INCOME TAX ASSESSMENT REGULATIONS 1997

SCHEDULE 1AA  

Note: See subregulation 293-115.20(2) .


WORKING OUT DEFINED BENEFIT CONTRIBUTIONS

PART 5 - MEMBER HAS CHANGED BENEFIT CATEGORY  

21   Method of working out X in the formula in subclause 4(2)  

21(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 employer contributions for the financial year.

21(2)  
For the formula in subclause 4(2):


(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.

21(3)  
The economic and other assumptions to be used are set out in Part 3.




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