OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS 1987 (REPEALED)

PART IA - REASONABLE BENEFIT LIMITS  

Division 4 - Determinations  

REGULATION 4P   AMOUNTS TO BE TAKEN INTO ACCOUNT  

4P(1)   [ Benefits to be ignored ]  

In making a determination under section 15K of the Act in relation to a benefit paid or commencing to be paid to a person (in this regulation called the current benefit ), the Commissioner is to disregard the following benefits received by the person:

(a) an ETP made to the person before 16 February 1990;

(b) an ETP made to the person on or after 16 February 1990 and before 1 July 1990 by an employer of whom the person is not an associate;

(c) an ETP made to the person as a result of the commutation of, or the residual capital value of, a superannuation pension or annuity the commencement day of which is before 1 July 1990;

(d) a residual pension or residual annuity payable on partial commutation of another superannuation pension or annuity where the commencement day of the other pension or annuity is before 1 July 1990;

(e) a residual pension or residual annuity payable on partial commutation of another superannuation pension or annuity where the other pension or annuity did not meet the pension and annuity standards;

(f) an ETP paid as a result of the commutation of, or the residual capital value of, a superannuation pension or annuity that did not meet the pension and annuity standards;

(g) a superannuation pension or annuity that:

(i) is payable to a person as the result of the death of another person; and

(ii) is a reversion of another pension or annuity that was already payable to the other person;

(h) an ETP arising from the commutation of a superannuation pension or annuity to which paragraph (g) applies;

(j) a superannuation pension the commencement day of which is before 16 February 1990;

(k) an ETP paid to a person in the capacity of a trustee of a trust estate;

(m) an annuity the commencement day of which is before 16 February 1990;

(n) a benefit to which regulation 4V applies;

(o) an ETP that has been made because of the commutation of a superannuation pension or an annuity payable as a result of the death of another person, being an ETP to which subsection 15G(1) of the Act does not apply because of subsection 15G(5) of the Act;

(p) an ETP paid to a charitable or religious body;

(q) an ETP, a superannuation pension or an annuity paid to a person who has not turned 18 because of:

(i) the death of another person; or

(ii) a disability of another person that 2 medical practitioners have certified is likely to result in that other person being unable ever to be employed in a capacity for which the other person is reasonably qualified by reason of education, experience or training.

4P(2)   [ RBL amounts to be taken into account ]  

Subject to subregulation (3), in making a determination under section 15K of the Act in relation to the current benefit, the Commissioner is to take into account the RBL amount of each of the following benefits previously received by the person, not including an amount that has been determined under paragraph 4W(1)(a) or (b) to exceed the reasonable benefit limits:

(a) an ETP made to the person on or after 16 February 1990, other than a payment referred to in paragraph (1)(b);

(b) the capital value of a superannuation pension the commencement day of which is on or after 16 February 1990;

(c) the amount of the ETP that was rolled-over to purchase an annuity the commencement day of which is on or after 16 February 1990.

4P(3)   [ Commutation, residual capital value of pension ]  

If, before 1 July 1992:

(a) a person rolls-over an amount that represents the whole or a part of the residual capital value of a superannuation pension that has commenced to be paid; or

(b) a person commutes the whole or a part of a superannuation pension that has commenced to be paid and rolls-over the whole or a part of the resulting ETP;

the amount taken into account under paragraph (2)(b) is to be reduced by so much of the amount rolled-over (other than undeducted contributions and concessional components) as does not exceed the amount referred to in paragraph (2)(b).

4P(3A)   [ Adjustment of capital value of pension ]  

If, on or after 1 July 1992, a person:

(a) rolls-over an amount that represents the whole or a part of the residual capital value of a superannuation pension that has commenced to be paid; or

(b) commutes the whole or a part of a superannuation pension that has commenced to be paid and rolls-over the whole or a part of the resulting ETP;

the amount taken into account under paragraph (2)(b) is to be reduced by so much of the adjustment amount specified in subregulation (3B) as does not exceed the amount referred to in paragraph (2)(b).

