Income Tax Assessment Regulations 1997 (Repealed)
Note: See subregulation 293-115.20(2) .
WORKING OUT DEFINED BENEFIT CONTRIBUTIONS
PART 6 - GOVERNING RULES HAVE CHANGED 22 Method of working out Y in the formula in subclause 4(2) 22(1)If:
(a) the governing rules of the defined benefit fund are amended in a way that may result in an increase in a member ' s benefit; and
(b) the amendment is made for a reason other than to satisfy a legislative requirement;
an additional amount ( Y ) may need to be included in the amount of notional employer contributions for the financial year.
22(2)
For the formula in subclause 4(2):
(a) in a financial year in which the fund rules are not changed in a way that may result in an increase in a member ' s benefit - Y equals zero; and
(b) in any other financial year:
(i) if the reason for the change in fund rules is to satisfy a legislative requirement - Y equals zero; and
(ii) if the change is for any other reason - Y equals an amount worked out on advice from an actuary that represents the increase in the value of the accrued retirement benefit, if any, that accrued to the member as a result of the change in fund rules.
22(3)
The economic and other assumptions to be used are set out in Part 3.
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