Commonwealth Consolidated Regulations

INCOME TAX ASSESSMENT REGULATIONS 1997 - REG 995.1.01

                In these Regulations, unless the contrary intention appears:

                Act means the Income Tax Assessment Act 1997 .

defined benefit member :

                (a)    means a member of a superannuation fund whose entitlements to superannuation benefits (other than benefits payable on death or disability) are defined by reference to 1 or more of the following matters:

                          (i)    the member's salary, or allowance in the nature of salary, at a particular date or averaged over a period;

                         (ii)    another individual's salary, or allowance in the nature of salary, at a particular date or averaged over a period;

                        (iii)    a specified amount;

                        (iv)    specified conversion factors; but

               (b)    does not include a member of a superannuation fund whose entitlements to superannuation are defined solely by reference to 1 or more of the following matters:

                          (i)    the member's disability superannuation benefits;

                         (ii)    the member's superannuation death benefits;

                        (iii)    payments of amounts mentioned in paragraph 307-10 (a) of the Act (which relates to temporary disability payments).

insolvent , for an issuer, means:

                (a)    the issuer cannot pay its debts as they fall due; or

               (b)    the issuer's liabilities exceed its assets.

new entrant rate means the rate of that kind worked out using Schedule 1A.

RSA Act means the Retirement Savings Accounts Act 1997 .

RSA Regulations means the Retirement Savings Accounts Regulations 1997 .

SIS Act means the Superannuation Industry (Supervision) Act 1993 .

SIS Regulations means the Superannuation Industry (Supervision) Regulations 1994 .

superannuation annuity means:

                (a)    an income stream:

                          (i)    that is issued by a life insurance company or registered organisation; and

                         (ii)    that commenced before 20 September 2007; and

                        (iii)    that is an annuity within the meaning of:

                                   (A)     subsection 10 (1) of the SIS Act; or

                                   (B)     subregulation 1.07 (1A) of the RSA Regulations; or

               (b)    an income stream that:

                          (i)    is issued by a life insurance company or registered organisation; and

                         (ii)    meets the standards set out in subregulation 1.05 (1) of the SIS Regulations.

superannuation income stream means:

                (a)    an income stream that is taken to be:

                          (i)    an annuity for the purposes of the SIS Act in accordance with subregulation 1.05 (1) of the SIS Regulations; or

                         (ii)    a pension for the purposes of the SIS Act in accordance with subregulation 1.06 (1) of the SIS Regulations; or

                        (iii)    a pension for the purposes of the RSA Act in accordance with regulation 1.07 of the RSA Regulations; or

               (b)    an income stream that:

                          (i)    is an annuity or pension within the meaning of the SIS Act; and

                         (ii)    commenced before 20 September 2007.

superannuation income stream benefit means a payment from an interest that supports a superannuation income stream, other than a payment to which regulation 995-1.03 applies.

superannuation salary means the salary used to determine a person's entitlement to superannuation benefits.

"terminal medical condition" has the meaning given by regulation 303-10.01.