Income Tax Assessment (1997 Act) Regulations 2021

SCHEDULES

SCHEDULE 1A  

Note: See sections 291-170.02 , 291-170.05 and 291-170.07 and Schedule 1AA .

METHOD OF WORKING OUT AMOUNT OF NOTIONAL TAXED CONTRIBUTIONS

PART 1 - PRELIMINARY  

Division 2 - Method  

1.7  

1.7   Method of working out amount of notional taxed contributions in respect of a benefit category if the fund benefit is not wholly sourced from an accumulation of contributions made in respect of the member  
If clause 1.6 does not apply, the method of working out the amount of NTC for the purposes of clause 1.8 for an accruing member of a benefit category of a defined benefit fund for a financial year is the following formula:

where, for the financial year:

member contributions amount is the amount of member contributions:

(a) paid by or on behalf of the member in respect of the member ' s defined benefit interest in the fund during that part of the financial year that the member was an accruing member of the benefit category; and

(b) which are not assessable income of the fund.

new entrant rate
is the new entrant rate for the benefit category worked out by an actuary under Parts 2 and 3 .

number of days
is the number of days during the financial year that the member was an accruing member of the benefit category.

superannuation salary amount
is the member ' s annual superannuation salary relevant to the benefit category on the first day of the financial year on which the member had a defined benefit interest in the fund.