Income Tax Assessment (1997 Act) Regulations 2021
CHAPTER 3
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SPECIALIST LIABILITY RULES
PART 3-30
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SUPERANNUATION
Division 307
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Key concepts relating to superannuation benefits
Subdivision 307-D
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Superannuation interests
SECTION 307-205.01A
HOW TO CALCULATE THE VALUE OF A RETIREMENT BENEFIT FOR STEP 1 OF THE METHOD IN SUBSECTION 307-205.01(2)
307-205.01A(1)
This section sets out how to calculate the value of a retirement benefit for the purposes of step 1 of the method in subsection 307-205.01(2) .
307-205.01A(2)
If the retirement benefit depends upon the member ' s age, service or salary, or upon the employer ' s consent, the value is to be calculated on the assumption that: (a) the member ' s service was the member ' s actual service immediately before 1 July 2007; and (b) the member ' s age was the greater of:
307-205.01A(3)
If part or all of the retirement benefit can be paid as a superannuation income stream, then the value of that income stream is determined as the product of: (a) the annual rate of the superannuation income stream that would have been paid had the maximum proportion of the benefit possible been taken as an income stream; and (b) the applicable factor for the superannuation income stream that would have been paid set out in clause 1 of Schedule 1B .
307-205.01A(4)
The total value of the retirement benefit is the sum of: (a) the value of the superannuation income stream so determined; and (b) any lump sum that would have been payable under the assumptions described above had the member taken the maximum possible proportion of the member ' s benefit as an income stream.
307-205.01A(5)
If the superannuation benefit can only be paid as a lump sum, then the value of the retirement benefit is the amount of that lump sum.
This section sets out how to calculate the value of a retirement benefit for the purposes of step 1 of the method in subsection 307-205.01(2) .
307-205.01A(2)
If the retirement benefit depends upon the member ' s age, service or salary, or upon the employer ' s consent, the value is to be calculated on the assumption that: (a) the member ' s service was the member ' s actual service immediately before 1 July 2007; and (b) the member ' s age was the greater of:
(i) the minimum age at which a retirement benefit could be taken without requiring the employer ' s consent; and
(c) the member ' s salary was the member ' s salary for superannuation purposes immediately before 1 July 2007; and (d) the employer consents to the retirement.
(ii) the member ' s actual age immediately before 1 July 2007; and
307-205.01A(3)
If part or all of the retirement benefit can be paid as a superannuation income stream, then the value of that income stream is determined as the product of: (a) the annual rate of the superannuation income stream that would have been paid had the maximum proportion of the benefit possible been taken as an income stream; and (b) the applicable factor for the superannuation income stream that would have been paid set out in clause 1 of Schedule 1B .
307-205.01A(4)
The total value of the retirement benefit is the sum of: (a) the value of the superannuation income stream so determined; and (b) any lump sum that would have been payable under the assumptions described above had the member taken the maximum possible proportion of the member ' s benefit as an income stream.
307-205.01A(5)
If the superannuation benefit can only be paid as a lump sum, then the value of the retirement benefit is the amount of that lump sum.
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