Income Tax Assessment Amendment Regulations 2007 (No. 6) (Cth)

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

Name of Regulations

These Regulations are the Income Tax Assessment Amendment Regulations 2007 (No. 6).

Commencement

These Regulations commence on 1 July 2007.

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

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