Income Tax Assessment Regulations 1997 (Repealed)

SCHEDULE 1AA  

Note: See subregulation 293-115.20(2) .


WORKING OUT DEFINED BENEFIT CONTRIBUTIONS

PART 7 - NON-ARM ' S LENGTH INCREASE IN SUPERANNUATION SALARY  

23   Method of working out Z in the formula in subclause 4(2)  

23(1)    
If a member ' s superannuation salary is increased in a non-arm ' s length way with the primary purpose being to achieve an increase in superannuation benefit, an additional amount ( Z ) may need to be included in the amount of notional employer contributions for the financial year.

23(2)    
For the formula in subclause 4(2):


(a) in a financial year where the member ' s superannuation salary is not increased in a non-arm ' s length way - Z equals zero; and


(b) in any other financial year - Z 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 superannuation salary.

23(3)    
The economic and other assumptions to be used are set out in Part 3.

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