning of segregated current pension assets—trustee choice
 (8) Despite subsections (3) to (6), none of the assets of a *complying superannuation fund are segregated current pension assets of the fund at any time in an income year if the trustee of the fund chooses under subsection (9) to treat all of the assets as not being segregated current pension assets for the year.
 (9) The trustee of a *complying superannuation fund may choose to treat all of the assets of the fund as not being *segregated current pension assets of the fund for an income year if, at one or more times in the year, all *superannuation interests in the fund are in the *retirement phase.
 (10) Subsections (8) and (9) do not apply if:
 (a) at all times in the year, all *superannuation interests in the fund are in the *retirement phase; or
 (b) the assets of the fund are *disregarded small fund assets at all times in the year.

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) the fund is a *small superannuation 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)).
 (3) However, the fund is not covered by subsection (2) for an income year if, at all times during the income year, all of the assets of the superannuation