Income Tax Assessment Amendment (Governor General Pension Scheme) Regulation 2015

(17 of 2015)

26 February 2015

Income Tax Assessment Act 1997

1   Name of regulation

This is the Income Tax Assessment Amendment (Governor-General Pension Scheme) Regulation 2015.

2   Commencement

This instrument commences on the day after it is registered.

3   Authority

This instrument is made under the Income Tax Assessment Act 1997.

4   Schedules

Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

Schedule 1   Amendments

Income Tax Assessment Regulations 1997

1   Subregulation 293-115.05(2) (definition of non-accruing member )

Repeal the definition, substitute:

non-accruing member , of a superannuation fund for a financial year, means:

(a) a defined benefit member who is a non-accruing member of the fund for the financial year within the meaning of subregulations 292-170.04(4) to (5A) as if a reference in those subregulations to a member included a reference to a member of a constitutionally protected fund; or

(b) a member of the Governor-General Pension Scheme for the financial year, unless (for a member who is the Governor-General) the member commenced office in the financial year.

2   Division 910

Insert in its appropriate numerical position:

910-1.07 Transitional arrangements arising out of the Income Tax Assessment Amendment (Governor-General Pension Scheme) Regulation 2015

The amendments of these Regulations made by Schedule 1 to the Income Tax Assessment Amendment (Governor-General Pension Scheme) Regulation 2015 apply in relation to the 2013-14 financial year and later financial years.

3   Subregulation 995-1.01(1)

Insert:

Governor-General Pension Scheme means the Governor-General Pension Scheme constituted by allowances payable under section 4 of the Governor-General Act 1974.

4   After subclause 6(1) of Schedule 1AA

Insert:

(1A) For the Governor-General Pension Scheme, the period to when maximum benefit accrual is attained for a member of the Scheme is taken to be the period:

(a) starting on the day the member starts his or her appointment as Governor-General; and

(b) ending at the end of the financial year in which the member started his or her appointment.

5   At the end of clause 15 of Schedule 1AA

Add:

(6) If an actuary certifies a benefit category for the purposes of subclause 2(1) in relation to a person’s membership of the Governor-General Pension Scheme, then, despite subclauses (1) to (5) of this clause, the new entrant age to be assumed for the benefit category is:

(a) the new entrant age specified by the Governor-General Act 1974; or

(b) if that Act does not specify a new entrant age - the person’s age when he or she commences his or her appointment as Governor-General.

6   After subclause 16(1) of Schedule 1AA

Insert:

(1A) However, if an actuary certifies a benefit category under subclause 2(1) in relation to a person’s membership of the Governor-General Pension Scheme, then, despite subclause (1) of this clause, the voluntary exit rates to be assumed for the benefit category are:

(a) the voluntary exit rates specified by the Governor-General Act 1974; or

(b) if that Act does not specify voluntary exit rates - the following rates:

(i) from the age of the person on the day he or she commences his or her appointment as Governor-General (the appointment day ), to his or her age on the fourth anniversary of the appointment day - 0.00;

(ii) from the age of the person on his or her next birthday after the fourth anniversary of the appointment day to any later age - 1.00.