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 6 - GOVERNING RULES HAVE CHANGED  

6.1   Method of working out governing rules change adjustment amount in the formula in clause 1.8  

6.1(1)    
For the purposes of the formula in clause 1.8 :

(a)    for a financial year in which there is an amendment of the governing rules (within the meaning of subsection 10(1) of the SIS Act) of the defined benefit fund that:

(i) may result in an increase in the member ' s benefit; and

(ii) is made for a reason other than to satisfy a legislative requirement;

the governing rules change adjustment amount equals an amount worked out on advice from an actuary that represents the increase in the value of the accrued retirement benefit, if any, that accrued to the member as a result of the amendment to the governing rules; and

(b)    for any other financial year - the governing rules change adjustment amount equals zero.

6.1(2)    
The economic, decrement and other parameters and the other assumptions to be used are set out in Part 3 .