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 1 - PRELIMINARY  

Division 2 - Method  

1.8  

1.8   Method of working out amount of notional taxed contributions  
The method of working out the notional taxed contributions for an accruing member of a defined benefit fund for a financial year is the following formula:

where, for the financial year:

category change or discretion adjustment amount
is an amount worked out on advice from an actuary under Part 5 .

governing rules change adjustment amount
is an amount worked out on advice from an actuary under Part 6 .

increased exit benefit adjustment amount
is an amount worked out on advice from an actuary under Part 4 .

increased superannuation salary adjustment amount
is an amount worked out on advice from an actuary under Part 7 .

standard method NTCs
is the sum of the amounts of NTC for each benefit category that the member belongs to during the financial year calculated under clauses 1.6 and 1.7 .