INCOME TAX ASSESSMENT REGULATIONS 1997

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 3 - VALUATION PARAMETERS  

3.6   New entrant age  

3.6(1)  
The age of new entrants to be assumed is based on the average age of entry to the fund of the persons who were defined benefit members of the fund at 1 July 2007.

3.6(2)  
The table sets out the age of new entrants that is to be assumed.


Average age last birthday at commencement in fund of defined benefit members of the fund at 1 July 2007 New entrant age to be assumed
< 30 25
30-34 30
35-39 35
40-44 40
45-49 45
50+ 50

3.6(2A)  


If:


(a) there has been a transfer of defined benefit members from a predecessor fund into the fund, or a sub-fund of the fund; and


(b) the actuary considers it reasonable to do so;

the actuary may determine a new entrant age for the fund or sub-fund taking account of the average age of entry used for or relevant for those members in the predecessor fund.

3.6(2B)  


For this section:

defined benefit member
does not include a person who:


(a) is receiving only a pension benefit from the fund; or


(b) has deferred his or her benefit entitlement in the fund.

3.6(3)  
If the actuary believes that there is insufficient information available to calculate the average age of entry, the actuary is to assume that the age of a new entrant is 40.




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