4P(3B)   [ Adjustment amount re pensions ]  

The adjustment amount referred to in subregulation (3A) is:

(a) in a case in which the amount rolled-over is rolled-over within 12 months of the commencement of the payment of a superannuation pension to the person - the amount rolled-over, other than undeducted contributions and concessional components; or

(b) in any other case - the amount worked out using the formula:

ROA × QIN 2 QIN 1

where:

ROA
is the amount rolled-over, other than undeducted contributions and concessional components;

QIN ₁
is the index number for the quarter 2 quarters before the quarter when the roll-over of the residual capital value of the superannuation pension referred to in paragraph (3A)(a) or the roll-over of the commutation referred to in paragraph (3A)(b) occurred;

QIN ₂
is the index number for the quarter when the commencement day of the superannuation pension occurs.

4P(4)   [ Commutation, residual capital value of annuity ]  

If, in respect of a benefit payable before 1 July 1992:

(a) a person rolls-over an amount that represents the whole or a part of the residual capital value of an annuity; or

(b) a person commutes the whole or a part of an annuity and rolls-over the whole or a part of the resulting ETP;

the amount taken into account under paragraph (2)(c) is to be reduced by so much of the amount rolled-over (other than undeducted contributions and concessional components) as does not exceed the amount referred to in paragraph (2)(c).

4P(4A)   [ Adjustment of capital value of annuities ]  

If a person:

(a) rolls-over an amount that represents the whole or a part of the residual capital value of an annuity paid on or after 1 July 1992; or

(b) commutes the whole or a part of an annuity paid on or after 1 July 1992 and rolls-over the whole or a part of the resulting ETP;

the amount taken into account under paragraph (2)(c) is to be reduced by so much of the adjustment amount specified in subregulation (4B) as does not exceed the amount referred to in paragraph (2)(c).

4P(4B)   [ Adjustment amount re annuities ]  

The adjustment amount referred to in subregulation (4A) is:

(a) in a case in which the amount rolled-over is rolled-over within 12 months of the commencement of the payment of an annuity to the person - the amount rolled-over, other than undeducted contributions and concessional components; or

(b) in any other case - the amount worked out using the formula:

ROA × QIN 2 QIN 1

where:

ROA
is the amount rolled-over, other than undeducted contributions and concessional components;

QIN ₁
is the index number for the quarter 2 quarters before the quarter when the roll-over of the residual capital value of the annuity referred to in paragraph (4A)(a) or the roll-over of the commutation referred to in paragraph (4A)(b) occurred;

QIN ₂
is the index number for the quarter when the commencement day of the annuity occurs.

4P(5)   [ Indexation of RBL amounts ]  

Subject to subregulations (6) and (7), the RBL amount of a benefit previously received by a person, or the part of that amount that is taken into account under subregulation (2), is to be indexed by:

(a) multiplying that amount by the index number for the quarter 2 quarters before the quarter in which:

(i) if the current benefit is an ETP - the benefit was paid; or

(ii) if the current benefit is a superannuation pension or annuity - the commencement day of the pension or annuity falls; and

(b) dividing the product by the index number for the quarter:

(i) if the benefit previously paid was an ETP - in which the payment was made; or

(ii) if the benefit previously paid was a superannuation pension or annuity - in which the commencement day of the pension or annuity falls.

4P(6)   [ Benefits not to be indexed ]  

Where:

(a) subsection 15F(1) of the Act applies to a person; and

(b) the person receives an ETP or commences to receive payments of a superannuation pension or an annuity; and

(c) paragraph 4ZA(1)(c) or (d) applies to the person; and

(d) the sum of:

(i) the amount of an ETP to which subregulation (2) applies, other than any part that consists of undeducted contributions, concessional components, non-qualifying components or excessive components; and

(ii) the amount of the capital value of a superannuation pension to which subregulation (2) applies, other than any part that has been determined under paragraph 4W(1)(a) or (b) to exceed the reasonable benefit limits; and

(iii) the amount of an ETP (other than any part that consists of undeducted contributions or concessional components) that was rolled-over to purchase an annuity to which subregulation (2) applies, other than any part that has been determined under paragraph 4W(1)(a) or (b) to be in excess of the reasonable benefit limits;

is less than the amount applicable to the person under paragraph 4ZA(1)(c) or (d) ;

the benefits referred to in paragraph (d) are not to be indexed under subregulation (5).

4P(7)   [ Current benefit paid within 12 months of previous benefit ]  

Subregulation (5) does not apply to a person in relation to a benefit previously paid or commencing to be paid if the current benefit is paid or commences to be paid within 12 months of the payment of the previous benefit or of the commencement day of the previous benefit.

4P(8)   [ Cents to be disregarded ]  

Where an amount worked out under subregulation (5) includes a number of cents, the cents are to be disregarded.