Income Tax Assessment (1997 Act) Regulations 2021

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 307 - Key concepts relating to superannuation benefits  

Subdivision 307-D - Superannuation interests  

SECTION 307-230A.06   TOTAL SUPERANNUATION BALANCE VALUE - ALTERNATIVE VALUATION METHOD: ISSUING CERTIFICATES  

Issuing certificates

307-230A.06(1)    
A superannuation actuary may issue a certificate under this subsection in relation to specified superannuation interests in a particular defined benefit fund if:

(a)    the superannuation actuary is requested to do so by the trustee of the fund; and

(b)    in the opinion of the superannuation actuary, a specified method for determining the value of the interests meets the requirements of subsection (3) at a specified time; and

(c)    the specified method:

(i) was used by the trustee to determine the value of the interests just before 1 July 2026; or

(ii) if the trustee did not use a method to determine the value of the interests just before 1 July 2026 - is to treat the vested benefits total of an interest as being the value of the interest.

307-230A.06(2)    
The specified superannuation interests must be:

(a)    all superannuation interests in the fund; or

(b)    all superannuation interests in the fund of members who belong to a specified benefit category.

307-230A.06(3)    
The specified method meets the requirements of this subsection at a particular time if:

(a)    all of the specified interests have family law values at that time; and

(b)    were the specified method used to determine the value, at that time, of all of the specified superannuation interests, the value determined for each of at least 95% of those interests would be:

(i) not less than 90% of the family law value of the interest; and

(ii) not greater than 110% of the family law value of the interest.

307-230A.06(4)    
The certificate must:

(a)    be in writing; and

(b)    state:

(i) the name of the fund; and

(ii) the name of the superannuation actuary; and

(iii) that, in the opinion of the superannuation actuary, the specified method for determining the value of the specified interests meets the requirements of subsection (3) at the specified time.

When certificate is in force

307-230A.06(5)    
Subject to subsection (6) , a certificate (the current certificate ) issued under subsection (1) in relation to superannuation interests in a defined benefit fund:

(a)    comes into force at the specified time mentioned in subsection (1) (even if that time occurs before the certificate is issued); and

(b)    ceases to be in force at the earliest of the following times:

(i) the end of 3 years starting when the certificate comes into force;

(ii) when the certificate is withdrawn under section 307-230A.07 ;

(iii) when another certificate that is issued under subsection (1) and that relates to any of the superannuation interests to which the current certificate relates comes into force.

307-230A.06(6)    
However, the certificate is not in force at a particular time (the balance time ) if:

(a)    before the certificate is issued, the trustee of the fund gives to the Commissioner a statement under subsection 390-5(1) in Schedule 1 to the Taxation Administration Act 1953 in relation to an individual who holds any of the specified interests; and

(b)    the statement contains the total superannuation balance value at the balance time of any of the specified interests.