This Determination, issued on Wed 19.11.2014, sets out the Commissioner’s view that a payment made as a result of a partial commutation of an account based pension that is a transition to retirement income stream (TRIS) counts towards the “minimum annual amount” required to be paid from the pension account under reg 1.06(9A)(a) of the SIS Regulations, unless the payment is rolled over within the superannuation system on or after 6 June 2009.
However, the Commissioner accepts that a payment made as a result of a partial commutation of a TRIS does not count towards the 10% “maximum annual amount” allowed to be paid from the pension account under reg 6.01(2) of the SIS Regs. As the exclusion of payments by way of commutation was only introduced from 16 February 2008, the Tax Office says that such payments made before that date still count towards the maximum annual amount.
DATE OF EFFECT: Applies from 1 July 2007.
[LTN 224, 19/11/14]