Div 290of the Income Tax Assessment Act 1997 does not apply to a contribution that is a directed termination payment (within the meaning of section 82‑10F).

Division 290 of the Income Tax Assessment Act 1997 does not apply to a contribution that is a directed termination payment (within the meaning of section 82‑10F). (2) The object of this section is to apply (with modifications) provisions limiting deductibility in respect of certain contributions made during the period that: (a) Subdivisions AA and AB of Division 3 of Part III of the Income Tax Assessment Act 1936, as in force just before they were repealed by the Superannuation Legislation Amendment (Simplification) Act 2007; (b) any other provision of the Income Tax Assessment Act 1936, or of any instrument made under that Act, to the extent that it relates to the operation of those Subdivisions; (c) any other provision of any other Act, or of any instrument made under any other Act, to the extent that it relates to the operation of those Subdivisions. (b) the deduction limit mentioned in section 82AAC for the 2006‑2007 income year were the deduction limit for the income year mentioned in paragraph (a); and (c) the deduction limit mentioned in section 82AAT for the 2006‑2007 income year were the deduction limit for the income year mentioned in paragraph (a); and (d) Division 290 of the Income Tax Assessment Act 1997 did not apply to contributions made during the income year mentioned in paragraph (a). (2) Despite subsection 291‑170(1) of the Income Tax Assessment Act 1997, your notional taxed contributions for the financial year in respect of a defined benefit interest are equal to your basic concessional contributions cap for the financial year if: (a) Subdivision 291‑C of that Act applies in relation to you because you have a defined benefit interest in a financial year; and (b) disregarding this subsection and subsection (4), the notional taxed contributions for the financial year in respect of the defined benefit interest exceed your basic concessional contributions cap for the financial year; and > Note: In some cases, section 291‑370 of the Income Tax Assessment Act 1997 has the effect of replacing this subsection with a similar rule covering a broader class of contributions and amounts. (a) you held a defined benefit interest (the original interest) in a superannuation fund (the original fund) on 5 September 2006; (b) the defined benefit interest mentioned in paragraph (2)(a) (the current interest) is in a different superannuation fund (the current fund); (ii) was transferred to another superannuation interest after 5 September 2006, and was later transferred to the current interest (whether directly or through a series of transfers between superannuation interests); (d) your rights to accrue future benefits under the current interest are equivalent to your rights to accrue future benefits under the original interest; (i) the notional taxed contributions mentioned in paragraph (2)(b) do not exceed what they would have been if the transfer mentioned in paragraph (c) had not taken place; or (4) Despite subsection 291‑170(1) of the Income Tax Assessment Act 1997, your notional taxed contributions for the financial year in respect of the defined benefit interest are equal to your basic concessional contributions cap for the financial year if: (a) Subdivision 291‑C of that Act applies in relation to you because you have a defined benefit interest in a financial year; and (b) disregarding this subsection, the notional taxed contributions for the financial year in respect of the defined benefit interest exceed your basic concessional contributions cap for the financial year; and > Note: In some cases, section 291‑370 of the Income Tax Assessment Act 1997 has the effect of replacing this subsection with a similar rule covering a broader class of contributions and amounts. (a) you held a defined benefit interest (the original interest) in a superannuation fund (the original fund) on 12 May 2009; (b) the defined benefit interest mentioned in paragraph (4)(a) (the current interest) is in a different superannuation fund (the current fund); (ii) was transferred to another superannuation interest after 12 May 2009, and was later transferred to the current interest (whether directly or through a series of transfers between superannuation interests); (d) your rights to accrue future benefits under the current interest are equivalent to your rights to accrue future benefits under the original interest; (i) the notional taxed contributions mentioned in paragraph (4)(b) do not exceed what they would have been if the transfer mentioned in paragraph (c) had not taken place; or (1) The object of this section is to apply (with modifications) provisions relating to excess non‑concessional contributions tax in respect of certain contributions made during the period that: (b) any other provision of that Act, or of any instrument made under that Act, to the extent that it relates to the operation of that Subdivision; (c) any other provision of any other Act, or of any instrument made under any other Act, to the extent that it relates to the operation of that Subdivision. (ea) in a case where paragraph 292‑95(1)(b) of that Act would have allowed the contribution mentioned in that paragraph to be made at a time within that period—that paragraph allowed the contribution to be made on or before 30 June 2007; and (f) paragraph 292‑95(1)(d) of