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Schedule 5—Segregated current pension assets

Schedule 5 Segregated current pension assets

   

Income Tax Assessment Act 1997

1  At the end of section 295-385

Add:

Meaning of segregated current pension assets —trustee choice

             (8)  Despite subsections (3) to (6), none of the assets of a * complying superannuation fund are segregated current pension assets of the fund at any time in an income year if the trustee of the fund chooses under subsection (9) to treat all of the assets as not being segregated current pension assets for the year.

             (9)  The trustee of a * complying superannuation fund may choose to treat all of the assets of the fund as not being * segregated current pension assets of the fund for an income year if, at one or more times in the year, all * superannuation interests in the fund are in the * retirement phase.

           (10)  Subsections (8) and (9) do not apply if:

                     (a)  at all times in the year, all * superannuation interests in the fund are in the * retirement phase; or

                     (b)  the assets of the fund are * disregarded small fund assets at all times in the year.

2  Application of amendment

The amendment made by this Schedule applies in relation to the 2021-22 income year and later income years.