Superannuation Guarantee (Administration) Amendment Regulations 2008 (No. 1) (132 of 2008)

Schedule 1   Amendments

[9]   Subregulation 6 (1), after definition of NM

insert

NM1 , in relation to contributions to a superannuation scheme in respect of a person that are made between 1 July 1992 and 30 June 2008, is:

(a) if the number of months from the day on which the first contribution was made to 30 June 2008 is a whole number - that whole number; and

(b) if the number of months from the day on which the first contribution was made to 30 June 2008 exceeds a whole number - the number that is equal to the sum of:

(i) the whole number; and

(ii) the fraction that is calculated by dividing the number of days in the month in which the first contribution was made, from the day the first contribution was made to the end of the last day of the month, by the total number of days in that month.

PAB1 means that part of the minimum requisite benefit that accrued to the person before 1 July 1992, calculated in accordance with subregulation (6).

PAB2 means that part of the minimum requisite benefit that accrued to the person between 1 July 1992 and 30 June 2008, calculated in accordance with subregulation (7).

OTE is:

(a) if a benefit accruing in respect of the period from 1 July 2008 is expressed in the governing rules of a superannuation scheme as a multiple of the annual ordinary time earnings of a member of that scheme as at the day on which he or she withdraws from the scheme - his or her annual rate of ordinary time earnings as at that day; or

(b) if a benefit accruing in respect of the period from 1 July 2008 is expressed in the governing rules of the scheme as a multiple of the average annual ordinary time earnings of a member of the scheme in a period referred to in paragraph (b) or (c) of the definition of FOTE - his or her average annual rate of ordinary time earnings in the relevant period.