that Act allowed the notification mentioned in that paragraph to be made on or before 31 July 2007; and (fa) in a case where subsection 292‑100(2), (4), (7) or (8) of that Act would have allowed the contribution mentioned in that subsection to be made at a time within that period—that subsection allowed the contribution to be made on or before 30 June 2007; and (g) paragraph 292‑100(9)(b) of that Act allowed the choice mentioned in that paragraph to be given on or before 31 July 2007; and (h) contributions made during that period that are covered under section 292‑100 of that Act reduce the person’s CGT cap amount for the 2007‑2008 financial year in accordance with subsection 292‑105(2) of that Act (and despite subsection (1) of that section); and (i) if the conditions in subsection (4) are satisfied—the person’s excess non‑concessional contributions for that financial year were reduced by the amount paid as mentioned in paragraph (4)(d); and (b) the Commissioner gives the person a transitional release authority under subsection 292‑80A(2) in response to the application; and (c) the person gives the transitional release authority to a superannuation provider that holds a superannuation interest for the person (other than a defined benefit interest) in accordance with section 292‑80B within 21 days after the date of the release authority; and (d) the superannuation provider pays the person the amount required under section 292‑80C in relation to the transitional release authority. (b) those contributions are allowable as a deduction for another person under subsection 82AAC(1) of the Income Tax Assessment Act 1936 (apart from subsection 82AAC(2) of that Act). (6) The amount to be included in the first person’s amount of non‑concessional contributions under subparagraph (3)(b)(ii) is the sum of: (a) the amount of those contributions made in the period mentioned in subparagraph (5)(a)(i), to the extent that they exceed the first person’s deduction limit (within the meaning of subsection 82AAC(2A) of the Income Tax Assessment Act 1936) for the income year of the other person in which the contributions were made; and (b) the amount of those contributions made in the period mentioned in subparagraph (5)(a)(ii), to the extent that they exceed the first person’s deduction limit (within the meaning of subsection 82AAC(2A) of the Income Tax Assessment Act 1936) for the income year of the other person in which the contributions were made. (c) under Division 295 of the Income Tax Assessment Act 1997 (as that Division applies for the purposes of subsection (3)), the contribution is included in the assessable income of the superannuation provider in relation to the superannuation plan to which the contribution is made; and (8) For the purposes of paragraph (7)(b), treat the person as an employee of the other entity if the person would be treated as an employee of the other entity under Division 290 of the Income Tax Assessment Act 1997 (as that Division applies for the purposes of subsection (3)). (1) A person may apply to the Commissioner in the approved form for a transitional release authority under subsection (2). The application can only be made before 1 July 2007. (2) The Commissioner must give the person a transitional release authority if the Commissioner considers that, apart from subparagraph 292‑80(3)(b)(i), the person would have excess non‑concessional contributions for the financial year mentioned in paragraph 292‑80(3)(a). (4) For the purposes of this section, disregard contributions made in respect of the person after 6 December 2006 in working out: The person may give the transitional release authority to a superannuation provider that holds a superannuation interest (other than a defined benefit interest) for the person in a complying superannuation plan within 21 days after the date of the release authority. (1) A superannuation provider that has been given a transitional release authority in accordance with section 292‑80B must pay to the person within 30 days after receiving the release authority the least of the following amounts: (a) if the person requests the provider in writing to pay a specified amount in relation to the release authority—that amount; (c) the sum of the values of every superannuation interest (other than a defined benefit interest) held by the superannuation provider for the person in complying superannuation plans. > Note 1: Section 288‑95 in Schedule 1 to the Taxation Administration Act 1953 provides for an administrative penalty for failing to comply with this subsection. > Note 2: Section 288‑100 in Schedule 1 to the Taxation Administration Act 1953 provides that the person giving the release authority to the superannuation provider can be liable to an administrative penalty if excess amounts are paid in relation to the release authority. > Note 3: For reporting obligations on the superannuation provider in these circumstances, see section 390‑65 in Schedule 1 to the Taxation Administration Act 1953. (2) The payment must be made out of one or more superannuation interests (other than a defined benefits interest) held by the superannuation provider for the person in complying superannuation plans. (3) Section 307‑125 of the Income Tax Assessment Act 1997 (the proportioning rule) does not apply to a payment made as required under this section. (a) your non‑concessional contributions cap for the 2015‑2016 financial year was worked out under