Income Tax Assessment (1997 Act) Regulations 2021

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 295 - Taxation of superannuation entities  

Subdivision 295-D - Contributions excluded  

SECTION 295-265.04   HOW TO CALCULATE THE ASSETS AVAILABLE TO FUND PRE-1 JULY 88 LIABILITIES FOR STEP 2 OF METHOD 1  

295-265.04(1)    
This section sets out how to calculate the assets available to fund pre-1 July 88 liabilities for step 2 of method 1 in section 295-265.02 .

295-265.04(2)    
In making the calculation in step 2 of method 1, allow deductions for realisation costs and charges incurred in the normal course of operation of the superannuation fund.

295-265.04(3)    
Deduct the amount of assets that relate to excluded liabilities mentioned in subsection 295-265.03(3) .

295-265.04(4)    
All remaining assets should be treated as available to fund pre-1 July 88 liabilities unless the superannuation provider can provide the superannuation provider ' s actuary with written evidence to support exclusion of both an amount of assets and a corresponding value of liabilities.