Income Tax Assessment Amendment Regulations 2007 (No. 6)1
Select Legislative Instrument 2007 No. 202
I, PROFESSOR MARIE BASHIR, AC, CVO, Deputy for the Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Income Tax Assessment Act 1997.
Dated 28 June 2007
MARIE BASHIR
Deputy for the Governor‑General
By Her Excellency’s Command
PETER CRAIG DUTTON
Minister for Revenue and Assistant Treasurer
1 Name of Regulations
These Regulations are the Income Tax Assessment Amendment Regulations 2007 (No. 6).
2 Commencement
These Regulations commence on 1 July 2007.
3 Amendment of Income Tax Assessment Regulations 1997
Schedule 1 amends the Income Tax Assessment Regulations 1997 as amended by the Income Tax Assessment Regulations 2007 (No. 2) and the Income Tax Assessment Regulations 2007 (No. 3).
Schedule 1 Amendments
(regulation 3)
[1] Part 2, subregulation 292‑25.01 (2)
omit
subregulations (3) and (4)
insert
subregulation (3)
[2] Part 2, subregulation 292‑25.01 (4)
omit
An amount that is allocated from a reserve is to be treated
insert
An amount that is allocated from a reserve, other than an amount that is covered by subregulation (2), is to be treated
[3] Part 2, subregulation 292‑25.01 (5)
omit
Subparagraph (4) (a) (ii)
insert
Paragraph (4) (a)
[4] Part 2, regulation 307‑200.02
omit
superannuation plan is to be treated as 1 superannuation interest in the relevant
insert
self‑managed superannuation fund is to be treated as 1 superannuation interest in the
[5] Part 2, subregulations 307‑200.03 (4) and (5)
substitute
(4) For this regulation, an amount specified in a notice given under subsection 307‑285 (1) of the Act by the trustee of a scheme is not included as contributions made into the scheme or earnings on those contributions.
[6] Part 2, regulation 307‑200.04
omit
[7] Part 2, paragraph 307‑205.02 (1) (a)
substitute
(a) applies to a superannuation income stream or a superannuation annuity, other than:
(i) a superannuation income stream of a type prescribed by regulation 295‑385.01; or
(ii) a superannuation income stream or a superannuation annuity for which the rules providing for the income stream or annuity are based on:
(A) an identifiable lump sum amount; or
(B) the amount available in the member’s account; or
(iii) a superannuation income stream that is supported by a superannuation interest that can be valued under paragraph 307‑205.02B (a); and
[8] Part 2, after regulation 307‑205.02
insert
307‑205.02A Superannuation income streams or superannuation annuities based on identifiable amounts — value of an interest
For a superannuation income stream or a superannuation annuity mentioned in subparagraph 307‑205.02 (1) (a) (ii), the value of the superannuation interest that supports the income stream or annuity is:
(a) the identifiable lump sum amount; or
(b) the amount available in the member’s account.
307‑205.02B Public sector superannuation schemes — value of an interest
A superannuation interest in a public sector superannuation scheme is to be valued:
(a) by using the practice for valuing a superannuation interest (other than an interest that supports a superannuation income stream mentioned in subparagraph 307‑205.02 (1) (a) (i)) that was used by the scheme immediately before 28 June 2007; or
(b) if there was not a practice for valuing an interest at that time — by using the method in subregulation 307‑205.02 (2).
[9] Part 6, regulation 995‑1.01, definition of superannuation income stream benefit
omit
995‑1.02
insert
995‑1.03
[10] Schedule 1A, section 1.7
omit
insert
[11] Schedule 1A, paragraph 5.1 (2) (b)
omit
worked out by
insert
worked out on advice from
[12] Schedule 1B, Table 1
substitute
Table 1
Age
Factor for indexed lifetime income stream
Factor for non‑indexed lifetime income stream
18
23.238
15.405
19
23.158
15.385
20
23.084
15.366
21
23.016
15.349
22
22.956
15.334
23
22.906
15.322
24
22.862
15.312
25
22.816
15.302
26
22.763
15.289
27
22.694
15.271
28
22.612
15.248
29
22.523
15.223
30
22.422
15.194
31
22.310
15.160
32
22.193
15.124
33
22.076
15.086
34
21.950
15.045
35
21.821
15.002
36
21.691
14.958
37
21.553
14.911
38
21.410
14.861
39
21.266
14.809
40
21.113
14.754
41
20.956
14.695
42
20.790
14.632
43
20.609
14.562
44
20.421
14.487
45
20.229
14.409
46
20.030
14.326
47
19.823
14.239
48
19.610
14.148
49
19.391
14.052
50
19.164
13.950
51
18.931
13.844
52
18.691
13.732
53
18.443
13.615
54
18.189
13.492
55
17.927
13.364
56
17.659
13.230
57
17.383
13.089
58
17.100
12.943
59
16.810
12.790
60
16.513
12.631
61
16.209
12.465
62
15.891
12.287
63
15.558
12.099
64
15.213
11.900
65
14.861
11.693
66
14.506
11.480
67
14.144
11.260
68
13.775
11.032
69
13.396
10.794
70
13.011
10.548
71
12.627
10.297
72
12.230
10.035
73
11.815
9.756
74
11.398
9.471
75
10.983
9.183
76
10.566
8.889
77
10.144
8.587
78
9.723
8.282
79
9.314
7.980
80
8.898
7.669
81
8.486
7.357
82
8.087
7.051
83
7.697
6.748
84
7.323
6.455
85
6.966
6.172
86
6.627
5.901
87
6.311
5.647
88
6.010
5.402
89
5.728
5.171
90
5.465
4.954
91
5.218
4.750
92
4.991
4.561
93
4.773
4.379
94
4.566
4.205
95
4.360
4.031
[13] Schedule 1B, Table 2
substitute
Table 2
Number of years
Factor for indexed fixed‑term income stream
Factor for non‑indexed fixed‑term income stream
0
0.000
0.000
1
0.981
0.969
2
1.925
1.879
3
2.834
2.734
4
3.709
3.536
5
4.550
4.289
6
5.360
4.996
7
6.140
5.661
8
6.891
6.284
9
7.613
6.870
10
8.308
7.420
11
8.977
7.936
12
9.621
8.421
13
10.241
8.876
14
10.837
9.303
15
11.411
9.705
16
11.963
10.081
17
12.495
10.435
18
13.007
10.768
19
13.499
11.079
20
13.973
11.372
21
14.430
11.647
22
14.869
11.906
23
15.291
12.148
24
15.698
12.376
25
16.090
12.590
26
16.466
12.790
27
16.829
12.979
28
17.178
13.156
29
17.514
13.322
30
17.837
13.478
Note
1. All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See www.frli.gov.au.