subsection 292‑85(4) of the Income Tax Assessment Act 1997; and subsection 292‑85(7) of that Act as amended by the Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016 applies after the commencement of this section as if: (d) subsection 292‑85(6) of that Act as so amended had been applied (taking into account paragraph (c) of this subsection) for the purposes of working out your non‑concessional contributions cap for the 2016‑2017 financial year. (2) For the purposes of working out your non‑concessional contributions caps for the 2017‑2018 financial year and the 2018‑2019 financial year, if: (a) your non‑concessional contributions cap for the 2016‑2017 financial year was worked out under subsection 292‑85(4) of the Income Tax Assessment Act 1997; and subsections 292‑85(6) and (7) of that Act as amended by the Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016 apply after the commencement of this section as if the amount worked out under subsection 292‑85(5) of that Act as so amended were $380,000. (3) To avoid doubt, this section does not affect your non‑concessional contributions cap for any financial year that ended before 1 July 2017. The tax free component of a directed termination payment (within the meaning of section 82‑10F) made in a financial year on behalf of you is not included in your non‑concessional contributions (see section 292‑90 of the Income Tax Assessment Act 1997) for the financial year. (2) Subject to section 294‑55, the amendments of Division 294 of the Income Tax Assessment Act 1997 made by Schedule 1 to the Treasury Laws Amendment (2017 Measures No. 2) Act 2017 apply on and after 1 July 2017. Despite sections 294‑30 and 294‑140 of the Income Tax Assessment Act 1997 (which are about when you have excess transfer balance), you do not have excess transfer balance in your transfer balance account on any day in the period of 6 months beginning on 1 July 2017 if: (a) the only transfer balance credits in the account in that period arose under item 1 of the table in subsection 294‑25(1) of that Act (which is about superannuation income streams you have just before 1 July 2017); and (b) the sum of those transfer balance credits exceeds your transfer balance cap, but is less than or equal to $1,700,000; and (c) at the end of the period, the sum of all the transfer balance debits arising in your transfer balance account equals or exceeds the amount of the excess from paragraph (b). (1) Despite subsection 294‑10(2), a transfer balance credit arises under item 4 of the table in subsection 294‑25(1) of the Income Tax Assessment Act 1997 only in relation to a borrowing that arises under a contract entered into on or after 1 July 2017. (2) For the purposes of subsection (1), a borrowing (the new borrowing) that arises under a contract entered into on or after 1 July 2017 is treated as if it arose under a contract entered into before 1 July 2017 if: (ii) covered by the exception in subsection 67A(1) of the Superannuation Industry (Supervision) Act 1993 (which is about limited recourse borrowing arrangements); and (c) the amount of the new borrowing at the time it is first made equals, or is less than, the outstanding balance on the old borrowing just before the refinancing. (a) on 1 July 2017, a transfer balance debit arose in your transfer balance account under item 2 of the table in subsection 294‑80(1) of the Income Tax Assessment Act 1997; and (b) the sum of all the transfer balance credits that arise in your transfer balance account under item 1 of the table in subsection 294‑25(1) of that Act exceeds the amount that would, apart from this section, be the amount of that debit. (2) Despite column 2 of item 2 of the table in subsection 294‑80(1) of the Income Tax Assessment Act 1997, the amount of the transfer balance debit is instead equal to the sum worked out under paragraph (1)(b) of this section. 294‑120 Superannuation funds using the proportionate method—disregard initial capital gain but recognise deferred notional gain 294‑125 Pooled superannuation trust using proportionate or alternative exemption method—deemed sale and purchase of CGT asset 294‑130 Pooled superannuation trusts using proportionate or alternative exemption method—disregard initial capital gain but recognise deferred notional gain > The object of this Subdivision is to provide temporary relief from certain capital gains that might arise as a result of individuals complying with the following legislative changes: (a) the introduction of a transfer balance cap (as a result of Schedule 1 to the Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016); (b) the exclusion of transition to retirement income streams (and similar income streams) from being superannuation income streams in the retirement phase (as a result of Schedule 8 to that Act). (a) starting on the start of the day on which the Bill that became the Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016 was introduced into the House of Representatives; and (a) at the start of the pre‑commencement period, a CGT asset of a fund is a segregated current pension asset of the fund; and (i) at a time (the cessation time) in the pre‑commencement period, the asset ceases to be a segregated current pension asset of the fund; or (ii) at the start of 1 July 2017 (also the cessation time), the asset ceases to be a segregated current pension asset of the fund because it supports a superannuation income stream covered by subsection 