6Amendment of assessments for the 2023‑24 income year—transitional rule for permanent incapacity benefits

6 Amendment of assessments for the 2023‑24 income year—transitional rule for permanent incapacity benefits

(1) Under subsection 301‑105(1) of the Act, this section prescribes matters of a transitional nature that relate to the 2023‑24 income year. (2) This section applies if: (a) a superannuation benefit (the trigger benefit) was paid to an individual in the 2020‑21 income year or an earlier income year; and (b) the Commissioner made an assessment for the income year for the individual before 4 December 2020; and (c) the trigger benefit was paid to the individual because the individual 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 (d) the Commissioner made the assessment on the basis that the trigger benefit was a superannuation lump sum. (3) The Commissioner cannot amend an assessment for the 2023‑24 income year for the individual on the basis that a superannuation benefit paid to the individual is a superannuation income stream benefit if: (a) the superannuation benefit was paid to the individual because the individual 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 (b) the Commissioner made the assessment on the basis that the superannuation benefit was a superannuation lump sum; and (c) for the 2022‑23 income year: (i) a superannuation benefit (the 2022‑23 benefit) was paid to the individual because the individual 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 (ii) the Commissioner made an assessment for the individual on the basis that the 2022‑23 benefit was a superannuation lump sum. (4) Subsection (3) does not apply in any of these cases: (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 paragraph 301‑100(4)(b) of the Act.