Tax and Superannuation Laws Amendment (2014 Measures No. 2) Regulation 2014 (52 of 2014)

Schedule 3  

Income Tax Assessment Regulations 1997

2   After Subdivision 293-D

Insert:

Subdivision 293-DA - Further modifications for defined benefit interests

293-115.05 Preliminary

(1) This Subdivision:

(a) is made for subsection 293-115(1) of the Act; and

(b) applies in relation to the 2013-14 financial year and later financial years.

(2) In this Subdivision:

accruing member , of a superannuation fund for a financial year, means a defined benefit member of the fund who is not a non-accruing member of the fund for the financial year.

non-accruing member , of a superannuation fund for a financial year, means a defined benefit member who is a non-accruing member of the fund for the financial year within the meaning of subregulations 292-170.04(4) to (5A) as if a reference in those subregulations to a member included a reference to a member of a constitutionally protected fund.

293-115.10 Defined benefit contributions - non-accruing members

(1) This regulation applies if you are a non-accruing member of a superannuation fund for a financial year.

(2) Your defined benefit contributions for the financial year in respect of your defined benefit interest in the fund is nil.

293-115.15 Defined benefit contributions - accruing members with funded benefit interests

(1) This regulation applies if:

(a) you are an accruing member of a superannuation fund for the financial year; and

(b) your defined benefit interest in the fund for the financial year is a funded benefit interest.

(2) The interest is a funded benefit interest if:

(a) the interest is in a complying superannuation fund that is not a constitutionally protected fund; and

(b) if the interest is in a public sector superannuation scheme:

(i) the fund trustee has certified, for the financial year, that the fund trustee considers that the scheme will only ever pay superannuation benefits from contributions made to the scheme or earnings from the contributions; and

(ii) the fund trustee has not chosen, under section 295-180 of the Act, to have contributions made by you, or on your behalf, excluded from the assessable income of the scheme for the financial year.

(3) Your defined benefit contributions for the financial year in respect of the interest is your notional taxed contributions for the year in respect of the interest.

Note: For notional taxed contributions , see section 291-170 of the Act and Subdivision 292-D of these regulations.

(4) In working out your notional taxed contributions for the purposes of subregulation (3), disregard Subdivision 291-C of the Income Tax (Transitional Provisions) Act 1997.

293-115.20 Defined benefit contributions - accruing members with other interests

(1) This regulation applies if:

(a) you are an accruing member of a superannuation fund for the financial year; and

(b) your defined benefit interest in the fund for the financial year is an interest other than a funded benefit interest.

(2) Your defined benefit contributions for the financial year in respect of the interest is the amount worked out using the method in Schedule 1AA.