Income Tax Assessment (1997 Act) Regulations 2021 (Cth)

Income Tax Assessment (1997 Act) Regulations 2021

made under the

Income Tax Assessment Act 1997 and the Income Tax (Transitional Provisions) Act 1997

Compilation No. 13

Compilation date:17 October 2025

Includes amendments:F2025L01248

About this compilation

This compilation

This is a compilation of the Income Tax Assessment (1997 Act) Regulations 2021 that shows the text of the law as amended and in force on 17 October 2025 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. Any uncommenced amendments affecting the law are accessible on the Register ( saving and transitional provisions

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Editorial changes

For more information about any editorial changes made in this compilation, see the endnotes.

Presentational changes

The Legislation Act 2003 provides for First Parliamentary Counsel to make presentational changes to a compilation. Presentational changes are applied to give a more consistent look and feel to legislation published on the Register, and enable the user to more easily navigate those documents.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. Any modifications affecting the law are accessible on the Register.

Self‑repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

Contents

Chapter 1Introduction and core provisions1Name

This instrument is the Income Tax Assessment (1997 Act) Regulations 2021.

3Authority

(1)
Subject to subsection (2), this instrument is made under the Income Tax Assessment Act 1997.
(2)
Sections 291‑170.05 and 291‑170.07 are made under the Income Tax (Transitional Provisions) Act 1997.

Chapter 2Liability rules of general applicationPart 2‑5Rules about deductibility of particular kinds of amountsDivision 26Some amounts you cannot deduct, or cannot deduct in full26‑85.01Borrowing costs on loans to pay life insurance premiums – term insurance policy etc.

For the purposes of subsection 26‑85(2) of the Act, the risk component of a premium received in respect of a life insurance policy that is:
(a)
a term insurance policy; or
(b)
a rider or supplementary benefit attached to another policy where the sum insured is payable on death within a specified term;
is an amount that is equal to the whole of the amount of the premium.

Division 30Gifts or contributions30‑212.01Valuation of gifts

For the purposes of section 30‑212 of the Act, this Division sets out:
(a)
the procedure for seeking a valuation from the Commissioner of a gift mentioned in that section; and
(b)
the amounts that the Commissioner may charge for making the valuation; and
(c)
arrangements for payment of those amounts.
Note: Subsection 30‑212(1) of the Act applies to a person who makes a gift that is covered by a provision of Division 30 of the Act that refers to the value of property as determined by the Commissioner.

30‑212.02Application for valuation

An application for a valuation must:
(a)
be in the approved form; and
(b)
be lodged with the Commissioner; and
(c)
include the deposit towards the charge for making the valuation required by the approved form, which must not be more than $1,000.
Note: For approved form, see subsection 995‑1(1) of the Act.

30‑212.03Charge for making valuation

(1)
The amount of the charge for making the valuation is an amount equal to the sum of the actual cost of the valuation and all other costs to the Commissioner in obtaining the valuation.
(2)
However, if the Commissioner starts the valuation but the application for the valuation is withdrawn or treated as having no effect under subsection 30‑212.06(2), the amount of the charge for making the valuation is an amount equal to the costs to the Commissioner in obtaining the incomplete valuation.

30‑212.04Advance payment of charge

(1)
The Commissioner may give the applicant a written statement:
(a)
requiring the applicant to give the Commissioner an advance payment of the charge that may be payable for making the valuation; and
(b)
stating the amount of the payment; and
(c)
explaining how the amount was worked out.
(2)
The Commissioner may ask for more than one advance payment from the applicant under subsection (1).
(3)
The applicant must give the Commissioner the advance payment within 14 days after receiving the statement asking for the payment or within such longer period as the Commissioner allows.

30‑212.05Commissioner not required to consider application until advance payment is paid

If the Commissioner has required an advance payment of the charge under section 30‑212.04, the Commissioner is not required to consider the application until the payment is paid.

30‑212.06Applications treated as having no effect

(1)
If the application does not comply with section 30‑212.02, the Commissioner must:
(a)
treat the application as having no effect; and
(b)
give the applicant a written statement that the application is being treated that way.
(2)
If the Commissioner has required an advance payment of the charge under section 30‑212.04, and the payment is not paid within the time mentioned in subsection 30‑212.04(3):
(a)
the Commissioner must treat the application as having no effect after that time; and
(b)
the Commissioner must give the applicant a written statement that the application is being treated that way.
Note: For an application that is treated as having no effect under subsection (2), see subsection 30‑212.03(2).

30‑212.07Crediting and repaying valuation charges

(1)
The deposit paid under section 30‑212.02 is to be credited against the charge for making the valuation.
(2)
An advance payment of the charge paid under section 30‑212.04 is to be credited against the charge for making the valuation.
(3) The charge payable for making the valuation is a debt due to the Commonwealth and recoverable in a court of competent jurisdiction.
(4)
However, if the total of the amounts paid under subsections (1) and (2) is more than the charge payable for making the valuation, the Commissioner must pay the difference to the applicant as soon as practicable.

30‑212.08Valuation certificates

(1)
If the Commissioner completes the valuation, the Commissioner must give a valuation certificate to the applicant for the valuation.
(2)
The Commissioner must approve, in writing, one or more forms of a valuation certificate for the purposes of subsection (1).
(3)
The certificate must include the following information:
(a)
the date on which the valuation was completed;
(b)
a description of any real property (including a lot and plan number, title reference and the location of the property);
(c)
a full description of property other than real property;
(d)
the period for which the valuation is in force;
(e)
a statement of the valuation.
(4)
The certificate may include other information.
(5)
The Commissioner must not give a valuation certificate to the applicant until:
(a)
the valuation has been completed; and
(b)
the Commissioner has received the full amount of the charge payable for making the valuation.

Division 31Conservation covenants31‑15.01Valuation of land

For the purposes of section 31‑15 of the Act, this Division sets out:
(a)
the procedure for seeking a valuation from the Commissioner of the change in the market value of the land mentioned in that section; and
(b)
the amounts that the Commissioner may charge for making the valuation; and
(c)
arrangements for payment of those amounts.
Note: Section 31‑15 of the Act applies to a person who enters into a conservation covenant over land owned by the person, if the conditions mentioned in subsection 31‑5(2) of the Act are met.

31‑15.02Application for valuation

An application for a valuation must:
(a)
be in the approved form; and
(b)
be lodged with the Commissioner; and
(c)
include a copy of the conservation covenant; and
(d)
include the deposit towards the charge for making the valuation required by the approved form, which must not be more than $1,000.
Note: For approved form, see subsection 995‑1(1) of the Act.

31‑15.03Charge for making valuation

(1)
The amount of the charge for making the valuation is an amount equal to the sum of the actual cost of the valuation and all other costs to the Commissioner in obtaining the valuation.
(2)
However, if the Commissioner starts the valuation but the application for the valuation is withdrawn or treated as having no effect under subsection 31‑15.06(2), the amount of the charge for making the valuation is an amount equal to the costs to the Commissioner in obtaining the incomplete valuation.

31‑15.04Advance payment of charge

(1)
The Commissioner may give the applicant a written statement:
(a)
requiring the applicant to give the Commissioner an advance payment of the charge that may be payable for making the valuation; and
(b)
stating the amount of the payment; and
(c)
explaining how the amount was worked out.
(2)
The Commissioner may ask for more than one advance payment from the applicant under subsection (1).
(3)
The applicant must give the Commissioner the advance payment within 14 days after receiving the statement asking for the payment or within such longer period as the Commissioner allows.

31‑15.05Commissioner not required to consider application until advance payment is paid

If the Commissioner has required an advance payment of the charge under section 31‑15.04, the Commissioner is not required to consider the application until the payment is paid.

31‑15.06Applications treated as having no effect

(1)
If the application for the valuation does not comply with section 31‑15.02, the Commissioner must:
(a)
treat the application as having no effect; and
(b)
give the applicant a written statement that the application is being treated that way.
(2)
If the Commissioner has required an advance payment of the charge under section 31‑15.04, and the payment is not paid within the time mentioned in subsection 31‑15.04(3), the Commissioner must:
(a)
treat the application as having no effect after that time; and
(b)
give the applicant a written statement that the application is being treated that way.
Note: For an application that is treated as having no effect under subsection (2), see subsection 31‑15.03(2).

31‑15.07Crediting and repaying valuation charges

(1)
The deposit paid under section 31‑15.02 is to be credited against the charge for making the valuation.
(2)
An advance payment of the charge paid under section 31‑15.04 is to be credited against the charge for making the valuation.
(3)
The charge payable for making the valuation is a debt due to the Commonwealth and recoverable in a court of competent jurisdiction.
(4)
However, if the total of the amounts paid under subsections (1) and (2) is more than the charge payable for making the valuation, the Commissioner must pay the difference to the applicant as soon as practicable.

31‑15.08Valuation certificates

(1)
If the Commissioner completes the valuation, the Commissioner must give a valuation certificate to the applicant for the valuation.
(2)
The Commissioner must approve, in writing, one or more forms of a valuation certificate for the purposes of subsection (1).
(3)
The certificate must include the following information:
(a)
the date on which the valuation was completed;
(b)
a description of the land (including a lot and plan number, title reference and the location of the land);
(c)
a statement of the market value of the land immediately before the conservation covenant was entered into;
(d)
a statement of the market value of the land immediately after the conservation covenant was entered into;
(e)
a statement of the difference between the market values mentioned in paragraphs (c) and (d);
(f)
a statement of the extent to which the difference mentioned in paragraph (e) is attributable to the conservation covenant being entered into.
(4)
The certificate may include other information.
(5)
The Commissioner must not give a valuation certificate to the applicant until:
(a)
the valuation has been completed; and
(b)
the Commissioner has received the full amount of the charge payable for making the valuation.

Part 2‑15Non‑assessable incomeDivision 50Exempt entitiesSubdivision 50‑AVarious exempt entities50‑50.01Prescribed institutions located outside Australia

For the purposes of paragraph 50‑50(1)(c) of the Act, each institution specified in an item in the following table is a prescribed institution.

Prescribed institutions located outside Australia
Item	Name of institution
1	Catholic Bishops’ Conference of the Pacific (Fiji)
2	Catholic Diocese of Rarotonga (Cook Islands)
3	Catholic Diocese of Bougainville (Papua New Guinea)
4	Catholic Diocese of Port Vila (Vanuatu)
5	Catholic Diocese of Suva (Fiji)
6	Catholic Diocese of Noumea (New Caledonia)
7	Catholic Diocese of Tonga
8	Catholic Diocese of Auki (Solomon Islands)
9	Catholic Archdiocese of Rabaul (Papua New Guinea)
10	Diocese of Honiara Registered Trustees (Incorporated)

50‑50.02Prescribed institutions pursuing objectives principally outside Australia

For the purposes of paragraph 50‑50(1)(d) of the Act, each institution specified in column 1 of an item in the following table, and each institution that is a member of that institution, is a prescribed institution until the date specified (if any) in column 2 of the item.

Prescribed institutions pursuing objectives principally outside Australia
Item	Column 1 Name of institution	Column 2 Ending date
1	Alkitab Inc	none
2	Asia‑Pacific Christadelphian Bible Mission Incorporated	none
3	Australian Advisory Council of the Christian Leaders’ Training College of Papua New Guinea	none
4	Australian Evangelical Alliance Incorporated (Missions Interlink)	none
5	Steer Incorporated	none
6	The Trustees of the Marist Missions of the Pacific	none
7	Zebedee Investments Limited	none
8	Millennium Relief and Development Services Incorporated	none
9	The MITRE Corporation	30 June 2022

50‑55.01Prescribed institutions for items 1.3, 1.4, 6.1 and 6.2 in Division 50 of the Act

For the purposes of paragraph 50‑55(1)(c) of the Act, each institution mentioned in an item in the following table is a prescribed institution until the date specified (if any) in column 2 for the item.

