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INCOME TAX ASSESSMENT ACT 1997 - SECT 294.130 Meaning of capped defined benefit income stream

INCOME TAX ASSESSMENT ACT 1997 - SECT 294.130

Meaning of capped defined benefit income stream

  (1)   A * superannuation income stream is a capped defined benefit income stream if it is:

  (a)   covered by an item of the following table; and

  (b)   if it is covered by any of items   2 to 7 of that table--it is in the * retirement phase just before 1   July 2017.

 

Capped defined benefit income streams

Item

Topic

A superannuation income stream is covered if:

1

Lifetime pension

it is a pension for the purposes of the Superannuation Industry (Supervision) Act 1993 (the SIS Act ) that is provided under rules that meet the standards of subregulation   1.06(2) of the Superannuation Industry (Supervision) Regulations   1994 (the SIS Regulations )

2

Lifetime annuity

it is an annuity for the purposes of the SIS Act that is provided under a contract that meets the standards of subregulation   1.05(2) of the SIS Regulations

3

Life expectancy pension

it is a pension for the purposes of the SIS Act that is provided under rules that meet the standards of subregulation   1.06(7) of the SIS Regulations

4

Life expectancy annuity

it is an annuity for the purposes of the SIS Act that is provided under a contract that meets the standards of subregulation   1.05(9) of the SIS Regulations

5

Market linked pension

it is a pension for the purposes of the SIS Act that is provided under rules that meet the standards of subregulation   1.06(8) of the SIS Regulations

6

Market linked annuity

it is an annuity for the purposes of the SIS Act that is provided under a contract that meets the standards of subregulation   1.05(10) of the SIS Regulations

7

Market linked pension (RSA)

it is a pension for the purposes of the Retirement Savings Accounts Act 1997 that is provided under terms and conditions that meet the standards of subregulation   1.07(3A) of the Retirement Savings Accounts Regulations   1997

  (2)   A * superannuation income stream is also a capped defined benefit income stream if the income stream is prescribed by the regulations for the purposes of this subsection.

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