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Transfer balance cap

Retirement phase income streams

Section: 19.2

Retirement phase income streams include all superannuation income streams, except those listed below:

  • deferred income streams that have not yet become payable and where the recipient has not satisfied the retirement, reaching age 65, terminal medical condition or permanent incapacity condition of release.
  • transition to retirement income streams where the recipient has not satisfied the retirement, reaching age 65, terminal medical condition or permanent incapacity condition of release.
  • non-commutable allocated pensions or annuities where the recipient has not satisfied the retirement, reaching age 65, terminal medical condition or permanent incapacity condition of release.
  • income streams where a commutation authority has been issued in relation to an excess transfer balance that a trustee has failed to comply with within the required 60 day period.

If an income stream is in the list of exclusions above, it is considered to be in the accumulation phase of superannuation for the purposes of the earnings tax exemption and the transfer balance cap. However, it is still considered an income stream for other purposes, including the proportioning of tax components and the taxation of payments from the income stream.

Last modified: Thursday, August 24, 2017