SUPERANNUATION CONTRIBUTIONS TAX (ASSESSMENT AND COLLECTION) REGULATIONS 1997 (REPEALED)

SCHEDULE 2  

METHOD FOR WORKING OUT AMOUNT OF SURCHARGEABLE CONTRIBUTIONS

(paragraph 2M(3)(a) )

Part 2 - Valuation parameters  

7   Rates of decrement and other parameters  

7(1)    
The rates of decrement and other parameters to be applied are the rates of decrement and other parameters adopted at the most recent actuarial valuation of the scheme that has a valuation date not later than 1 July of the first financial year to which the actuarial certificate prepared in accordance with the actuarial valuation applies.

7(2)    
If an eligible actuary considers that the rates of decrement and other parameters adopted at the actuarial valuation mentioned in subclause (1) are no longer appropriate, the actuary is to set new rates of decrement and other parameters in accordance with subclause (3).

Example:

The rates of decrement and other parameters adopted for the purpose of preparing an actuarial valuation of a scheme may no longer be appropriate for the scheme because the nature of the work performed by members of the scheme may have changed.

7(3)    
If an eligible actuary sets new rates of decrement and other parameters under subclause (2):

(a) the new rates of decrement and other parameters must be consistent with any other parameters set under this Schedule; and

(b) the actuary must be satisfied that the new rates of decrement and other parameters are appropriate in relation to the particular scheme.

7(4)    
Unless this Schedule otherwise provides, if the scheme is a new scheme for which no actuarial valuation has been prepared, an eligible actuary is to set rates of decrement and other parameters for the scheme that are consistent with a comparable scheme and the other parameters set under this Schedule.