Income Tax Assessment (1997 Act) Regulations 2021

SCHEDULES

SCHEDULE 1A  

Note: See sections 291-170.02 , 291-170.05 and 291-170.07 and Schedule 1AA .

METHOD OF WORKING OUT AMOUNT OF NOTIONAL TAXED CONTRIBUTIONS

PART 1 - PRELIMINARY  

Division 1 - Definitions  

1.2   Meaning of benefit category  

1.2(1)    
A benefit category is a category of membership of a defined benefit fund as certified by an actuary.

1.2(2)    
An actuary must not certify a category of membership to be a benefit category unless the actuary is satisfied that:

(a)    each hypothetical new entrant to the benefit category with the same entry age would accrue retirement benefits on substantially the same basis; or

(b)    if any 2 hypothetical new entrants to the benefit category accrued retirement benefits on a different basis, the new entrant rates for each member calculated under Parts 2 and 3 would be equal.

 

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