Reg 53B repealed by SLI No 89 of 2007, reg 3 and Sch 1 item 4, effective 1 July 2007. Reg 53B formerly read:
REGULATION 53B AMOUNT OF TRANSITIONAL RBLs
53B(1)
If:
(a)
an ETP is paid to a person on a day (the
``ETP day''
) occurring before the person's 55th birthday; or
(b)
a superannuation pension or annuity that does not meet the pension and annuity standards is paid to a person with a commencement day occurring before the person's 55th birthday;
the person's transitional lump sum RBL worked out in accordance with subregulation
52(3)
,
53(3)
or
53A(3)
is discounted by 2.5% for each whole year in the period:
(c)
beginning on the birthday of the recipient immediately before the ETP day or the commencement day or, if the ETP day or the commencement day falls on the birthday of the recipient, on that birthday; and
(d)
ending immediately before the day that is or will be the recipient's 55th birthday.
53B(2)
The amount of transitional lump sum RBL or transitional pension RBL that applies to a person under regulation
52
,
53
or
53A
(reduced, where applicable, under subregulation (1)) is:
(a)
in the case of the 1994-1995 year of income
-
the amount of transitional lump sum RBL or transitional pension RBL; or
(b)
in the case of a later year of income
-
the amount that, under subsection
140ZD
of the Act would replace the amount of transitional lump sum RBL or transitional pension RBL, on the basis that the indexable amount for the purposes of that subsection is:
(i)
the amount of transitional lump sum RBL or transitional pension RBL; or
(ii)
if that amount has been previously altered in accordance with this paragraph, the amount or the latest amount (as the case requires) obtained by that alteration.
53B(3)
This regulation applies subject to regulations
53C
and
53D
.
Reg 53B inserted by SR No 461 of 1994.
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