Prescribed institutions for items 1.3, 1.4, 6.1 and 6.2 in Division 50 of the Act
1	Kiribati Phoenix Islands Protected Area Conservation Trust	30 June 2023

Prescribed institutions for items 1.3, 1.4, 6.1 and 6.2 in Division 50 of the Act

Item

Column 1

Name of institution

Column 2

Ending date

Kiribati Phoenix Islands Protected Area Conservation Trust

30 June 2023

Division 51Exempt amounts51‑5.01Defence allowances

(1)
For the purposes of items 1.1 and 1.2 of section 51‑5 of the Act, an allowance specified in an item of the following table is prescribed if the allowance is either:
(a)
paid under the specified provision of the 2013 allowances determination; or
(b)
paid under the specified provision of the conditions determination.

Prescribed allowances
Item	Column 1 Allowance	Column 2 Provision
1	Separation allowance	Division B.3 of the 2013 allowances determination
2	Disturbance allowance	Division 1 of Part 1 of Chapter 6 of the conditions determination
3	Rent allowance paid to a member without dependants or to a member with dependants (unaccompanied)	Division 1 of Part 8 of Chapter 7 of the conditions determination
4	Education assistance	Part 4 of Chapter 8 of the conditions determination
5	Transfer allowance	Division 3 of Part 3 of Chapter 14 of the conditions determination
6	Reimbursement of education costs for a child educated at the location of a member’s long‑term posting overseas	Part 6 of Chapter 15 of the conditions determination
7	Reimbursement of education costs for a child educated in Australia while the member is on a long‑term posting overseas	Division 5 of Part 6 of Chapter 15 of the conditions determination
8	Deployment allowance	Division 1 of Part 7 of Chapter 17 of the conditions determination

(2)
For the purposes of item 1.7 of the table in section 51‑5 of the Act, sections 14 and 14B of the Ombudsman Regulations 2017 are prescribed.
(3)
In this instrument:
2013 allowances determination means DFRT Determination No. 11 of 2013, ADF Allowances, made under section 58H of the Defence Act 1903.
Note: The 2013 allowances determination could in 2021 be viewed on the Defence Force Remuneration Tribunal’s website ( determination means Defence Determination 2016/19, Conditions of service, made under section 58B of the Defence Act 1903.
Part 2‑20Tax offsetsDivision 61Generally applicable tax offsetsSubdivision 61‑GPrivate health insurance offset complementary to Part 2‑2 of the Private Health Insurance Act 200761‑220.01Private health insurer to provide annual statement to PHIIB if requested
(1)
If, during a financial year, a PHIIB insured during an earlier financial year under a complying health insurance policy by a private health insurer (within the meaning of the Private Health Insurance Act 2007) requests a statement about that policy for that earlier year, the private health insurer must provide a statement in accordance with this section.
Note: For complying health insurance policy and PHIIB, see subsection 995‑1(1) of the Act.
(2)
The statement must be in the approved form, and provided to the PHIIB within 14 days after the day the request is received.
Note: For approved form, see subsection 995‑1(1) of the Act.
(3)
The statement may include information in relation to the following:
(a)
the complying health insurance policy held by the PHIIB and payments made under the policy;
(b)
the premium, or amounts in respect of the premium, paid during the earlier financial year in relation to the policy;
(c)
any reductions of the premium payable, or an amount payable, during the earlier financial year.
Part 2‑25Trading stockDivision 70Trading stockSubdivision 70‑CAccounting for trading stock you hold at the start or end of the income year70‑55.01Cost of natural increase of live stock
For the purposes of paragraph 70‑55(1)(b) of the Act, the cost prescribed for each animal in a class of live stock specified in column 1 of an item in the following table is the amount specified in column 2 of that item.
Cost of natural increase of live stock
Item
Column 1
Class of live stock
Column 2
Cost $
1
cattle
20.00
2
deer
20.00
3
emus
8.00
4
goats
4.00
5
horses
20.00
6
pigs
12.00
7
poultry
0.35
8
sheep
4.00
Part 2‑40Rules affecting employees and other taxpayers receiving PAYG withholding paymentsDivision 83AEmployee share schemesSubdivision 83A‑AObjects of Division and key concepts
83A‑5.01Object of Division 83A
For the purposes of Division 83A of the Act, this Division preserves rules under the former Division 13A of Part III of the Income Tax Assessment Act 1936 about valuing unlisted rights to acquire shares under an employee share scheme.
Subdivision 83A‑EMiscellaneous
83A‑315.01Value of certain ESS interests
(1)
For the purposes of subsection 83A‑315(1) of the Act, the amount specified, in relation to an ESS interest that is an unlisted right that must be exercised within 15 years after the day when the beneficial interest in the right was acquired is, at the choice of the individual:
(a)
the market value of the right; or
(b)
the value worked out in accordance with sections 83A‑315.02 to 83A‑315.09.
Note: The meaning of market value is affected by Subdivision 960‑S of the Act. For example, section 960‑410 affects how the market value of a non‑cash benefit is worked out.
(2)
However, if the deferred taxing point for the ESS interest is:
(a)
the day when the individual disposes of the interest (other than by exercising the right); or
(b)
if the individual exercises the right—the day when the individual disposes of the beneficial interest in the share acquired by exercising the right;

Cost of natural increase of live stock
1	cattle	20.00
2	deer	20.00
3	emus	8.00
4	goats	4.00
5	horses	20.00
6	pigs	12.00
7	poultry	0.35
8	sheep	4.00

the amount specified in relation to the right is the market value of the right or share acquired by exercising the right.

83A‑315.02Valuing unlisted rights

(1)
The value of the unlisted right on a particular day is the greater of:
(a)
the market value, on the particular day, of the share that may be acquired by exercising the right, less the lowest amount that must be paid to exercise the right to acquire the beneficial interest inthe share; and
(b)
subject to sections 83A‑315.03 and 83A‑315.04, the value, on the particular day, of the right to acquire the beneficial interest in the share worked out in accordance with sections 83A‑315.05 to 83A‑315.09.
(2)
In working out the value of a right for the purposes of this Division, anything that would prevent or restrict conversion of the right to money is to be disregarded.

83A‑315.03Exercise price of right nil or cannot be determined

If the lowest amount that must be paid to exercise the right to acquire the beneficial interest in a share is nil or cannot be determined, the value of the right on a particular day is the same as the market value of the share on that day.

83A‑315.04Value of beneficial interests

To avoid doubt, if an individual acquires the beneficial interest in a share or right, the value that is applicable for the purposes of this Division is the value of the share or right, not the value of the interest in the share or right.

83A‑315.05Working out the value of a right to acquire the beneficial interest in a share

For the purposes of paragraph 83A‑315.02(1)(b), work out the value, on the particular day, of the right to acquire the beneficial interest in the share, using the following method statement.
Method statement
Step 1: Apply the following formula. The result is the calculation percentage.

Step 2: If the calculation percentage is less than 50%, the value of the right is nil.
If the calculation percentage is equal to, or greater than, 50% but less than 110%, the value of the right is the value worked out under section 83A‑315.08.
If the calculation percentage is equal to, or greater than, 110%, the value of the right is the value worked out under section 83A‑315.09.

83A‑315.08Calculation percentages of 50% or more, and less than 110%

(1)
To work out the value of the right under this section, select the percentage (the calculation percentage) from an item in the following tables that corresponds to:
(a)
the period, in months, from the particular day (referred to in section 83A‑315.02) until the last day on which the right may be exercised (the exercise period); and
(b)
the calculation percentage;
and then multiply the amount, or lowest amount, that must be paid to exercise the right by the calculation percentage. The result is thevalue of the right.
Note: The following assumptions were used to work out the calculation percentages:
(a) a risk‑free interest rate of 4%;
(b) a dividend yield of 4%;
(c) volatility of 12%.

Calculation percentages 50 to 92.5
Item	Exercise period (months)	Calculation percentages
Item	Exercise period (months)	50 to 60	60 to 70	70 to 75	75 to 80	80 to 85	85 to 90	90 to 92.5
1	168 to 180	0.5%	1.3%	2.6%	3.5%	4.6%	5.8%	7.1%
2	156 to 168	0.4%	1.2%	2.5%	3.4%	4.4%	5.7%	7.1%
3	144 to 156	0.4%	1.0%	2.3%	3.2%	4.3%	5.5%	7.0%
4	132 to 144	0.3%	0.9%	2.2%	3.0%	4.1%	5.4%	6.8%
5	120 to 132	0.2%	0.8%	2.0%	2.8%	3.9%	5.2%	6.6%
6	108 to 120	0.2%	0.7%	1.8%	2.6%	3.7%	4.9%	6.4%
7	96 to 108	0.1%	0.6%	1.6%	2.4%	3.4%	4.6%	6.1%
8	84 to 96	0.1%	0.4%	1.3%	2.1%	3.0%	4.3%	5.8%
9	72 to 84	0.1%	0.3%	1.1%	1.7%	2.7%	3.9%	5.4%
10	60 to 72	0.0%	0.2%	0.8%	1.4%	2.2%	3.4%	4.9%
11	48 to 60	0.0%	0.1%	0.5%	1.0%	1.7%	2.8%	4.2%
12	36 to 48	0.0%	0.0%	0.3%	0.6%	1.2%	2.1%	3.4%
13	24 to 36	0.0%	0.0%	0.1%	0.3%	0.6%	1.3%	2.4%
14	18 to 24	0.0%	0.0%	0.0%	0.1%	0.3%	0.9%	1.8%
15	12 to 18	0.0%	0.0%	0.0%	0.0%	0.1%	0.4%	1.1%
16	9 to 12	0.0%	0.0%	0.0%	0.0%	0.1%	0.2%	0.8%
17	6 to 9	0.0%	0.0%	0.0%	0.0%	0.0%	0.1%	0.4%
18	3 to 6	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.1%
19	0 to 3	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Calculation percentages 92.5 to less than to 110
Item		Exercise period (months)	Calculation percentage
Item		Exercise period (months)	92.5 to 95	95 to 97.5	97.5 to 100	100 to 102.5	102.5 to 105	105 to 107.5	107.5 to less than to 110
20	168 to 180		7.9%	8.6%	9.4%	10.3%	11.2%	12.2%	13.3%
21	156 to 168		7.8%	8.6%	9.4%	10.3%	11.2%	12.2%	13.3%
22	144 to 156		7.7%	8.5%	9.4%	10.3%	11.2%	12.2%	13.3%
23	132 to 144		7.6%	8.4%	9.3%	10.2%	11.2%	12.2%	13.3%
24	120 to 132		7.5%	8.3%	9.2%	10.2%	11.2%	12.2%	13.3%
25	108 to 120		7.2%	8.1%	9.1%	10.0%	11.1%	12.1%	13.3%
26	96 to 108		7.0%	7.9%	8.8%	9.8%	10.9%	12.0%	13.2%
27	84 to 96		6.6%	7.6%	8.5%	9.6%	10.7%	11.8%	13.0%
28	72 to 84		6.2%	7.2%	8.2%	9.2%	10.4%	11.6%	12.8%
29	60 to 72		5.7%	6.7%	7.7%	8.8%	9.9%	11.2%	12.5%
30	48 to 60		5.1%	6.0%	7.0%	8.2%	9.4%	10.7%	12.1%
31	36 to 48		4.2%	5.2%	6.2%	7.4%	8.6%	10.0%	11.4%
32	24 to 36		3.2%	4.1%	5.1%	6.3%	7.6%	9.0%	10.5%
33	18 to 24		2.5%	3.4%	4.4%	5.5%	6.8%	8.3%	9.9%
34	12 to 18		1.7%	2.5%	3.4%	4.6%	6.0%	7.5%	9.2%
35	9 to 12		1.3%	2.0%	2.9%	4.0%	5.4%	7.0%	8.8%
36	6 to 9		0.8%	1.4%	2.2%	3.3%	4.7%	6.4%	8.3%
37	3 to 6		0.3%	0.6%	1.3%	2.4%	3.8%	5.7%	7.8%
38	0 to 3		0.0%	0.1%	0.5%	1.4%	3.0%	5.1%	7.5%

(2)
If, in relation to a particular right:
(a)
the exercise period; or
(b)
the calculation percentage;
is the top of one range in the table in subsection (1) and is also the bottom of another range in the table, it is taken to be in the lower range and not in the higher range.