307‑80(3) of the Income Tax Assessment Act 1997; and (e) the trustee of the fund makes a choice for the purposes of this paragraph in respect of the asset in accordance with subsection (2). (b) can only be made on or before the day by which the trustee of the fund is required to lodge the fund’s income tax return for the 2016‑17 income year; and (b) the proportion mentioned in subsection 295‑390(3) of the Income Tax Assessment Act 1997 in respect of the fund for the 2016‑17 income year is greater than nil; and (e) the trustee of the fund makes a choice for the purposes of this paragraph in respect of the asset in accordance with subsection (2). (b) can only be made on or before the day by which the trustee of the fund is required to lodge the fund’s income tax return for the 2016‑17 income year; and #### 294‑120 Superannuation funds using the proportionate method—disregard initial capital gain but recognise deferred notional gain (b) as a result of paragraph 294‑115(3)(a), the fund makes a capital gain in respect of the asset (disregarding this section); and (c) the trustee of the fund makes a choice for the purposes of this paragraph in respect of the asset in accordance with subsection (2). (b) can only be made on or before the day by which the trustee of the fund is required to lodge the fund’s income tax return for the 2016‑17 income year; and (4) The deferred notional gain is the 2016‑17 non‑exempt proportion of the amount of the fund’s net capital gain for the 2016‑17 income year determined on the assumptions that: (5) For the purposes of Division 102 of the Income Tax Assessment Act 1997, if a realisation event happens to the asset in an income year that starts on or after 1 July 2017: (6) Subsection 295‑390(1) of the Income Tax Assessment Act 1997 does not apply to the amount by which a net capital gain is increased (or comes into existence) as a result of subsection (5). > 2016‑17 non‑exempt proportion means 1 minus the proportion mentioned in subsection 295‑390(3) of the Income Tax Assessment Act 1997 in respect of the fund for the 2016‑17 income year. #### 294‑125 Pooled superannuation trust using proportionate or alternative exemption method—deemed sale and purchase of CGT asset (i) the proportion mentioned in subsection 295‑400(1) of the Income Tax Assessment Act 1997 in respect of the trust for the 2016‑17 income year; (ii) if the trustee has made a choice under subsection 295‑400(3) of that Act—the percentage mentioned in subsection 295‑400(4) of that Act in respect of the trust for the 2016‑17 income year; and (d) the trustee of the trust makes a choice for the purposes of this paragraph in respect of the asset in accordance with subsection (2). (b) can only be made on or before the day by which the trustee of the trust is required to lodge the trust’s income tax return for the 2016‑17 income year; and #### 294‑130 Pooled superannuation trusts using proportionate or alternative exemption method—disregard initial capital gain but recognise deferred notional gain (b) as a result of paragraph 294‑125(3)(a), the trust makes a capital gain in respect of the asset (disregarding this section); and (c) the trustee of the trust makes a choice for the purposes of this paragraph in respect of the asset in accordance with subsection (2). (b) can only be made on or before the day by which the trustee of the trust is required to lodge the trust’s income tax return for the 2016‑17 income year; and (4) The deferred notional gain is the 2016‑17 non‑exempt proportion of the amount of the trust’s net capital gain for the 2016‑17 income year determined on the assumptions that: (5) For the purposes of Division 102 of the Income Tax Assessment Act 1997, if a realisation event happens to the asset in an income year that starts on or after 1 July 2017: (6) Section 295‑400 of the Income Tax Assessment Act 1997 does not apply to the amount by which a net capital gain is increased (or comes into existence) as a result of subsection (5). (a) unless paragraph (b) applies—1 minus the proportion mentioned in subsection 295‑400(1) of the Income Tax Assessment Act 1997; or (b) if the trustee has made a choice under subsection 295‑400(3) of that Act—the percentage worked out by subtracting the percentage mentioned in subsection 295‑400(4) of that Act in respect of the trust for the 2016‑17 income year from 100%. This Subdivision applies to an entity that is the trustee of a complying superannuation fund, a complying approved deposit fund or a pooled superannuation trust. For the purposes of this Subdivision, an asset is a 30 June 1988 asset of a complying superannuation fund, a complying approved deposit fund or a pooled superannuation trust if the entity owned it at the end of 30 June 1988. > Note: Section 295‑90 of the Income Tax Assessment Act 1997 treats these assets as having been acquired on 30 June 1988. (1) The first element of the cost base of each 30 June 1988 asset of the entity’s is the greater of the asset’s market value (at the end of 30 June 1988) and its cost base (on that day). (2) The first element of the reduced cost base of each 30 June 1988 asset of the entity’s is the lesser of the asset’s market value (at the end of 30 June 1988) and its cost base (on that day). the market value of the asset as at the end of 30 June 1988 is the average of the highest and lowest trade prices for identical assets recorded on 30 June 1988 in whichever of the following markets is applicable: (d) if, on that date, there was a State capital city market (other than the Sydney market) that recorded a higher volume of trading than the Sydney market in identical assets—that State capital city market; (2) For the purposes of this section, an asset is taken to have been listed on an Australian stock exchange on 30 June 1988 if, and only if, on that day the asset had the status of having been granted official quotation by a securities exchange within the meaning of the former Securities Industry Act 1980 or the law of a State or Territory corresponding to that former Act. (b) at any time during the period commencing at the time when the shares were acquired and ending at the end of 30 June 1988, the company paid an amount that was not a dividend to the entity in respect of the shares; (b) at any time during the period commencing at the time when the interest or unit was acquired and ending at the end of 30 June 1988, the trustee of the trust paid an amount to the entity in respect of the interest or unit, being: (i) in a case where the entity was exempt from tax for the year of income in which the payment was made—an amount that, if the entity had not been exempt from tax, would not have been the entity’s assessable income; or the cost base to the entity of the interest or unit as at 30 June 1988 is reduced by so much of the amount as is not attributable to a deduction allowed under former Division 10C or 10D of the Income Tax Assessment Act 1936. (1) Despite section 130‑40 of the Income Tax Assessment Act 1997, the modifications in subsections (2) and (3) of this section apply if an entity exercises rights or options as mentioned in that section to acquire: (b) the greater of the market value of the rights or options (at the end of 30 June 1988) and the cost base of the rights or options (on that day). (b) the lesser of the market value of the rights or options (at the end of 30 June 1988) and the cost base of the rights or options (on that day). (4) The payment referred to in subsection (2) or (3) can include giving property. To the extent that the payment does, use the market value of the property in working out the amount of the payment. (1) A notice given under subsection 82AAT(1A) or (1CB) of the Income Tax Assessment Act 1936 in relation to the 2006‑07 income year or an earlier year has effect, after 1 July 2007, as if it were a notice under section 290‑170 of the Income Tax Assessment Act 1997. (2) A notice given under subsection 82AAT(1C) or (1CD) of the Income Tax Assessment Act 1936 in relation to the 2006‑07 income year or an earlier year has effect, after 1 July 2007, as if it were a notice under section 290‑180 of the Income Tax Assessment Act 1997. (1) A proportion of the ordinary income and statutory income of a continuously complying fixed interest ADF of an income year that would otherwise be assessable income is exempt from income tax under this section. The proportion is worked out under subsection (3).  > Aggregate current balance is the total amount deposited with the fund (together with accumulated earnings), as at the reckoning time in relation to the income year. > Aggregate of current 25 May balances is the aggregate of the current 25 May balances of eligible depositors, as at the reckoning time in relation to the income year. (4) A choice for the purposes of the definition of reckoning time in subsection (5) must be made on or before the date of lodgment of the income tax return of the ADF for the income year to which the choice relates, or before a later day allowed by the Commissioner. > continuously complying fixed interest ADF, in relation to an income year (the current year), means a fund that is a fixed interest complying ADF in relation to each of the following years: > current 25 May balance, in relation to an eligible depositor as at the reckoning time, is the balance as at that time determined by varying the original 25 May balance, in accordance with the following rules, during the period from 26 May 1988 to the reckoning time: (b) subject to paragraph (a), an amount deposited with the ADF by the depositor before 1 September 1989 is to be added to the balance; (b) a depositor whose 50th birthday occurred on or before 25 May 1988 and who, on or before that day, made a deposit with the ADF that consisted wholly or partly of the roll‑over (as defined in Subdivision AA of Division 2 of Part III of the Income Tax Assessment Act 1936 as in force on that day) of an eligible termination payment as so defined, being an eligible termination payment that included a concessional component (as so defined). > fixed interest complying ADF, in relation to a year of income, means a complying ADF where both of the following conditions are satisfied: (a) not less than 90% of the amount that, apart from this section, would be the assessable income of the ADF of the income year (other than non‑arm’s length income or amounts included in assessable income under Subdivision 295‑C of the Income Tax Assessment Act 1997) consists of any one or more of the following: (ii) any profit arising on the disposal, redemption, cancellation or maturity of a CGT asset referred to in paragraph 295‑85(3)(b) of the Income Tax Assessment Act 1997; (iii) an amount included in assessable income under Division 16E of Part III of the Income Tax Assessment Act 1936 (or would be so included if Division 230 of the Income Tax Assessment Act 1997 did not apply); (ii) virtual PST