SUPERANNUATION CONTRIBUTIONS TAX (ASSESSMENT AND COLLECTION) REGULATIONS 1997 (REPEALED)
METHOD FOR WORKING OUT AMOUNT OF SURCHARGEABLE CONTRIBUTIONS
(paragraph 2M(3)(a) )
Part 4 - Employer-provided benefit options exercised by a member - B(f) and B(u) 13 Employer-provided benefit options available at 20 August 1996 13(1)This clause applies if the option exercised by the member for the financial year was available to the member at 20 August 1996 under the rules of the scheme in force at that time.
13(2)
If, in the valuation of employer-provided benefits that accrued to the member for each financial year since 20 August 1996, an eligible actuary allowed for the exercise of the option in accordance with the actuarial report made in relation to the relevant actuarial valuation of the scheme (including an assumption of zero that was used in the valuation and was noted in the actuarial report or the actuary's working papers), the amount that represents the actuarial value of the option under this Part for the member for the financial year is zero.
13(3)
If, in the valuation of employer-provided benefits that accrued to the member for any financial year since 20 August 1996, an eligible actuary did not allow for the exercise of the option in accordance with the actuarial report made in relation to the relevant actuarial valuation of the scheme, the amount that represents the actuarial value of the option under this Part for the member for the financial year is the lesser of:
(a) the difference between the value of all employer-provided benefits taken by the member (including the option) and the actuarial value of all employer-provided benefits that the actuary assumed would have accrued to the member at the date when the option was exercised, worked out using the valuation parameters set out in Part 2 ; and
(b) the post 20 August 1996 component of the difference between the value of all employer-provided benefits taken on exercising the option and the actuarial value of the employer-provided benefits that would have been taken by the member if the option had not been exercised.
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