83A‑315.09Base percentages for calculation percentages of 110% or more

(1)
The value of the right worked out under this section, is the amount worked out using the following formula:

where:
additional percentage, for a right with an exercise period specified in an item in column 1 of the table in subsection (2), is the percentage specified in column 3 of the item.
base percentage, for a right with an exercise period specified in an item in column 1 of the table in subsection (2), is the percentage specified in column 2 of the item.
excessis the amount worked out using the following formula, disregarding any fraction:
exercise periodfor a right is the period, in months, from the particular day (referred to in section 83A‑315.02) until the last day on which the right may be exercised.
(2)
The following table sets out base percentages and additional percentages for the purposes of subsection (1).

Base percentages and additional percentages
Item	Column 1 Exercise period (months)	Column 2 Base percentage	Column 3 Additional percentage
1	168 to 180	13.3%	0.5%
2	156 to 168	13.3%	0.5%
3	144 to 156	13.3%	0.5%
4	132 to 144	13.3%	0.6%
5	120 to 132	13.3%	0.6%
6	108 to 120	13.3%	0.6%
7	96 to 108	13.2%	0.6%
8	84 to 96	13.0%	0.6%
9	72 to 84	12.8%	0.7%
10	60 to 72	12.5%	0.7%
11	48 to 60	12.1%	0.7%
12	36 to 48	11.4%	0.8%
13	24 to 36	10.5%	0.8%
14	18 to 24	9.9%	0.8%
15	12 to 18	9.2%	0.9%
16	9 to 12	8.8%	0.9%
17	6 to 9	8.3%	0.9%
18	3 to 6	7.8%	0.9%
19	0 to 3	7.5%	1.0%

Note: The following assumptions were used to work out the base percentages:
(a) a risk‑free interest rate of 4%;
(b) a dividend yield of 4%;
(c) volatility of 12%.
(3)
If the exercise period is the top of one range in the table in subsection (2) and is also the bottom of another range in the table, it is taken to be in the lower range and not in the higher range.

Chapter 3Specialist liability rulesPart 3‑30SuperannuationDivision 290Contributions to superannuation fundsSubdivision 290‑CDeducting personal contributions290‑155.01Complying superannuation fund condition – prescribed superannuation funds

A superannuation fund is of a kind prescribed for the purposes of subparagraph 290‑155(1)(a)(iii) of the Act if:
(a)
the fund has one or more members that have a superannuation interest in the fund that is a defined benefit interest; and
(b)
the trustee of the fund elects to have this section apply to the fund; and
(c)
the election:
(i)
is made before the start of the income year of the fund in which the contribution is made; and
(ii)
is not revoked before the start of that year; and
(iii)
is made by notifying the Commissioner in the approved form.
Note: For approved form, see subsection 995‑1(1) of the Act.

290‑155.05Complying superannuation fund condition – prescribed contributions and superannuation funds

For the purposes of paragraph 290‑155(1)(b) of the Act, a contribution to a superannuation fund is a prescribed kind of contribution to a prescribed kind of superannuation fund if:
(a)
the contribution is a contribution made to a defined benefit interest; and
(b)
the superannuation fund is a fund in relation to which the trustee of the fund has elected that this section apply and the election:
(i)
is made before the start of the income year of the fund in which the contribution is made; and
(ii)
is not revoked before the start of that year; and
(iii)
is made by notifying the Commissioner in the approved form.
Note: For approved form, see subsection 995‑1(1) of the Act.

290‑165.01Age‑related conditions – prescribed provisions relating to previous work test exemptions

For the purposes of subparagraph 290‑165(1A)(b)(iv) of the Act, the following provisions as in force immediately before the commencement of the Treasury Laws Amendment (Enhancing Superannuation Outcomes) Regulations 2022 are prescribed:
(a)
paragraph (d) of items 2 and 3 of the table in subregulation 7.04(1) of the SIS Regulations;
(b)
paragraph (d) of items 2 and 3 of the table in subregulation 5.03(1) of the RSA Regulations.

290‑170.01Notice of intent to deduct contributions – contributions‑splitting applications

For the purposes of subparagraph 290‑170(2)(d)(i) of the Act, each of the following is a contributions‑splitting application:
(a)
an application under regulation 6.44 (application to roll over, transfer or allot an amount of contributions) of the SIS Regulations;
(b)
an application under regulation 4.41 (application to roll over, transfer or allot an amount of contributions) of the RSA Regulations;
(c)
an application to deal with an amount in a way that would result in the amount becoming a contributions‑splitting superannuation benefit in accordance with the SIS Regulations or the RSA Regulations.

Division 291Excess concessional contributionsSubdivision 291‑BExcess concessional contributions291‑25.01Concessional contributions for a financial year

(1)
For the purposes of subsection 291‑25(3) of the Act, this section specifies conditions for the allocation of an amount in a complying superannuation plan.
Note: If the amount meets the conditions of this section it will be an amount covered under subsection 291‑25(3) of the Act. Such amounts are counted in determining an individual’s concessional contributions for a financial year.
(2)
The conditions are that the amount is:
(a)
allocated under Division 7.2 of the SIS Regulations; and
(b)
an assessable contribution; and
(c)
not an amount mentioned in item 2 of the table in subsection 295‑190(1) of the Act; and
(d)
not an amount mentioned in subsection 295‑200(2) of the Act; and
(e)
not an amount mentioned in subsection 99G(6) of the Superannuation Industry (Supervision) Act 1993 that is refunded in accordance with that subsection.
(6)
If the amount is allocated from a reserve in lieu of a contribution to the complying superannuation plan (less any allowance for tax) which would have been assessable income of the complying superannuation plan, the amount that is allocated is to be multiplied by 1.176.

Subdivision 291‑CModifications for defined benefit interests291‑170.01Treatment of superannuation sub‑funds

If there are 2 or more superannuation sub‑funds in relation to defined benefit members of a superannuation fund, apply this Subdivision and Schedule 1A to the superannuation fund separately in respect of each superannuation sub‑fund.

291‑170.02Notional taxed contributions – contributions for funds with 5 or more defined benefit members

(1)
For the purposes of subsection 291‑170(1) of the Act, this section gives the meaning of notional taxed contributions for a financial year in respect of the defined benefit interest of a member of:
(a)
a superannuation fund that has 5 or more defined benefit members (other than a fund to which paragraph (6)(a) of this section applies); or
(b)
a superannuation fund to which subsection (3), (4), (5) or (6) of this section applies.
Note: Section 291‑170.04 specifies circumstances in which, despite this section, the amount of notional taxed contributions is nil.
(2)
The notional taxed contributionsare the contributions that are determined by the trustee of the superannuation fund to be notional taxed contributions, using the method set out in Schedule 1A.
(3)
If a superannuation fund has 5 or more defined benefit members on 1 July 2007, this subsection applies 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.
(4)
This subsection applies to a superannuation fund if:
(a)
the 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 of the fund deals with each of the defined benefit members at arm’s length.
(5)
If:
(a)
subsection (3) or (4) applies to a superannuation fund (fund 1); and
(b)
the defined benefit members of fund 1 are transferred to another superannuation 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 of fund 2 deals with each of the defined benefit members of fund 2 at arm’s length;
this subsection applies to fund 2.
(6)
This subsection applies to a superannuation fund if:
(a)
the fund had no defined benefit members on 30 June 2007; and
(b)
a person became a defined benefit member of the fund after that date; and
(c)
the number of defined benefit members of the fund (including the person) is at least 50; and
(d)
the employer‑sponsor of the fund deals with each of the defined benefit members at arm’s length.

291‑170.03Notional taxed contributions – contributions for funds to which section 291‑170.02 does not apply

(1)
For the purposes of subsection 291‑170(1) of the Act, this section gives the meaning of notional taxed contributions for a financial year in respect of the defined benefit interest of a member of a superannuation fund (other than a superannuation fund to which section 291‑170.02 of this instrument applies).
Note: Section 291‑170.04 specifies circumstances in which, despite this section, the amount of notional taxed contributions is nil.
(2)
The member’s notional taxed contributions for the financial year are:
(a)
the amounts of assessable contributions which have been allocated to the member in the financial year in accordance with regulation 7.11 of the SIS Regulations; and
(b)
if an amount is allocated to the member from a reserve, other than in the circumstances mentioned in subsection (3):
(i)
the amount, unless subparagraph (ii) applies; or
(ii)
if the amount is allocated in lieu of a contribution to the fund (less any allowance for tax) which would have been assessable income of the fund—the amount multiplied by 1.176.
Example: An employer has an obligation to make a $1,000 contribution. Instead of the employer making a contribution to the fund, the trustee allocates $850 to the member’s account (which is an amount equivalent to the amount that would be credited to the account after tax was paid). For the purposes of subparagraph (b)(ii), the amount of $850 is to be multiplied by 1.176.
(3)
For the purposes of paragraph (2)(b), the circumstances are that:
(a)
the amount is allocated from a reserve used solely for the purpose of enabling the fund to discharge all or part of its liabilities (contingent or not), as soon as they become due, in respect of superannuation income stream benefits that are payable by the fund at that time; and
(b)
any of the circumstances in subsection (4) apply.
(4)
For the purposes of paragraph (3)(b), the circumstances are the following:
(a) the amount has been allocated to satisfy a pension liability of the fund paid during the financial year;
(b)
on the commutation of a superannuation income stream, except as a result of the death of the primary beneficiary, the amount is allocated to the recipient of the superannuation income stream, to commence another superannuation income stream, as soon as practicable;
(c)
on the commutation of a superannuation income stream as a result of the death of the primary beneficiary, the amount:
(i) is allocated to a death benefits dependant to discharge liabilities in respect of a superannuation income stream benefit that is payable by the fund as a result of the death; or
(ii)
if subparagraph (i) does not apply—is paid as a superannuation lump sum and as a superannuation death benefit;
as soon as practicable.

