Income Tax Assessment Regulations 1997 (Repealed)

SCHEDULE 1A  

(subregulations 292-170.02(2) , 292-170.05(2) and (3) and 292-170.06(2) and (3))

METHOD OF WORKING OUT AMOUNT OF NOTIONAL TAXED CONTRIBUTIONS

PART 5 - MEMBER HAS CHANGED BENEFIT CATEGORY  

5.1   Method of working out X in the formula in section 1.8  

5.1(1)    
If a member ' s accrued retirement benefit increases during a financial year as a result of a change of benefit category or as a result of an exercise of discretion, an additional amount ( X ) may need to be included in the amount of notional taxed contributions for the financial year.

5.1(2)    
For the formula in section 1.8:

(a) in a financial year in which the member ' s accrued retirement benefit does not increase as a result of a change in benefit category or as a result of an exercise of discretion, X equals zero; and

(b) in any other financial year, X 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 benefit category or as a result of the exercise of the discretion.