SUPERANNUATION CONTRIBUTIONS TAX (MEMBERS OF CONSTITUTIONALLY PROTECTED SUPERANNUATION FUNDS) ASSESSMENT AND COLLECTION REGULATIONS 1997 (REPEALED)

SCHEDULE 1  

Method for working out amount of surchargeable contributions

(paragraph 2M(3)(a) )

Part 4 - Employer-provided benefit options exercised by a member - B(f) and B(u)  

14   Employer-provided benefit options introduced after 20 August 1996  

14(1)    
This clause applies if the option exercised by the member for the financial year was introduced after 20 August 1996.

14(2)    
If an eligible actuary:

(a) treated the introduction of the option as an event for the purpose of working out an amount under Part 8 for the member for a financial year (the first financial year ); and

(b) allowed for the exercise of the option in the amount worked out under this Schedule for the member for each financial year after the first financial year;

the amount that represents the actuarial value of the option under this Part for the member for the financial year is zero.

14(3)    
If an eligible actuary did not treat the introduction of the option as an event for the purpose of working out an amount under Part 8 for the member for the financial year, the amount that represents the actuarial value of the option under this Part for the member for the financial year is the amount that represents the difference between the value of the benefit taken and the greater of:

(a) the actuarial value of the benefit that the actuary assumed would be taken by the member in working out an amount under this Schedule for the member for the financial year; and

(b) the actuarial value of the benefits (excluding the value of the option) that had accrued to the member when the option was exercised worked out using the valuation parameters set out in Part 2.