life insurance policies (as defined in the Income Tax Assessment Act 1997) issued by a life insurance company. > original 25 May balance, in relation to an eligible depositor, means the amount of the deposits (together with accumulated earnings) standing to the credit of the depositor as at the end of 25 May 1988. > reckoning time, in relation to an ADF in relation to an income year, means the beginning of the income year, or such other time during the income year as the ADF chooses in accordance with subsection (4). (6) This section does not apply to an ADF in relation to an income year unless the whole of the benefit that would accrue to the ADF from the application of this section in relation to the income year has been, or can reasonably expected to be, passed on to eligible depositors. An election made by the trustee of a complying superannuation fund under subsection 279(4) of the Income Tax Assessment Act 1936 that had effect for the income year of the fund in which 30 June 2007 occurs continues to have effect as if it had been made under section 295‑465 of the Income Tax Assessment Act 1997. Subdivisions 295‑I (no‑TFN contributions) and 295‑J (Tax offset for no‑TFN contributions income (TFN quoted within 4 years)) of the Income Tax Assessment Act 1997 apply to an entity whose 2006‑2007 income year ends on a day (the end day) after 1 July 2007 as if: (b) the entity’s no‑TFN contributions income for the entity’s 2007‑2008 income year included contributions made during that period that would have been income of that kind for the entity’s 2007‑2008 income year if the contributions concerned had been made in the entity’s 2007‑2008 income year. (2) Division 301 of the Income Tax Assessment Act 1997 applies to payments to you from a foreign superannuation fund covered by this section because you are a member of the fund in the same way as it would apply if the payments were superannuation member benefits paid to you from a complying superannuation fund. For the purposes of the Income Tax Assessment Act 1997, a superannuation income stream benefit is taken to be a disability superannuation benefit if, just before 1 July 2007, the superannuation income stream from which the benefit is paid was covered by paragraph (b) of the definition of death or disability annuity/pension in section 159SJ of the Income Tax Assessment Act 1936. Subdivision 301‑F of the Income Tax Assessment Act 1997 applies in relation to income years starting on or after 1 July 2007. Section 170 of the Income Tax Assessment Act 1936 does not prevent the amendment of an assessment for the purposes of giving effect to the following in respect of an income year that starts on or before 1 July 2021: (b) the amendments of the Income Tax Assessment (1997 Act) Regulations 2021 made by Schedule 9 to the Treasury Laws Amendment (2022 Measures No. 4) Act 2023. (a) a superannuation benefit (the trigger benefit) was paid to a person in the 2020‑21 income year or an earlier income year; and (c) the trigger benefit was paid to the person because the person satisfied a condition of release specified in item 103 (permanent incapacity) of the table in Schedule 1 to the Superannuation Industry (Supervision) Regulations 1994; and (2) The Commissioner cannot amend an assessment on the basis that a superannuation benefit paid to the person is a superannuation income stream benefit because of the amendments made by Schedule 9 to the Treasury Laws Amendment (2022 Measures No. 4) Act 2023 if: (iii) the superannuation benefit was paid to the person because the person satisfied a condition of release specified in item 103 (permanent incapacity) of the table in Schedule 1 to the Superannuation Industry (Supervision) Regulations 1994; (3) Subsection (2) applies despite any other provision of this Act (apart from subsection (4) of this section), the Income Tax Assessment Act 1997 and the Income Tax Assessment Act 1936. (a) if the Commissioner may amend the assessment in accordance with item 5 (fraud or evasion) or 6 (review or appeal) of the table in subsection 170(1) of the Income Tax Assessment Act 1936; (b) if the amendment is made for the purpose of giving effect to a provision specified in the regulations for the purposes of this paragraph. (1) The Minister may, by legislative instrument, make rules prescribing matters of a transitional nature (including prescribing any saving or application provisions) that: (a) relate to the amendments or repeals made by Schedule 9 to the Treasury Laws Amendment (2022 Measures No. 4) Act 2023; and (2) Without limiting subsection (1), rules made under this section before the end of the period of 12 months starting on the day that Schedule commences may provide that provisions of that Schedule, or any other Act or instrument, have effect with any modifications prescribed by the rules. Those provisions then have effect as if they were so modified. (2) Division 302 of the Income Tax Assessment Act 1997 applies to payments to you from a foreign superannuation fund covered by this section after another person’s death, because the other person was a member of that fund, in the same way as it would apply if the payments were superannuation death benefits paid to you from a complying superannuation fund. For the purposes of Division 302 of the Income Tax Assessment Act 1997, treat a person who receives a superannuation income stream benefit as a death benefits dependant in relation to the benefit if: (b) just before 1 July 2007, the superannuation income stream from which the benefit is paid was covered by paragraph (a) of the definition of death or disability annuity/pension in section 159SJ of the Income Tax Assessment Act 1936. (2) For the purposes of Subdivision 82‑B of Division 82, Division 302 and section 303‑5 of the Income Tax Assessment Act 1997, the definition of death benefits dependant in section 302‑195 of that Act applies as if paragraphs (a) and (b) of the definition were replaced with the following paragraphs: (a) a spouse of the deceased within the meaning of the Superannuation Industry (Supervision) Act 1993 as in force immediately after the commencement of Schedule 4 to the Same‑Sex Relationships (Equal Treatment in Commonwealth Laws—Superannuation) Act 2008 or a person who was formerly such a spouse; or (b) a child of the deceased within the meaning of the Superannuation Industry (Supervision) Act 1993 as in force immediately after the commencement of Schedule 4 to the Same‑Sex Relationships (Equal Treatment in Commonwealth Laws—Superannuation) Act 2008, who is aged less than 18. (ii) a superannuation guarantee payment, a small superannuation account payment, an unclaimed money payment, a superannuation co‑contribution benefit payment or a superannuation annuity payment. (2) The lump sum is not assessable income and is not exempt income if a terminal medical condition exists in relation to you at a time in the period: (i) a condition of release specified in item 107A or 207AA of the table in Schedule 1 to the Superannuation Industry (Supervision) Regulations 1994; or (ii) a condition of release specified in item 109AA of the table in Schedule 2 to the Retirement Savings Accounts Regulations 1997. (1) This section applies to a superannuation benefit that you receive, paid in relation to a release authority given in relation to you in accordance with section 292‑80B. (2) The superannuation benefit is not assessable income and is not exempt income to the extent that it does not exceed the amount mentioned in subsection (3). (3) The amount is the amount of excess non‑concessional contributions stated in the release authority in accordance with paragraph 292‑80A(3)(a), reduced (but not below zero) by the amount of any superannuation benefit that was not assessable income and not exempt income under a previous operation of subsection (2) in relation to the release authority. (4) The superannuation benefit is assessable income to the extent (if any) that it exceeds the amount mentioned in subsection (3). (a) you have an interest in a FIF (within the meaning of Part XI of the Income Tax Assessment Act 1936, as in force just before the commencement of item 37 of Schedule 1 to the Tax Laws Amendment (Foreign Source Income Deferral) Act (No. 1) 2010) (the paying fund); and (b) Subdivision 305‑B of the Income Tax Assessment Act 1997 applies in relation to the paying fund (see section 305‑55 of that Act); and (c) the paying fund transfers an amount to a complying superannuation fund in respect of you during the deduction year; and (d) you choose under section 305‑80 of the Income Tax Assessment Act 1997 that the amount, or part of the amount, is to be treated as assessable income of the complying superannuation fund; and (e) immediately before the transfer happens, there is a post‑FIF abolition surplus (within the meaning of the Income Tax Assessment Act 1936) for the paying fund in relation to you; and For the purposes of the definition of specified roll‑over amount in the Income Tax Assessment Act 1997, treat the taxable component of a directed termination payment (within the meaning of section 82‑10F) as the element untaxed in the fund of a superannuation benefit that is a roll‑over superannuation benefit. (1) This section applies to a superannuation income stream from which at least one superannuation income stream benefit has been paid before 1 July 2007. > Note: This section also applies to an income stream replacing an earlier one because of an involuntary roll‑over (see section 307‑127). (2) Despite subsection 307‑125(2) of the Income Tax Assessment Act 1997, work out the tax free component of superannuation income stream benefits paid from the superannuation income stream in an income year beginning on or after 1 July 2007 as follows: (a) first, work out the deductible amount in relation to the superannuation income stream for the income year including 30 June 2007 in accordance with section 27H of the Income Tax Assessment Act 1936 (as in force just before 1 July 2007); (b) next, allocate the deductible amount worked out under paragraph (a) to each of those benefits in proportion to the amount of those benefits. The amount allocated to a superannuation income stream benefit under paragraph (b) is the tax free component of the benefit. The taxable component of the benefit is the remainder of the benefit. (3) Subsection (2) does not apply to the payment of a superannuation income stream benefit after at least one of the following events has happened: (i) none of the superannuation income stream benefits paid from the superannuation interest after 30 June 2007 consist of, or include, an element untaxed in the fund; or (ii) where no superannuation income stream benefits have been paid from the superannuation interest after 30 June 2007—all payments from the interest on or before that day would have satisfied the requirement in subparagraph (i) if they had