291‑170.04Notional taxed contributions – nil amount

(1)
For the purposes of subsection 291‑170(1) of the Act, this section specifies circumstances in which the amount of notional taxed contributions for a financial year in respect of the defined benefit interest of a member of a superannuation fund is nil.
(2)
This section applies despite sections 291‑170.02 and 291‑170.03.
(3)
A circumstance is that:
(a)
the defined benefit interest is held in a public sector superannuation scheme; and
(b)
none of the interest is sourced to any extent from:
(i)
contributions made into a superannuation fund; or
(ii)
earnings on such contributions;
unless the interest is an element taxed in the fund that is attributable to one or more roll‑over superannuation benefits.
(4)
A circumstance is that, for the whole of the financial year:
(a)
section 291‑170.02 applied in relation to the superannuation fund; and
(b)
the member was a non‑accruing member of the fund for the financial year (see subsections (5) to (8) of this section).
(5)
The member was a non‑accruing member of the fund for the financial year if the member had no membership of the fund during the financial year other than membership as:
(a)
an on‑hold member; or
(b)
a pensioned member.
Note: A member could be an on‑hold member of a fund for part of a financial year, and a pensioned member of the fund for another part of the financial year.
(6)
The member was an on‑hold member of the fund if:
(a)
the member had a benefit entitlement in the fund, but no employer‑provided benefits accrued to the member; and
(b)
the rules of the fund provided that the benefit:
(i)
was not to increase in nominal terms; or
(ii)
was to increase at a rate reflecting general price increases (for example, in accordance with the Consumer Price Index); or
(iii)
was to increase at a rate reflecting the general level of salary growth or salary growth for relevant fund membership (for example, in accordance with average weekly earnings, or average weekly ordinary time earnings, published by the Australian Statistician); or
(iv)
was to increase at the rate (if any) at which the salary on which the member’s benefit was based increased; or
(v)
was to increase at a rate reflecting the earning rate of the assets of the fund or the part of the fund to which the member belonged; or
(vi)
in the case of a deferred benefit—was to increase at a rate reflecting any reduction in the expected period in which pension payments were to be made and any deferral of the date when payments would start; or
(vii)
was to increase at a regular rate, or a rate worked out using a formula, that an actuary considered would not result in an increase that was more than the greatest of the increases mentioned in subparagraphs (i) to (vi).
(7)
The member was a pensioned member of the fund if:
(a)
the member’s membership of the fund consisted only of the member receiving pension payments from the superannuation fund; and
(b)
any of the following applied:
(i)
the pension payments were always the same amount;
(ii)
the pension payments were paid from an account that related only to the member, and no employer contributions were paid to the account for the benefit of the member;
(iii)
the pension payments increased at rates that were consistent with the rates prescribed under the rules of the fund that applied when the pension commenced to be paid.
(8)
For the purposes of determining whether a defined benefit member is a non‑accruing member of the fund for a period, any employer contributions paid to the fund for the period to meet partially, or wholly, unfunded benefit liabilities of the fund are not to be treated as employer contributions for the benefit of the member for the period.

291‑170.05Notional taxed contributions – conditions for paragraph 291‑170(2)(d) and subparagraph 291‑170(3)(e)(ii) of the Income Tax (Transitional Provisions) Act 1997

(1)
For the purposes of paragraph 291‑170(2)(d) and subparagraph 291‑170(3)(e)(ii) of the Income Tax (Transitional Provisions) Act 1997, this section:
(a)
applies in relation to a superannuation fund to which section 291‑170.02 of this instrument applies; and
(b)
specifies the conditions that are to be satisfied in relation to establishing whether a defined benefit member of the fund’s notional taxed contributions for a financial year in respect of a defined benefit interest in the fund are equal to the member’s basic concessional contributions cap for the financial year.
(2)
A condition is that between 5 September 2006 and the time at which the new entrant ratefor the defined benefit member is worked out using Schedule 1A:
(a)
the rules of any superannuation fund in which a relevant 2006 interest was held during that period have not changed to improve the member’s benefit; and
(b)
any of the following apply:
(i)
the member has not moved to a new benefit category;
(ii)
the member has moved to a new benefit category but the new benefit category does not provide the member with an improved level of benefit;
(iii)
the member has moved to a new benefit category but the move was only as a result of the necessary application of the rules of a superannuation fund referred to in paragraph (a) that were, or of legislation that was, in force on 5 September 2006 and the member had no control over the application of the rules or legislation.
(3)
A condition is that the new entrant ratefor the defined benefit member, as worked out:
(a)
before 1 July 2021—using Schedule 1A to the Income Tax Assessment Regulations 1997; and
(b)
on or after 1 July 2021—using Schedule 1A to this instrument;
either:
(c)
has not increased since it was first worked out; or
(d)
has increased since it was first worked out only as a result of the following:
(i)
a change to the rules of a superannuation fund in which a relevant 2006 interest is or was held that increases a benefit as a result of a change that is made to satisfy the requirements of the Superannuation Guarantee (Administration) Act 1992;
(ii)
the member moving to a new benefit category because of the necessary application of the rules of a superannuation fund referred to in subparagraph (i) that were, or of legislation that was, in force on 5 September 2006, if the member had no control over the application of the rules or legislation.
(4)
A condition is that the method of calculating the defined benefit member’s superannuation salary:
(a)
has not been changed, in a way that would increase the salary, since 5 September 2006; or
(b)
has changed since 5 September 2006 only as a result of a change to the rules of a superannuation fund in which a relevant 2006 interest is or was held that increases a benefit as a result of a change that is made to satisfy the requirements of the Superannuation Guarantee (Administration) Act 1992.
(5)
A condition is that either:
(a)
the rate of the defined benefit member’s superannuation salary has not increased, since 5 September 2006, by more than:
(i)
50% in 1 year; or
(ii)
75% over 3 years; or
(b)
the rate of superannuation salary has increased by more than the rate in subparagraph (a)(i) or (ii) and:
(i)
the employer‑sponsor of the superannuation fund in which, immediately after the rate increase, a relevant 2006 interest was held has advised the trustee of that fund that the increase in the rate is on an arm’s length basis; and
(ii)
the trustee of a superannuation fund in which a relevant 2006 interest was held after the rate increase notified the Commissioner, in writing, of the increase in the rate as soon as practicable after the increase occurred.
(6)
A condition is that no trustee or employer‑sponsor of any superannuation fund in which a relevant 2006 interest is or was held has exercised a discretion to pay a benefit that is greater than the benefit that was assumed for the purpose of calculating the new entrant rate since 5 September 2006.

291‑170.07Notional taxed contributions – conditions for paragraph 291‑170(4)(d) and subparagraph 291‑170(5)(e)(ii) of the Income Tax (Transitional Provisions) Act 1997

(1)
For the purposes of paragraph 291‑170(4)(d) and subparagraph 291‑170(5)(e)(ii) of the Income Tax (Transitional Provisions) Act 1997, this section:
(a)
applies in relation to a superannuation fund to which section 291‑170.02 of this instrument applies; and
(b)
specifies the conditions that are to be satisfied in relation to establishing whether a defined benefit member of the fund’s notional taxed contributions for a financial year in respect of a defined benefit interest in the fund are equal to the member’s basic concessional contributions cap for the financial year.
(2)
A condition is that the new entrant ratefor the defined benefit member, as worked out:
(a)
before 1 July 2021—using Schedule 1A to the Income Tax Assessment Regulations 1997; and
(b)
on or after 1 July 2021—using Schedule 1A to this instrument;
either:
(c)
has not increased since 12 May 2009; or
(d)
has increased since 12 May 2009 only as a result of the following:
(i)
a change to the rules of a superannuation fund in which a relevant 2009 interest is or was held that increases a benefit as a result of a change made to satisfy the requirements of the Superannuation Guarantee (Administration) Act 1992;
(ii)
the member moving to a new benefit category because of the necessary application of the rules of a superannuation fund referred to in subparagraph (i) that were, or of legislation that was, in force on 5 September 2006, if the member had no control over the application of the rules or legislation.
(3)
A condition is that the method of calculating the defined benefit member’s superannuation salary:
(a)
has not been changed, in a way that would increase the salary, since 12 May 2009; or
(b)
has changed since 12 May 2009 only as a result of a change to the rules of a superannuation fund in which a relevant 2009 interest is or was held that increases a benefit as a result of a change made to satisfy the requirements of the Superannuation Guarantee (Administration) Act 1992.
(4)
A condition is that either:
(a)
the rate of the defined benefit member’s superannuation salary has not increased, since 12 May 2009, by more than:
(i)
50% in 1 year; or
(ii)
75% over 3 years; or
(b)
the rate of superannuation salary has increased by more than the rate in subparagraph (a)(i) or (ii) and:
(i)
the employer‑sponsor of the superannuation fund in which, immediately after the rate increase, a relevant 2009 interest was held has advised the trustee of that fund that the increase in the rate is on an arm’s length basis; and
(ii)
the trustee of a superannuation fund in which a relevant 2009 interest was held after the rate increase notified the Commissioner, in writing, of the increase in the rate as soon as practicable after the increase occurred.
(5)
A condition is that no trustee or employer‑sponsor of any superannuation fund in which a relevant 2009 interest is or was held has exercised a discretion to pay a benefit that is greater than the benefit that was assumed for the purpose of calculating the new entrant rate since 12 May 2009.

Division 292Excess non‑concessional contributionsSubdivision 292‑CExcess non‑concessional contributions tax292‑90.01Non‑concessional contributions for a financial year

(1)
For the purposes of paragraph 292‑90(4)(a) of the Act, this section specifies conditions for the allocation of an amount in a complying superannuation plan for you for a financial year.
Note: If the amount meets the conditions of this section it will be an amount covered by subsection 292‑90(4) of the Act. Such amounts are counted in determining your non‑concessional contributions for a financial year.
Conditions—general
(2)
Subject to subsection (2A), the conditions are that the amount is:
(a)
allocated under Division 7.2 of the SIS Regulations; and
(b)
not an assessable contribution; and
(c)
not covered by subsection (3).
Conditions for allocations from reserves
(2A)
If:
(a)
the amount is allocated from a reserve; and
(b)
the amount is not allocated in accordance with the conditions specified in subsection (2);
the conditions are that:
(c)
section 292‑90.02 does not apply in relation to the allocation; and
(d)
the amount is not covered by subsection (3) of this section; and
(e)
the amount is not allocated in accordance with the conditions specified in subsection 291‑25.01(2); and
(f)
the amount is not an amount mentioned in subsection 99G(6) of the Superannuation Industry (Supervision) Act 1993 that is refunded in accordance with that subsection.
Excluded contributions and payments
(3)
Each of the following amounts is covered by this subsection:
(a)
a Government co‑contribution made under the Superannuation (Government Co‑contribution for Low Income Earners) Act 2003;
(b)
a contribution covered under section 292‑95 of the Act;
(c)
a contribution covered under section 292‑100 of the Act, to the extent that it does not exceed the CGT cap amount when it is made;
(d)
a contribution made to a constitutionally protected fund (other than a contribution included in the contributions segment of the member’s superannuation interest in the fund);
(e)
contributions not included in the assessable income of the superannuation provider in relation to the superannuation plan because of a choice made under section 295‑180 of the Act;
(f)
a contribution that is a roll‑over superannuation benefit;
(g)
the tax free component of a directed termination payment (within the meaning of section 82‑10F of the Income Tax (Transitional Provisions) Act 1997) made in the financial year on behalf of you.

