Income Tax Assessment (1997 Act) Regulations 2021
SCHEDULES
SCHEDULE 1ANote: 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 memberIf 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:
![sch 1A_1.7_formula](/law/view/sgif/cch-leg2/sch_1a_1.7_formula_1236177589.gif)
where, for the financial year:
member contributions amount is the amount of member contributions:
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.
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