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 2 - Method  

1.7  

1.7   Method of working out amount of notional taxed contributions in respect of a benefit category if the fund benefit is not wholly sourced from an accumulation of contributions made in respect of the member  
If clause 1.6 does not apply, the method of working out the amount of NTC for the purposes of clause 1.8 for an accruing member of a benefit category of a defined benefit fund for a financial year is the following formula:


where, for the financial year:

member contributions amount is the amount of member contributions:

  • (a) paid by or on behalf of the member in respect of the member ' s defined benefit interest in the fund during that part of the financial year that the member was an accruing member of the benefit category; and
  • (b) which are not assessable income of the fund.

    • new entrant rate
    is the new entrant rate for the benefit category worked out by an actuary under Parts 2 and 3 .

    number of days
    is the number of days during the financial year that the member was an accruing member of the benefit category.

    superannuation salary amount
    is the member ' s annual superannuation salary relevant to the benefit category on the first day of the financial year on which the member had a defined benefit interest in the fund.

     

    Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

    CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

    The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.