Income Tax Assessment (1997 Act) Regulations 2021

SCHEDULES

SCHEDULE 1AA  

Note: See subsection 293-115.20(2) .

WORKING OUT DEFINED BENEFIT CONTRIBUTIONS

PART 5 - MEMBER HAS CHANGED BENEFIT CATEGORY  

21   Method of working out the category change or discretion adjustment amount in the formula in subclause 4(2)  

21(1)    
For the purposes of the formula in subclause 4(2) :

(a)    for a financial year in which the member ' s accrued retirement benefit increases as a result of:

(i) a change of benefit category; or

(ii) an exercise of discretion;

the category change or discretion 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, as a result of the change in benefit category or the exercise of the discretion; and

(b)    for any other financial year - the category change or discretion adjustment amount equals zero.

21(2)    
The economic, decrement and other parameters and the other assumptions to be used are set out in Part 3 .