292‑90.02Allocations from reserves – allocations that aren’t included in your non‑concessional contributions

(1)
For the purposes of paragraph 292‑90.01(2A)(c), this section applies in relation to the allocation of an amount in a complying superannuation plan for you for a financial year from a reserve if any of subsections (2) to (6) of this section applies.
Note: The result of this section applying in relation to an allocation is that the allocation does not satisfy the condition in subsection 292‑90.01(2A) for inclusion in your non‑concessional contributions for a financial year.
(2)
This subsection applies if:
(a)
the allocation of the amount for you is part of the allocation, in a fair and reasonable manner, of amounts to accounts for:
(i)
every member of the complying superannuation plan; or
(ii)
if you are member of a class of members of the complying superannuation plan, and the reserve relates only to that class of members—every member of the class; and
(b)
the total amount that is allocated for you for the financial year as part of allocations to which paragraph (a) applies is less than 5% of the value of your interest in the complying superannuation plan at the time of allocation; and
(c)
the amount would not be assessable income of the complying superannuation plan if it were made as a contribution.
(3)
This subsection applies if:
(a)
the reserve is a pension reserve of the complying superannuation plan; and
(b)
the amount is allocated from the reserve for you to satisfy a pension liability; and
(c)
that liability is paid during the financial year.
(4)
This subsection applies if:
(a)
the reserve is a pension reserve of the complying superannuation plan; and
(b)
the reserve is used to discharge all or part of a liability of the plan to pay a superannuation income stream benefit from a superannuation income stream of which you are the recipient; and
(c)
the superannuation income stream is commuted or ceases; and
(d)
the commutation or cessation is not a result of the death of the primary beneficiary; and
(e)
the amount is allocated from the reserve for you as a result of you having been (before the commutation or cessation) the recipient of the superannuation income stream; and
(f)
if the reserve relates to more than one superannuation income stream—the allocation is fair and reasonable having regard to:
(i)
for each superannuation income stream that has not been commuted or ceased—the value of the interest that supports the superannuation income stream; and
(ii)
for each superannuation income stream that has been commuted or ceased—the value of the interest, that supported the superannuation income stream, immediately before the superannuation income stream was commuted or ceased.
(5)
This subsection applies if:
(a)
the reserve is a pension reserve of the complying superannuation plan; and
(b)
the amount is allocated from the reserve for you as a result of the commutation of a superannuation income stream; and
(c)
the commutation is a result of the death of the primary beneficiary; and
(d)
you are a death benefits dependant of the primary beneficiary; and
(e)
the amount is allocated from the reserve for you:
(i)
to discharge liabilities of the plan in respect of a superannuation income stream benefit that is payable by the plan as a result of the death of the primary beneficiary; and
(ii)
as soon as practicable on or after the commutation.
(6)
This subsection applies if:
(a)
the reserve is a pension reserve of the complying superannuation plan; and
(b)
the amount is allocated from the reserve for you as a result of the commutation of a superannuation income stream; and
(c)
the commutation is a result of the death of the primary beneficiary; and
(d)
as soon as practicable on or after the commutation, the amount is:
(i)
allocated for you; and
(ii)
paid as a superannuation lump sum and a superannuation death benefit.
Meaning of pension reserve
(7)
A reserve is a pension reserve of a complying superannuation plan at a particular time if the reserve is used at that time solely for the purpose (the pension liability purpose) of enabling the plan to discharge all or part its pension liabilities (contingent or not) as soon as they become due.
(8)
To avoid doubt, for the purposes of subsection (7), if:
(a)
a reserve of a complying superannuation plan is used for the purpose of enabling the plan to discharge all or part of a liability of the plan to pay a superannuation income stream benefit from a superannuation income stream; and
(b)
the superannuation income stream is commuted or otherwise ceases; and
(c)
an amount is allocated from the reserve for a person as a result of the person having been (before the commutation or cessation) the recipient of the superannuation income stream; and
(d)
immediately before the commutation or cessation, the reserve was a pension reserve;
the allocation is taken to be a use of the reserve for the pension liability purpose.

Division 293Sustaining the superannuation contribution concessionSubdivision 293‑DModifications for defined benefit interests293‑115.05Preliminary

(1)
This Subdivision is made for the purposes of subsection 293‑115(1) of the Act.
(2)
In this Subdivision:
accruing member, of a superannuation fund for a financial year, means a defined benefit member of the fund who is not a non‑accruing member of the fund for the financial year.
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 subsections 291‑170.04(5) to (8); 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.

293‑115.10Defined benefit contributions – non‑accruing members

(1)
This section applies if you are a non‑accruing member of a superannuation fund for a financial year.
(2)
Your defined benefit contributions for the financial year in respect of your defined benefit interest in the fund is nil.

293‑115.15Defined benefit contributions – accruing members with funded benefit interests

(1)
This section applies if:
(a)
you are an accruing member of a superannuation fund for the financial year; and
(b)
your defined benefit interest in the fund for the financial year is a funded benefit interest.
(2)
The interest is a funded benefit interest if:
(a)
the interest is in a complying superannuation fund that is not a constitutionally protected fund; and
(b)
if the interest is in a public sector superannuation scheme:
(i)
the fund trustee has certified, for the financial year, that the fund trustee considers that the scheme will only ever pay superannuation benefits from contributions made to the scheme or earnings from the contributions; and
(ii)
the fund trustee has not chosen, under section 295‑180 of the Act, to have contributions made by you, or on your behalf, excluded from the assessable income of the scheme for the financial year.
(3)
Your defined benefit contributions for the financial year in respect of the interest is your notional taxed contributions for the year in respect of the interest.
Note: For notional taxed contributions, see section 291‑170 of the Act and Subdivision 291‑C of this instrument.
(4)
In working out your notional taxed contributions for the purposes of subsection (3), disregard Subdivision 291‑C of the Income Tax (Transitional Provisions) Act 1997.

293‑115.20Defined benefit contributions – accruing members with other interests

(1)
This section applies if:
(a)
you are an accruing member of a superannuation fund for the financial year; and
(b)
your defined benefit interest in the fund for the financial year is an interest other than a funded benefit interest.
(2)
Your defined benefit contributions for the financial year in respect of the interest is the amount worked out using the method in Schedule 1AA.

Subdivision 293‑EModifications for constitutionally protected State higher level office holders293‑145.01Constitutionally protected State higher level office holders

For the purposes of paragraph 293‑145(1)(b) of the Act, the following individuals are declared:
(a)
a Minister of the government of a State;
(b)
a member of the staff of a Minister of the government of a State;
(c)
the Governor of a State;
(d)
a member of staff of the Governor of a State;
(e)
a member of the Parliament of a State;
(f)
the Clerk of a house of the Parliament of a State;
(g)
the head of a Department of the Public Service of a State or a statutory office holder of equivalent seniority, including a statutory office holder who is the head of an instrumentality or agency of a State;
(h)
a judge, justice or magistrate of the court of a State.

Division 294Transfer balance capSubdivision 294‑BTransfer balance account294‑25.01Credit in transfer balance account – payment of consideration for interest supporting deferred superannuation income stream

(1)
For the purposes of item 5 of the table in subsection 294‑25(1) of the Act, a transfer balance credit arises under this section in your transfer balance account if:
(a)
you are the retirement phase recipient of a superannuation income stream; and
(b)
the superannuation income stream is a deferred superannuation income stream; and
(c)
after you start to be the retirement phase recipient of the superannuation income stream, you pay an amount of consideration for the superannuation interest that supports the superannuation income stream.
(2)
The amount of the credit is the amount of the consideration.
(3)
The credit arises at the time you pay the consideration.

294‑25.02Credit in transfer balance account – commutation of certain capped defined benefit income streams

(1)
For the purposes of item 5 of the table in subsection 294‑25(1) of the Act, a transfer balance credit arises under this section in your transfer balance account if:
(a)
you receive a superannuation lump sum because a capped defined benefit income stream (the commuted stream) covered by any of items 1 to 7 of the table in subsection 294‑130(1) of the Act is commuted, in full or in part, on or after 1 July 2017; and
(b)
the superannuation lump sum is transferred directly to the purchase of a superannuation income stream (the commenced stream) that is covered by an item of the following table and is in the retirement phase.

Covered superannuation income stream
Item	Topic	A superannuation income stream is covered if:
1	Life expectancy pension	it is a pension for the purposes of the SIS Act that is provided under rules that meet the standards of subregulation 1.06(7) of the SIS Regulations
2	Life expectancy annuity	it is an annuity for the purposes of the SIS Act that is provided under a contract that meets the standards of subregulation 1.05(9) of the SIS Regulations
3	Market linked pension	it is a pension for the purposes of the SIS Act that is provided under rules that meet the standards of subregulation 1.06(8) of the SIS Regulations
4	Market linked annuity	it is an annuity for the purposes of the SIS Act that is provided under a contract that meets the standards of subregulation 1.05(10) of the SIS Regulations
5	Market linked pension (RSA)	it is a pension for the purposes of the RSA Act that is provided under terms and conditions that meet the standards of subregulation 1.07(3A) of the RSA Regulations

1	Life expectancy pension	it is a pension for the purposes of the SIS Act that is provided under rules that meet the standards of subregulation 1.06(7) of the SIS Regulations
2	Life expectancy annuity	it is an annuity for the purposes of the SIS Act that is provided under a contract that meets the standards of subregulation 1.05(9) of the SIS Regulations
3	Market linked pension	it is a pension for the purposes of the SIS Act that is provided under rules that meet the standards of subregulation 1.06(8) of the SIS Regulations
4	Market linked annuity	it is an annuity for the purposes of the SIS Act that is provided under a contract that meets the standards of subregulation 1.05(10) of the SIS Regulations
5	Market linked pension (RSA)	it is a pension for the purposes of the RSA Act that is provided under terms and conditions that meet the standards of subregulation 1.07(3A) of the RSA Regulations

(2)
The amount of the credit is the value worked out under item 2 of the table in subsection 294‑25(1) of the Act for the commenced stream as if that item applied to the commenced stream.
(3)
The credit arises immediately after the transfer balance debit arises in relation to the commutation under subsection 294‑80.02A(3) of this instrument.
(4)
For the purposes of subsection 294‑25(3) of the Act, item 2 of the table in subsection 294‑25(1) of the Act does not apply to superannuation income streams that are purchased in circumstances resulting in transfer balance credits arising under this section.

294‑25.03Credit in transfer balance account – capped defined benefit income streams: transfers to successor funds

(1)
For the purposes of item 5 of the table in subsection 294‑25(1) of the Act, a transfer balance credit arises under this section in your transfer balance account if you start to be the retirement phase recipient of a capped defined benefit income stream (the new stream) in the following circumstances:
(a)
the new stream arises as a direct result of the payment of an involuntary roll‑over superannuation benefit to a successor fund by a fund that provided a capped defined benefit income stream (the old stream);
(b)
you were a retirement phase recipient of the old stream immediately before the transfer;
(c)
as part of the transfer, all superannuation income stream benefits cease to be payable from the old stream;
(d)
because all superannuation income stream benefits cease to be payable from the old stream, the old stream stops being a superannuation income stream that is in the retirement phase;
(e)
because the old stream stops being a superannuation income stream that is in the retirement phase, a transfer balance debit arises in your transfer balance account under item 6 of the table in subsection 294‑80(1) of the Act in respect of the old stream.
(2)
The amount of the credit is the amount of the transfer balance debit mentioned in paragraph (1)(e).
(3)
The credit arises on the day you start to be the retirement phase recipient of the new stream.
(4)
For the purposes of subsection 294‑25(3) of the Act, item 2 of the table in subsection 294‑25(1) of the Act does not apply to a superannuation income stream if a transfer balance credit arises under this section in respect of the superannuation income stream.

