Income Tax Assessment (1997 Act) Regulations 2021
For the purposes of paragraph 307-205(1)(a) of the Act, this section specifies a method for determining the value at a particular time of an individual ' s superannuation interest that supports a deferred superannuation income stream that: (a) is covered by paragraph 307-70.02(1)(c) ; and (b) is neither a pooled investment pension nor a pooled investment annuity.
307-205.02C(2)
The value of the interest at a particular time is the greater of: (a) the sum of each amount of consideration paid for the interest for the income stream, and that amount ' s associated notional earnings, as worked out under subsection (3) for the day that includes that time; and (b) the total amount of the superannuation benefits that would become payable if the individual voluntarily caused the interest to cease at that time.
Note:
Subsection (3) works out a total amount made up of the amount of consideration and its associated notional earnings.
307-205.02C(3)
An amount of consideration paid for the interest for the income stream, and that amount ' s associated notional earnings, for a particular day (the valuing day ) is worked out by applying the following formula for each adjustment day (from the earliest to the latest):
![307_205.02C_3_formula](/law/view/sgif/cch-leg2/307_205.02c_3_formula_1236307478.gif)
where:
above threshold rate
, for a particular day, is the above threshold rate determined for that day under subsection
1082(2)
of the
Social Security Act 1991
.
adjustment day
is each of the following:
applicable above threshold rate
, for a particular day, is:
(i) if the valuing day is at least 12 months after the consideration payment day - the most recent 12-month anniversary of the consideration payment day; or
(ii) otherwise - the consideration payment day.
compounded amount of consideration just before the adjustment day
is:
(a) for the earliest adjustment day - the amount of consideration; or
(b) for each later adjustment day - the result of applying the formula for the most recent earlier adjustment day.
consideration payment day
is the day the amount of consideration was paid.
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