Income Tax Assessment (1997 Act) Regulations 2021

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 291 - Excess concessional contributions  

Subdivision 291-C - Modifications for defined benefit interests  

SECTION 291-170.02   NOTIONAL TAXED CONTRIBUTIONS - CONTRIBUTIONS FOR FUNDS WITH 5 OR MORE DEFINED BENEFIT MEMBERS  

291-170.02(1)    
For the purposes of subsection 291-170(1) of the Act, this section gives the meaning of notional taxed contributions for a financial year in respect of the defined benefit interest of a member of:

(a)    a superannuation fund that has 5 or more defined benefit members (other than a fund to which paragraph (6)(a) of this section applies); or

(b)    a superannuation fund to which subsection (3), (4), (5) or (6) of this section applies.

Note:

Section 291-170.04 specifies circumstances in which, despite this section, the amount of notional taxed contributions is nil.

291-170.02(2)    
The notional taxed contributions are the contributions that are determined by the trustee of the superannuation fund to be notional taxed contributions, using the method set out in Schedule 1A .

291-170.02(3)    
If a superannuation fund has 5 or more defined benefit members on 1 July 2007, this subsection applies to the fund even if the number of defined benefit members of the fund becomes less than 5 at any time on or after 1 July 2007.

291-170.02(4)    
This subsection applies to a superannuation fund if:

(a)    the fund had 5 or more defined benefit members at any time before 1 July 2007; and

(b)    the fund had fewer than 5 defined benefit members on 1 July 2007; and

(c)    the fund had been in existence for 5 or more years at 1 July 2007; and

(d)    the trustee of the fund is an RSE licensee; and

(e)    the employer-sponsor of the fund deals with each of the defined benefit members at arm ' s length.

291-170.02(5)    
If:

(a)    subsection (3) or (4) applies to a superannuation fund ( fund 1 ); and

(b)    the defined benefit members of fund 1 are transferred to another superannuation fund ( fund 2 ) on or after 1 July 2007 (whether directly or through a series of transfers between superannuation funds); and

(c)    the trustee of fund 2 is an RSE licensee; and

(d)    the employer-sponsor of fund 2 deals with each of the defined benefit members of fund 2 at arm ' s length;

this subsection applies to fund 2.

291-170.02(6)    
This subsection applies to a superannuation fund if:

(a)    the fund had no defined benefit members on 30 June 2007; and

(b)    a person became a defined benefit member of the fund after that date; and

(c)    the number of defined benefit members of the fund (including the person) is at least 50; and

(d)    the employer-sponsor of the fund deals with each of the defined benefit members at arm ' s length.