Subdivision 294‑CTransfer balance debits294‑80.01Debit in transfer balance account – reduction in amount of superannuation income stream benefit

(1)
For the purposes of item 8 of the table in subsection 294‑80(1) of the Act, a transfer balance debit arises under this section in your transfer balance account if:
(a)
you are the retirement phase recipient of a superannuation income stream; and
(b)
the superannuation income stream is a capped defined benefit income stream that:
(i)
is covered by item 1 or 2 of the table in subsection 294‑130(1) of the Act; or
(ii)
is prescribed by section 294‑130.01 of this instrument (but is not a superannuation income stream to which subsection 294‑130.01(5) of this instrument applies); and
(c)
you are entitled to receive a superannuation income stream benefit (the earlier benefit) from the superannuation income stream at a time (the earlier time); and
(d)
the amount of the next superannuation income stream benefit (the later benefit) that you are entitled to receive from the superannuation income stream falls short of the amount of the earlier benefit; and
(e)
that shortfall is not attributable to any of the following:
(i)
circumstances that cause a transfer balance debit to arise in your transfer balance account (other than because of this section);
(ii)
a CPI adjustment in the amount of superannuation income stream benefits that you are entitled to receive from the superannuation income stream.
(2)
The amount of the debit is:
(a)
the special value, just before the earlier time, of the superannuation interest that supports the superannuation income stream; less
(b)
the special value, just before the time (the later time) at which you are entitled to receive the later benefit, of that superannuation interest.
(3)
The debit arises at the later time.

294‑80.02Debit in transfer balance account – reduction in amount of superannuation income stream benefit

(1)
For the purposes of item 8 of the table in subsection 294‑80(1) of the Act, a transfer balance debit arises under this section in your transfer balance account if:
(a)
you are or were a retirement phase recipient of a deferred superannuation income stream mentioned in subsection 307‑205.02C(1) of this instrument supported by a superannuation interest; and
(b)
but for section 294‑80.03 of this instrument, a transfer balance debit would arise at a time under item 5 or 6 of the table in subsection 294‑80(1) of the Act in your transfer balance account because of the superannuation income stream.
(2)
The amount of the debit is the total amount of the superannuation benefits that would be payable if you voluntarily caused the superannuation interest to cease at that time.
(3)
The debit arises at that time.

294‑80.02ADebit in transfer balance account – commutation of certain capped defined benefit income streams

(1)
For the purposes of item 8 of the table in subsection 294‑80(1) of the Act, a transfer balance debit arises under this section in your transfer balance account if:
(a)
you receive a superannuation lump sum because a capped defined benefit income stream (the commuted stream) covered by any of items 1 to 7 of the table in subsection 294‑130(1) of the Act is commuted, in full or in part, on or after 1 July 2017; and
(b)
the superannuation lump sum is transferred directly to the purchase of a superannuation income stream (the commenced stream) that is covered by an item of the table in subsection 294‑25.02(1) of this instrument and is in the retirement phase.
(2)
The amount of the debit is the amount worked out under item 1 of the table in subsection 294‑80(1) of the Act (as it applies in relation to a capped defined benefit income stream under section 294‑145 of the Act) for the commuted stream as if that item applied to the commuted stream.
(3)
The debit arises at the later of:
(a)
immediately after the commencement of the Treasury Laws Amendment (Allowing Commutation of Certain Income Streams) Regulations 2022; and
(b)
immediately after the commutation occurs.
(4)
For the purposes of subsection 294‑80(3) of the Act, item 1 of the table in subsection 294‑80(1) of the Act does not apply to capped defined benefit income streams that are commuted in circumstances resulting in transfer balance debits arising under this section.

294‑80.02BDebit in transfer balance account – certain permanent incapacity pensions

(1)
For the purposes of item 8 of the table in subsection 294‑80(1) of the Act, a transfer balance debit arises under this section in your transfer balance account if:
(a)
a credit arose in your transfer balance account under item 1 or 2 of the table in subsection 294‑25(1) of the Act in respect of a superannuation income stream; and
(b)
the superannuation income stream was supported by a superannuation interest covered by subsection 294‑135.01(6) of this instrument; and
(c)
the superannuation income stream ceases; and
(d)
the cessation does not give rise to a transfer balance debit in your transfer balance account (disregarding this subsection).
(2)
The amount of the debit is:
(a)
the amount of the credit mentioned in paragraph (1)(a) of this section; less
(b)
the amount of any transfer balance debits (apart from debits arising under item 4 of the table in subsection 294‑80(1) of the Act) that have arisen in your transfer balance account in respect of the income stream before the time the debit arises.
(3)
The debit arises when the superannuation income stream ceases, as mentioned in paragraph (1)(c).

294‑80.03Debit in transfer balance account – certain items of table in subsection 294‑80(1) of the Act do not apply to certain superannuation income streams

For the purposes of subsection 294‑80(3) of the Act, items 5 and 6 of the table in subsection 294‑80(1) of the Act do not apply to deferred superannuation income streams mentioned in subsection 307‑205.02C(1) of this instrument.

Subdivision 294‑DModifications for certain defined benefit income streams294‑130.01Meaning of capped defined benefit income stream

(1)
For the purposes of subsection 294‑130(2) of the Act, a superannuation income stream is prescribed if subsection (2), (3), (4), (5), (6) or (7) of this section applies to the superannuation income stream.
Note: A superannuation income stream prescribed under this section is a capped defined benefit income stream (see subsection 294‑130(2) of the Act).
(2)
This subsection applies to a superannuation income stream if it is a pension for the purposes of the SIS Act that is provided under rules:
(a)
that are in existence on 29 June 2007; and
(b)
that would meet the standards of subregulation 1.06(2) of the SIS Regulations except for the circumstances in which those rules allow for either or both of the following:
(i)
the pension to be commuted;
(ii)
the variation or cessation of pension payments in respect of a child of the deceased primary or reversionary beneficiary.
(3)
This subsection applies to a superannuation income stream if:
(a)
it arises as a direct result of the payment of an involuntary roll‑over superannuation benefit to a successor fund; and
(b)
it is a pension for the purposes of the SIS Act that is paid from the successor fund; and
(c)
the rules under which a pension was provided by the fund that made the payment of the involuntary roll‑over superannuation benefit satisfied subsection (2) at the time of transfer; and
(d)
the rules of the successor fund under which the superannuation income stream is provided satisfy paragraph (2)(b).
(4)
This subsection applies to a superannuation income stream if:
(a)
it is covered by item 2 of the table in subsection 294‑130(1) of the Act; and
(b)
it starts to be in the retirement phase on or after 1 July 2017; and
(c)
it arises as a direct result of the payment of an involuntary roll‑over superannuation benefit to a successor fund.
(5)
This subsection applies to a superannuation income stream if:
(a)
it is covered by any of items 3 to 7 of the table in subsection 294‑130(1) of the Act; and
(b)
it starts to be in the retirement phase on or after 1 July 2017; and
(c)
it arises as a direct result of the payment of an involuntary roll‑over superannuation benefit to a successor fund.
(6)
This subsection applies to a superannuation income stream if it is a pension for the purposes of the SIS Act that is provided:
(a)
on the grounds of invalidity under a public sector superannuation scheme; and
(b)
under rules that would meet the standards of subregulation 1.06(2) of the SIS Regulations except to the extent that those rules allow for the variation, suspension or cessation of pension payments due to any of the following:
(i)
the primary beneficiary’s level of incapacity being reclassified;
(ii)
the primary beneficiary’s personal earnings changing;
(iii)
the primary beneficiary being employed by a participating employer of the relevant superannuation scheme;
(iv)
the primary beneficiary failing to provide information as required by the rules;
(v)
the primary beneficiary reaching a particular age.
(7)
This subsection applies to a superannuation income stream if it is a superannuation income stream because of paragraph 307‑70.02(1)(ba).

294‑135.01Transfer balance credit – determining special value of a superannuation interest

(1)
For the purposes of subsection 294‑135(4) of the Act, the special value, at a particular time, of a superannuation interest that supports an income stream that is, or was at any time, a superannuation income stream prescribed by section 294‑130.01 of this instrument, is the amount worked out using the formula:

where:
annual entitlement means the amount worked out by:
(a)
dividing the amount of the first superannuation income stream benefit you are entitled to receive from the income stream just after that time by the number of whole days to which that benefit relates; and
(b)
multiplying the result by 365.
(2)
Subsection (1) does not apply to a superannuation interest covered by subsection (3) or (6).
(3)
This subsection covers a superannuation interest that supports an income stream that is, or was at any time, a superannuation income stream prescribed by section 294‑130.01 to which subsection 294‑130.01(5) applies.
(4)
For the purposes of subsection 294‑135(4) of the Act, the special value, at a particular time, of a superannuation interest covered by subsection (3) of this section is the amount worked out in respect of that time under subsection 294‑135(3) of the Act.
(5)
For the purposes of subsection (4) of this section, treat the reference in subsection 294‑135(3) of the Act to a capped defined benefit income stream covered by any of items 3 to 7 of the table in subsection 294‑130(1) as instead being a reference to the income stream mentioned in subsection (3) of this section.
(6)
This subsection covers a superannuation interest in a superannuation plan if:
(a)
the superannuation interest supports an income stream that is, or was at any time, a superannuation income stream prescribed by section 294‑130.01 to which subsection 294‑130.01(7) applies; and
(b)
a superannuation benefit was paid from the superannuation income stream to a person, whether before, at or after the time the Income Tax Assessment Amendment (Transfer Balance Account Value for Certain Superannuation Income Streams) Regulations 2024 commenced (the commencement time); and
Note: The Income Tax Assessment Amendment (Transfer Balance Account Value for Certain Superannuation Income Streams) Regulations 2024 inserted this subsection.
(c)
the superannuation benefit was paid to the person because the person satisfied a condition of release specified in item 103 (permanent incapacity) of the table in Schedule 1 to the Superannuation Industry (Supervision) Regulations 1994; and
(d)
the superannuation provider in relation to the superannuation plan had not given the Commissioner, before the commencement time, a statement under subsection 390‑5(1) in Schedule 1 to the Taxation Administration Act 1953 in relation to the superannuation interest indicating that a transfer balance credit arose in the person’s transfer balance account because of the superannuation income stream.
(7)
For the purposes of subsection 294‑135(4) of the Act, the special value, at a particular time, of a superannuation interest covered by subsection (6) of this section is the lesser of the following amounts:
(a)
the amount worked out in respect of that time under subsection 294‑135(2) of the Act;
(b)
if there is a particular period throughout which superannuation income stream benefits are payable under the income stream mentioned in paragraph (6)(a) of this section—the amount worked out in respect of that time under subsection 294‑135(3) of the Act.
(8)
For the purposes of paragraphs (7)(a) and (b) of this section, treat:
(a)
the reference in subsection 294‑135(2) of the Act to a capped defined benefit income stream covered by item 1 or 2 of the table in subsection 294‑130(1) of the Act; and
(b)
the reference in subsection 294‑135(3) of the Act to a capped defined benefit income stream covered by any of items 3 to 7 of the table in subsection 294‑130(1) of the Act;
as instead being references to the income stream mentioned in paragraph (6)(a) of this section.
(9)
For the purposes of paragraph (7)(b) of this section, if:
(a)
superannuation income stream benefits are payable under the income stream mentioned in paragraph (6)(a) for a fixed term; but
(b)
despite that fixed term, the superannuation income stream benefits may cease to be payable before the end of the fixed term in certain circumstances;
treat the superannuation income stream benefits as being payable under the income stream throughout the fixed term.

