Income Tax Assessment Amendment Regulations 2007 (No. 9) (330 of 2007)

Schedule 1   Amendments

[6]   Schedule 1A, subsection 2.5 (2)

substitute

(2) Subject to subsection (2A), if the fund rules provide a discretion to pay, on voluntary exit, a benefit that is higher than the standard benefit, the actuary must assume that a higher benefit is always paid on voluntary exit on or after age 55.

(2A) If the higher benefit mentioned in subsection (2) exceeds the accrued retirement benefit, the actuary may assume that the benefit is an amount:

(a) greater than or equal to the accrued retirement benefit; and

(b) less than or equal to the higher benefit.