Income Tax Assessment Regulations 1997
For subsection 292-170(1) of the Act, this regulation explains the meaning of notional taxed contributions for a financial year in respect of the defined benefit interest of a member of a superannuation fund:
(a) that has 5 or more defined benefit members; or
(b) to which subregulation (3), (4), (5) or (6) applies. 292-170.02(2)
The notional taxed contributions are the contributions that are determined by the trustee to be notional taxed contributions, using the method set out in Schedule 1A . 292-170.02(3)
If a superannuation fund has 5 or more defined benefit members on 1 July 2007, subregulation (2) is taken to continue to apply in relation to the fund even if the number of defined benefit members of the fund becomes less than 5 at any time on or after 1 July 2007. 292-170.02(4)
(a) a superannuation fund had 5 or more defined benefit members at any time before 1 July 2007; and
(b) the fund had fewer than 5 defined benefit members on 1 July 2007; and
(c) the fund had been in existence for 5 or more years at 1 July 2007; and
(d) the trustee of the fund is an RSE licensee; and
(e) the employer-sponsor deals with each of the defined benefit members at arm ' s length;
subregulation (2) is taken to apply in relation to the fund.292-170.02(5)
(a) a superannuation fund ( fund 1 ) satisfies the conditions in subregulation (3) or (4); and
(b) the defined benefit members of the fund are transferred to another fund ( fund 2 ) on or after 1 July 2007 (whether directly or through a series of transfers between superannuation funds); and
(c) the trustee of fund 2 is an RSE licensee; and
(d) the employer-sponsor deals with each of the defined benefit members of fund 2 at arm ' s length;
subregulation (2) is taken to apply in relation to fund 2.292-170.02(6)
(a) a superannuation fund has no defined benefit members on 30 June 2007; and
(b) a person becomes a defined benefit member of the fund after that date;
subregulation (2) is taken not to apply in relation to the fund unless the number of defined benefit members (including the person) is at least 50 and the employer-sponsor of the fund deals with each of the defined benefit members at arm ' s length.
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