Document ID: chunk:federal_register_of_legislation:F2024C01248:reg:6:p15
Version: federal_register_of_legislation:F2024C01248
Segment Type: reg
Provision Reference: reg 6 (pt 15/21)
Character Range: 162797–165535

(3) If part or all of the retirement benefit can be paid as a superannuation income stream, then the value of that income stream is determined as the product of:
 (a) the annual rate of the superannuation income stream that would have been paid had the maximum proportion of the benefit possible been taken as an income stream; and
 (b) the applicable factor for the superannuation income stream that would have been paid set out in clause 1 of Schedule 1B.
 (4) The total value of the retirement benefit is the sum of:
 (a) the value of the superannuation income stream so determined; and
 (b) any lump sum that would have been payable under the assumptions described above had the member taken the maximum possible proportion of the member's benefit as an income stream.
 (5) If the superannuation benefit can only be paid as a lump sum, then the value of the retirement benefit is the amount of that lump sum.

307‑205.02  Value of superannuation interest
 (1) For the purposes of paragraph 307‑205(1)(a) of the Act, this section specifies a method for determining the value of a superannuation interest at a particular time if the interest supports a superannuation income stream to which subsection (2) applies.
Note: The proportioning rule in section 307‑125 of the Act requires the tax free component and taxable component of a superannuation benefit to be paid out in the same proportion as they make up of the underlying interest. A value of the superannuation interest is required to ensure that the proportioning rule operates appropriately.
 (2) This subsection applies to a superannuation income stream or a superannuation annuity, other than:
 (a) a superannuation income stream that is a pension mentioned in subparagraph 295‑385.01(a)(i), (ii) or (iii); or
 (b) a superannuation income stream or a superannuation annuity for which the rules providing for the income stream or annuity are based on:
 (i) an identifiable lump sum amount; or
 (ii) the amount available in the member's account; or
 (c) a superannuation income stream that is supported by a superannuation interest that can be valued under paragraph 307‑205.02B(a); or
 (d) a superannuation income stream that is supported by a superannuation interest that can be valued under section 307‑205.02C, 307‑205.02D or 307‑205.02E.
 (3) The value of the interest at a particular time is the sum of:
 (a) the product of:
 (i) the annual amount of the superannuation income stream payable in respect of the superannuation interest at that time; and
 (ii) the applicable factor for the superannuation income stream set out in clause 1 of Schedule 1B; and
 (b) the product of:
 (i) the nominal value of the superannuation lump sum, if any, which is payable in respect of