SUPERANNUATION CONTRIBUTIONS TAX (MEMBERS OF CONSTITUTIONALLY PROTECTED SUPERANNUATION FUNDS) ASSESSMENT AND COLLECTION REGULATIONS 1997 (REPEALED)
Method for working out amount of surchargeable contributions
(paragraph 2M(3)(a) )
Part 8 - Increases in employer-provided benefits not allowed for under Part 3, 4, 5 or 6 - G 24 Transfer by member to a different scheme 24(1)This clause applies if the member transfers from the member's scheme (the exited scheme ) to another defined benefits superannuation scheme (the receiving scheme ) in the financial year.
24(2)
If the actuarial value of the employer-provided benefits that accrued to the member in both the exited scheme and the receiving scheme is the same, the amount worked out under this clause is zero.
24(3)
If the actuarial value of the employer-provided benefits accruing to the member is greater in the receiving scheme than in the exited scheme, the actuarial value of the increase in the employer-provided benefits that accrued to the member for the financial year is an amount that represents the difference between the actuarial value of all employer-provided benefits that had accrued to the member immediately after the transfer and the greater of:
(a) the employer-provided component of the actuarial value of the benefits that had accrued to the member immediately before the transfer worked out using the valuation parameters set out in Part 2; and
(b) the employer-provided component of the standard vested benefit at the date of the transfer.
24(4)
If the receiving scheme is a funded scheme, the amount worked out under subclause (3) is to be divided by 0.85.
24(5)
For the purposes of paragraph (3)(b), if there is an option in vested benefits, the reference to 'standard vested benefit' is a reference to the maximum value of the vested benefit.
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