294‑145.01Transfer balance debits – determining debit value of a superannuation interest

(1)
For the purposes of subsection 294‑145(7) of the Act, the debit value, at a particular time, of a superannuation interest that supports an income stream that is, or was at any time, a superannuation income stream prescribed by section 294‑130.01 of this instrument, is:
(a)
the amount of the transfer balance credit that arose in your transfer balance account in respect of the income stream; less
(b)
the amount of any transfer balance debits (apart from debits arising under item 4 of the table in subsection 294‑80(1) of the Act) that have arisen in your transfer balance account in respect of the income stream before that time.
(2)
Subsection (1) does not apply to a superannuation interest covered by subsection (3).
(3)
This subsection covers a superannuation interest that supports an income stream that is, or was at any time, a superannuation income stream prescribed by section 294‑130.01 to which subsection 294‑130.01(5) applies.
(4)
For the purposes of subsection 294‑145(7) of the Act, the debit value, at a particular time, of a superannuation interest covered by subsection (3) of this section is the amount worked out in respect of that time under subsection 294‑145(6) of the Act.
(5)
For the purposes of subsection (4) of this section, treat the reference in subsection 294‑145(6) of the Act to a capped defined benefit income stream covered by any of items 3 to 7 of the table in subsection 294‑130(1) as instead being a reference to the income stream mentioned in subsection (3) of this section.

Division 295Taxation of superannuation entitiesSubdivision 295‑DContributions excluded295‑265.01Application of pre‑1 July 88 funding credits – limit on choice

(1)
For the purposes of paragraph 295‑265(7)(a) of the Act, this section prescribes the manner in which a superannuation provider in relation to a superannuation fund is to work out the amount applicable to the fund, under subsection 295‑265(6) of the Act, for an income year.
(2)
The superannuation provider must use an actuary to work out the amount applicable to the fund for an income year.
Method 1—Funding credit valuation process
(3)
The method in section 295‑265.02 (method 1) must be used for an income year, unless:
(a)
the conditions mentioned in subsection (8) of this section for using the method in section 295‑265.05 (method 2) are met; and
(b)
the superannuation provider’s actuary decides that using method 2 is appropriate.
Amount applicable to the fund
(4)
Subject to subsection (5), the amount applicable to the fund for an income year is the least of the following amounts:
(a)
the amount of pre‑1 July 88 funding credits unused at the end of the previous income year;
(b)
the value of unfunded pre‑1 July 88 liabilities for the income year, determined by the superannuation provider’s actuary in accordance with step 3 of method 1 or method 2;
(c)
the pre‑1 July 88 taxable contributionsfor the income year, worked out in accordance with step 4 of method 1 or method 2.
(5)
The amount identified in accordance with subsection (4) must then be adjusted for all transfers of funding credits and relevant liabilities into or out of the fund.
(6)
The amounts mentioned in paragraphs (4)(a), (b) and (c), and the amount as adjusted under subsection (5), must be certified by the superannuation provider’s actuary.

Note: In considering whether there is a reasonable expectation that a higher benefit will be paid, it would generally not be appropriate to assume payment unless such an assumption was adopted in the most recent actuarial review.

Part 3Valuation parameters10Application of economic, decrement and other parameters

For the purpose of working out the new entrant rate for a benefit category mentioned in Part 1 or 2, the actuary is to apply the economic, decrement and other parameters set out in this Part.

11Discount rate

(1)
The discount rate to be used to discount projected future benefits and salaries is 8% per year.
(2)
The discount rate is not to be adjusted for investment expenses or investment‑related taxation or for any other reason.

12Fund earning rate and crediting rate

(1)
If necessary, the fund earning rate to be assumed is 8% per year.
(2)
If necessary, the assumed crediting rate is to be based on the assumed fund earning rate.

13Rate of future salary or wages growth

(1)
The rate of salary or wages growth to be applied is 4.5% per year.
(2)
This rate is to be used:
(a)
to project the value of future salary or wages; and
(b)
to project benefits that increase in accordance with a general wage index (for example, average weekly earnings).

14Rate of increase in price indices

If a benefit is linked to an increase in a price index (for example, the Consumer Price Index), the rate of increase in the price index to be applied is 2.5% per year.

15New entrant age

(1)
The age of new entrants to be assumed is based on the average age of entry to the fund of the persons who were defined benefit members of the fund at 1 July 2007.
(2)
The following table sets out the age of new entrants that is to be assumed.

New entrant age
Item	Average age last birthday at commencement in fund of defined benefit members of the fund at 1 July 2007	New entrant age to be assumed
1	<30	25
2	30‑34	30
3	35‑39	35
4	40‑44	40
5	45‑49	45
6	50+	50

(3)
If:
(a)
there has been a transfer of defined benefit members from a predecessor fund into the fund, or a superannuation sub‑fund of the fund; and
(b)
the actuary considers it reasonable to do so;
the actuary may determine a new entrant age for the fund or superannuation sub‑fund taking account of the average age of entry used for or relevant for those members in the predecessor fund.
(4)
For the purposes of this clause, a defined benefit member does not include a person who:
(a)
is receiving only a pension benefit from the fund; or
(b)
has deferred the person’s benefit entitlement in the fund.
(5)
If the actuary believes that there is insufficient information available to calculate the average age of entry, the actuary is to assume that the age of a new entrant is 40.
(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 the person’s appointment as Governor‑General commences.

16Exit rates

(1)
The following table sets out the rates of voluntary exit from the fund that are to be assumed.

Voluntary exit rates
Item	Age band	Exit rate
1	<40	0.05
2	40‑44	0.04
3	45‑49	0.04
4	50‑54	0.04
5	55‑59	0.08
6	60	0.12
7	61‑64	0.10
8	65	1.00

(2)
However, 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 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 the person’s appointment as Governor‑General commences (the appointment day) to the person’s age on the fourth anniversary of the appointment day—0.00;
(ii)
from the age of the person on the person’s next birthday after the fourth anniversary of the appointment day to any later age—1.00.
(3)
The rate of involuntary exit (including by redundancy, death or invalidity) to be assumed is zero.

17Pensions

(1)
If the benefit is a single life pension, the pension is to be valued using the assumptions set out in this Part.
(2)
If the benefit is a reversionary pension, the value of the pension is to be taken as the value of the pension assuming it is a single life pension, increased by 10%.

18Mortality of pensioners

The following table sets out the rates of pensioner mortality (qx) that are to be assumed.

Pensioner mortality (qx) rates
Item	Age	qx
1	35‑49	0.003
2	50‑54	0.004
3	55	0.005
4	56	0.006
5	57	0.006
6	58	0.007
7	59	0.008
8	60	0.008
9	61	0.009
10	62	0.010
11	63	0.012
12	64	0.013
13	65	0.014
14	66	0.016
15	67	0.017
16	68	0.019
17	69	0.021
18	70	0.023
19	71	0.026
20	72	0.029
21	73	0.032
22	74	0.035
23	75	0.039
24	76	0.043
25	77	0.048
26	78	0.053
27	79	0.059
28	80	0.064
29	81	0.070
30	82	0.077
31	83	0.085
32	84	0.095
33	85	0.106
34	86	0.116
35	87	0.128
36	88	0.139
37	89	0.149
38	90	0.159
39	91	0.168
40	92	0.176
41	93	0.184
42	94	0.193
43	95	0.202
44	96	0.211
45	97	0.219
46	98	0.228
47	99	0.236
48	100	1.000

19Other assumptions to be set by the actuary

(1)
Any other assumptions which may be necessary are to be set by the actuary responsible for calculating the new entrant rate.
(2)
The assumptions are to be based on the assumptions used in the most recent actuarial valuation of the fund, unless the actuary believes, having regard to the expected future experience of the fund, that they are no longer appropriate.
(3)
If the actuary believes that the assumptions used in the most recent actuarial valuation are no longer appropriate, the assumptions should be set on a best estimate basis.

Part 4Exercise of discretion to pay a benefit greater than the benefit assumed in calculating the new entrant rate20Method of working out the increased exit benefit adjustment amount in the formula in subclause 4(2)

For the purposes of the formula in subclause 4(2):
(a)
for a financial year in which the trustee of the defined benefit fund pays, as a result of an exercise of a discretion, a benefit to the member on:
(i)
voluntary exit; or
(ii)
redundancy that is not bona fide;
which exceeds the benefit assumed in calculating the new entrant rate for the benefit category to which the member belongs at the time the benefit is paid—the increased exit benefit adjustment amount equals an amount worked out on advice from an actuary that represents the amount of the excess; and
(b)
for any other financial year—the increased exit benefit adjustment amount equals zero.

Part 5Member has changed benefit category21Method of working out the category change or discretion adjustment amount in the formula in subclause 4(2)

(1)
For the purposes of the formula in subclause 4(2):
(a)
for a financial year in which the member’s accrued retirement benefit increases as a result of:
(i)
a change of benefit category; or
(ii)
an exercise of discretion;
the category change or discretion adjustment amount equals an amount worked out on advice from an actuary that represents the increase in the value of the accrued retirement benefit, if any, as a result of the change in benefit category or the exercise of the discretion; and
(b)
for any other financial year—the category change or discretion adjustment amount equals zero.
(2)
The economic, decrement and other parameters and the other assumptions to be used are set out in Part 3.

Part 6Governing rules have changed22Method of working out governing rules change adjustment amount in the formula in subclause 4(2)

(1)
For the purposes of the formula in subclause 4(2):
(a)
for a financial year in which there is an amendment of the governing rules (within the meaning of subsection 10(1) of the SIS Act)of the defined benefit fund that:
(i)
may result in an increase in the member’s benefit; and
(ii)
is made for a reason other than to satisfy a legislative requirement;
the governing rules change adjustment amount 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 amendment to the governing rules; and
(b)
for any other financial year—the governing rules change adjustment amount equals zero.
(2)
The economic, decrement and other parameters and the other assumptions to be used are set out in Part 3.

Part 7Non‑arm’s length increase in superannuation salary23Method of working out the increased superannuation salary adjustment amount in the formula in subclause 4(2)

(1)
For the purposes of the formula in subclause 4(2):
(a)
for a financial year in which the member’s superannuation salary is increased in a non‑arm’s length way with the primary purpose of achieving an increase in superannuation benefit—the increased superannuation salary adjustment amount 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 superannuation salary; and
(b)
for any other financial year—the increased superannuation salary adjustment amount equals zero.
(2)
The economic, decrement and other parameters and the other assumptions to be used are set out in Part 3.

Schedule 1BValuation factors

Note: See sections 307‑205.01A and 307‑205.02.

1Income stream valuation factors

(1)
For the purposes of paragraph 307‑205.01A(3)(b), the applicable factor for the superannuation income stream is the factor given in the table in subclause (3) (table 1) at the age which is the greater of:
(a)
the minimum age at which a retirement benefit can be taken without requiring the consent of the employer; and
(b)
the member’s actual age as at the member’s last birthday before 1 July 2007.
(2)
For the purposes of subparagraph 307‑205.02(3)(a)(ii), the applicable factor for the superannuation income stream is:
(a)
if the superannuation income stream is payable for the life of the member—the factor given in the table in subclause (3) (table 1) for the age of the member at the member’s last birthday before the day after the date on which the superannuation income stream is to be valued; or
(b)
if the superannuation income stream is payable for a fixed term—the factor given in the table in subclause (4) (table 2) for the number of complete years remaining in the term of the superannuation income stream on the day preceding the date on which the superannuation income stream is to be valued.
(3)
The following is table 1.