been paid after that day; (ba) the holder of the superannuation interest is aged 60 or above on 1 July 2007, if none of the superannuation income stream benefits paid from the superannuation interest after 30 June 2007 consist of, or include, an element untaxed in the fund; (i) none of the superannuation income stream benefits paid from the superannuation interest after 30 June 2007 consist of, or include, an element untaxed in the fund; or (ii) where no superannuation income stream benefits have been paid from the superannuation interest after 30 June 2007—all payments from the interest on or before that day would have satisfied the requirement in subparagraph (i) if they had been paid after that day. (a) treat the time mentioned in subsection (5) as the applicable time for the purposes of subsection 307‑125(3) of the Income Tax Assessment Act 1997 in relation to the benefit; and (b) work out the tax free component of the superannuation interest for the purposes of section 307‑125 of the Income Tax Assessment Act 1997 under subsections (6) and (6A). (i) an eligible termination payment had been made in respect of the holder of the interest just before the time mentioned in subsection (5); and (ii) the amount of the eligible termination payment had been equal to the value of the superannuation interest at that time; (b) next, work out the unused undeducted purchase price (within the meaning of paragraph (a) of the definition of that term in subsection 27A(1) of the Income Tax Assessment Act 1936 just before the commencement of this section, and disregarding paragraphs (b) and (c) of that definition) of the superannuation income stream, reduced by the tax free components (worked out under subsection (2)) of any benefits paid from the superannuation income stream after 30 June 2007; (c) next, work out the pre‑July 83 component (within the meaning of section 27A of the Income Tax Assessment Act 1936 just before the commencement of this section) of the eligible termination payment. (a) at least one superannuation income stream benefit was paid from the superannuation income stream before 1 July 1994; or (b) section 27AAAA of the Income Tax Assessment Act 1936 (as in force just before 1 July 2007) applied to the superannuation income stream just before 1 July 2007; (7) For the purposes of paragraph (6)(c), disregard the value of the interest to the extent that it would consist, apart from this subsection, of the element untaxed in the fund of the taxable component of a superannuation benefit constituted by the eligible termination payment. (8) If the superannuation income stream has been wholly or partially commuted as mentioned in paragraph (3)(a), treat the applicable time for the purposes of subsection 307‑125(3) of the Income Tax Assessment Act 1997 in relation to a superannuation benefit arising from the commutation as: (b) if 1 or more other events mentioned in subsection (3) happened before the commutation—the time just before the earliest of those events happens. (a) references in that section to the later income stream (in relation to a time, or event happening, before the payment of that involuntary roll‑over superannuation benefit) include references to the earlier income stream; and (b) references in that section to the superannuation interest supporting the later income stream (in relation to a time, or event happening, before the payment of that benefit) include references to the earlier interest. (1) This section applies for the purposes of working out the amount of your total superannuation balance just before 1 July 2017. (2) The transfer balance mentioned in paragraph 307‑230(1)(b) of the Income Tax Assessment Act 1997 just before 1 July 2017 is taken to be equal to: (a) the sum of the transfer balance credits (if any) in your transfer balance account just after the start of 1 July 2017; less (b) the sum of the transfer balance debits (if any) arising in your transfer balance account on 1 July 2017 under item 4 of the table in subsection 294‑80(1) of that Act (about payment splits). (1) Section 307‑231 of the Income Tax Assessment Act 1997 applies in relation to borrowings that arise under contracts entered into on or after 1 July 2018. (2) For the purposes of subsection (1), a borrowing (the new borrowing) that arises under a contract entered into on or after 1 July 2018 is treated as if it arose under a contract entered into before 1 July 2018 if: (ii) covered by the exception in subsection 67A(1) of the Superannuation Industry (Supervision) Act 1993 (which is about limited recourse borrowing arrangements); and (c) the amount of the new borrowing at the time it is first made equals, or is less than, the outstanding balance on the old borrowing just before the refinancing. (a) treat a deduction made under former section 279 of the Income Tax Assessment Act 1936 as having been made under section 295‑465 of the Income Tax Assessment Act 1997 instead; and (b) treat a deduction made under former section 279B of the Income Tax Assessment Act 1936 as having been made under section 295‑470 of the Income Tax Assessment Act 1997 instead. If you have become entitled to a rebate under section 159SA of the Income Tax Assessment Act 1936, your low rate cap amount for the 2007‑2008 income year is, despite subsection 307‑345(1), the total of: (b) the amount by which $140,000 exceeds the upper limit for the 2006‑2007 income year (worked out under section 159SG of that Act).