Reg 53C repealed by SLI No 89 of 2007, reg 3 and Sch 1 item 4, effective 1 July 2007. Reg 53C formerly read:
REGULATION 53C REASONABLE BENEFIT LIMIT WHERE AMOUNT IN ADF, LIFE ASSURANCE COMPANY OR REGISTERED ORGANISATION
53C(1)
Where:
(a)
the Commissioner is to make a determination under section
140R
or
140T
of the Act in relation to a benefit paid, or commencing to be paid, to the person; and
(b)
on 15 February 1990 an amount was held in relation to the person by:
(i)
an ADF, other than a continuously non-complying ADF, in respect of an amount deposited with the ADF on or before that date; or
(ii)
a life assurance company or a registered organisation in respect of a rolled-over amount deposited with the company or organisation on or before that date;
the amount of the person's transitional lump sum RBL or transitional pension RBL is the greater of:
(c)
the amount of the person's transitional lump sum RBL or transitional pension RBL, worked out in accordance with subregulation
53B(2)
;
and:
(d)
subject to subregulations (2) and (3), if the person was at least 50 years old on 15 February 1990
-
the sum of:
(i)
the aggregate of the rolled-over amounts held in ADFs, life assurance companies or registered organisations on behalf of the person on that day; and
(ii)
the amount of earnings that have accrued after that day on those amounts while held in those funds, companies or organisations or in:
(A)
other ADFs, life assurance companies or registered organisations; or
(B)
superannuation funds; and
(iii)
the amount of earnings on the amount referred to in subparagraph (ii); or
(e)
in any other case
-
the aggregate of the rolled-over amounts held in ADFs, life assurance companies or registered organisations on behalf of the person on that day.
53C(2)
For the purposes of subparagraph (1)(d)(ii), earnings are to be taken to accrue on amounts rolled-over to a superannuation fund and used to provide defined benefits at the rate of 10% annually.
53C(3)
For the purposes of applying paragraph (1)(d) to a person, where:
(a)
after 15 February 1990, an amount is paid out of a superannuation fund, an ADF, life assurance company or registered organisation in respect of the person; and
(b)
after that day the person rolled-over an amount to the fund, company or organisation (not being an amount that was held in another ADF, life assurance company or registered organisation on behalf of the person on that day);
the amount referred to in paragraph (a) is taken to be applied first in reduction of the amount referred to in paragraph (b), and any earnings attributable to that amount, before being applied in reduction of the amount that was held in the fund, company or organisation on that day.
Reg 53C inserted by SR No 461 of 1994.
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