Table 1
Item	Age	Factor for indexed lifetime income stream	Factor for non‑indexed lifetime income stream
1	18	23.238	15.405
2	19	23.158	15.385
3	20	23.084	15.366
4	21	23.016	15.349
5	22	22.956	15.334
6	23	22.906	15.322
7	24	22.862	15.312
8	25	22.816	15.302
9	26	22.763	15.289
10	27	22.694	15.271
11	28	22.612	15.248
12	29	22.523	15.223
13	30	22.422	15.194
14	31	22.310	15.160
15	32	22.193	15.124
16	33	22.076	15.086
17	34	21.950	15.045
18	35	21.821	15.002
19	36	21.691	14.958
20	37	21.553	14.911
21	38	21.410	14.861
22	39	21.266	14.809
23	40	21.113	14.754
24	41	20.956	14.695
25	42	20.790	14.632
26	43	20.609	14.562
27	44	20.421	14.487
28	45	20.229	14.409
29	46	20.030	14.326
30	47	19.823	14.239
31	48	19.610	14.148
32	49	19.391	14.052
33	50	19.164	13.950
34	51	18.931	13.844
35	52	18.691	13.732
36	53	18.443	13.615
37	54	18.189	13.492
38	55	17.927	13.364
39	56	17.659	13.230
40	57	17.383	13.089
41	58	17.100	12.943
42	59	16.810	12.790
43	60	16.513	12.631
44	61	16.209	12.465
45	62	15.891	12.287
46	63	15.558	12.099
47	64	15.213	11.900
48	65	14.861	11.693
49	66	14.506	11.480
50	67	14.144	11.260
51	68	13.775	11.032
52	69	13.396	10.794
53	70	13.011	10.548
54	71	12.627	10.297
55	72	12.230	10.035
56	73	11.815	9.756
57	74	11.398	9.471
58	75	10.983	9.183
59	76	10.566	8.889
60	77	10.144	8.587
61	78	9.723	8.282
62	79	9.314	7.980
63	80	8.898	7.669
64	81	8.486	7.357
65	82	8.087	7.051
66	83	7.697	6.748
67	84	7.323	6.455
68	85	6.966	6.172
69	86	6.627	5.901
70	87	6.311	5.647
71	88	6.010	5.402
72	89	5.728	5.171
73	90	5.465	4.954
74	91	5.218	4.750
75	92	4.991	4.561
76	93	4.773	4.379
77	94	4.566	4.205
78	95	4.360	4.031

(4)
The following is table 2.

Table 2
Item	Number of years	Factor for indexed fixed‑term income stream	Factor for non‑indexed fixed‑term income stream
1	0	0.000	0.000
2	1	0.981	0.969
3	2	1.925	1.879
4	3	2.834	2.734
5	4	3.709	3.536
6	5	4.550	4.289
7	6	5.360	4.996
8	7	6.140	5.661
9	8	6.891	6.284
10	9	7.613	6.870
11	10	8.308	7.420
12	11	8.977	7.936
13	12	9.621	8.421
14	13	10.241	8.876
15	14	10.837	9.303
16	15	11.411	9.705
17	16	11.963	10.081
18	17	12.495	10.435
19	18	13.007	10.768
20	19	13.499	11.079
21	20	13.973	11.372
22	21	14.430	11.647
23	22	14.869	11.906
24	23	15.291	12.148
25	24	15.698	12.376
26	25	16.090	12.590
27	26	16.466	12.790
28	27	16.829	12.979
29	28	17.178	13.156
30	29	17.514	13.322
31	30	17.837	13.478

2Lump sum valuation factors

(1)
For the purposes of subparagraph 307‑205.02(3)(b)(ii), the applicable factor for the superannuation lump sum is the discount valuation factor mentioned in subclause (3) that applies for the minimum deferral period.
(2)
For the purposes of this clause, the minimum deferral period in relation to a lump sum that is to be paid at a time after the date on which the interest in respect of which the lump sum is payable is to be valued is the number of complete years between the day before the date on which the interest is to be valued and the earliest date at which the lump sum can be paid.
(3)
The following table sets out the discount valuation factors, in accordance with the following principles:
(a)
the factors in column 2 of the table apply if the lump sum is not indexed;
(b)
the factors in column 3 of the table apply if the lump sum is indexed in accordance with the Consumer Price Index;
(c)
the factors in column 4 of the table apply if the lump sum is indexed in accordance with a general wage index (for example, average weekly earnings, or average weekly ordinary time earnings, published by the Australian Bureau of Statistics);
(d)
if the lump sum is indexed in accordance with a fund crediting rate, the factor is 1.

Discount valuation factors
Item	Column 1 Minimum deferral period	Column 2 Lump sum not indexed	Column 3 CPI indexed lump sum	Column 4 Wage indexed lump sum
1	0	1.000	1.000	1.000
2	1	0.939	0.963	0.977
3	2	0.882	0.927	0.954
4	3	0.829	0.892	0.932
5	4	0.779	0.859	0.910
6	5	0.732	0.827	0.889
7	6	0.689	0.797	0.869
8	7	0.648	0.768	0.849
9	8	0.610	0.740	0.830
10	9	0.575	0.714	0.811
11	10	0.542	0.688	0.793
12	11	0.511	0.664	0.776
13	12	0.483	0.641	0.759
14	13	0.456	0.619	0.742
15	14	0.431	0.598	0.727
16	15	0.409	0.579	0.711
17	16	0.387	0.560	0.697
18	17	0.368	0.542	0.683
19	18	0.350	0.525	0.669
20	19	0.333	0.509	0.656
21	20	0.318	0.494	0.644
22	21	0.304	0.480	0.632
23	22	0.291	0.467	0.621
24	23	0.279	0.454	0.610
25	24	0.269	0.443	0.600
26	25	0.259	0.432	0.590
27	26	0.250	0.422	0.582
28	27	0.243	0.413	0.573
29	28	0.236	0.404	0.565
30	29	0.229	0.397	0.558
31	30	0.224	0.390	0.552

Schedule 1CFarm management deposits – statements to be read by depositors

Note: See section 393‑20.02.

Part 1Statements1Statements for the purposes of paragraph 393‑20.02(a)

(1)
This clause sets out statements for the purposes of paragraph 393‑20.02(a).
Authorised deposit‑taking institution
(2)
The first statement is as follows:
The FMD provider issuing this application form is an authorised deposit‑taking institution for the purposes of the Banking Act 1959.
(3)
A form used to apply to an FMD provider to make a farm management deposit may only contain the first statement if the FMD provider is an ADI.
Financial Claims Scheme
(4)
The second statement is as follows:
The account holder may be entitled to payment under the Financial Claims Scheme. Payments under the Financial Claims Scheme are subject to a limit for each depositor in respect of total deposits held by that depositor at a locally incorporated authorised deposit‑taking institution. For further information contact the Australian Prudential Regulation Authority or visit level="2" section-type="Part">Part 2Required statements2Statements for the purposes of paragraph 393‑20.02(b)
(1)
This clause sets out statements for the purposes of paragraph 393‑20.02(b).
(2)
The statements are as follows:
Purpose of farm management deposits scheme
The farm management deposits scheme is designed to allow individuals carrying on a primary production business in Australia to shift before‑tax income from years when they need it least to years when it is most needed. The scheme helps those individuals to manage their exposure to adverse economic events and seasonal fluctuations.
Eligibility criteria apply to individuals carrying on a primary production business in Australia under the scheme.
Note: Primary production business and carrying on a primary production business are explained in subsection 995‑1(1) of the Income Tax Assessment Act 1997.
Tax consequences of farm management deposits
The scheme allows individuals carrying on a primary production business in Australia to deduct the amount of any farm management deposit they own from their assessable income for the income year in which the deposit is made. However, the amount of the deductions cannot exceed the owner’s taxable primary production income for the income year.
Under the Pay As You Go system, owners may reduce their instalment income for an instalment period by the amount of farm management deposits made during that period. The reduction is limited to the amount that the owners can reasonably expect to deduct for the deposit for the income year in which the deposit is made. However, the instalment income for the period cannot be reduced below nil.
When a farm management deposit is repaid to an owner in an instalment period, the instalment income of the period will include the amount of the repayment. But the owner’s instalment income will only include so much of the repayment as will be included in the owner’s assessable income for the income year in which the repayment is made.
If neither the owner’s tax file number nor Australian Business Number has been quoted to the FMD provider that holds the deposit, the amount repaid will also be subject to withholding at a rate equal to the sum of the top marginal tax rate and the Medicare levy.
Important requirements for farm management deposits
Some of the requirements for farm management deposits are summarised below. There are also other requirements set out in the Income Tax Assessment Act 1997. A breach of some of the requirements will result in the deposit not being treated as a farm management deposit, and the tax benefits will be lost.
•
The owner must be an individual who is carrying on a primary production business in Australia when the deposit is made.
•
The deposit must be made by only one individual and on behalf of only one individual.
•
Rights of the depositor must not be transferable to another entity.
•
The deposit must not be used as security for any amount that the depositor or any other entity owes to the FMD provider or any other entity.
•
Interest or other earnings on the deposit must not be invested as a farm management deposit with the FMD provider without having first been paid to the depositor.
•
If the depositor requests in writing, the FMD provider must electronically transfer the deposit, or part of the deposit, to another FMD provider that agrees to accept it as a farm management deposit.
•
The FMD provider must not deduct any fees from the principal of a farm management deposit. However, it may charge fees on the deposit.
Repayment of farm management deposits
The tax benefits are not retained for deposit amounts repaid within the first 12 months after the deposit was made, unless the repayment is made:
(a)
because the owner:
(i)
dies; or
(ii)
becomes bankrupt; or
(iii)
ceases to carry on a primary production business in Australia and does not start carrying on such a business again within 120 days; or
(iv)
has requested the deposit, or part of the deposit, to be transferred to another FMD provider and the repayment relates to the transfer; or
(b)
because the circumstances specified in subsection 393‑40(3) of the Income Tax Assessment Act 1997 or in regulations made for the purposes of that subsection, relating to repayment in the event of severe drought, exist; or
(c)
because the circumstances specified in subsection 393‑40(3A) of the Income Tax Assessment Act 1997 or in regulations made for the purposes of that subsection, relating to repayment in the event of a natural disaster, exist.
Part 3Additional information3Additional information for the purposes of paragraph 393‑20.02(c)
(1)
For the purposes of paragraph 393‑20.02(c), a form used to apply to an FMD provider to make a farm management deposit must include statements setting out the additional information referred to in subclauses (2) to (8).

(2)
The amount that is the minimum deposit threshold (the amount stated in item 4 of the table in section 393‑35 of the Act).
(3)
The amount that is the maximum deposit limit (the amount stated in item 10 of the table in section 393‑35 of the Act).
(4)
An individual can own more than one farm management deposit, and can own farm management deposits with different FMD providers, but the sum of the balances of all of the farm management deposits of an owner claimed as a deduction must not be more than the maximum deposit limit.
(5)
The amount of any repayment of the deposit must be at least the amount stated in item 12 of the table in section 393‑35 of the Act, except where the entire amount of the deposit is repaid.
(6)
The deposit will not be deductible if taxable non‑primary production income for the year of income exceeds the amount stated in paragraph 393‑5(1)(d) of the Act.
(7)
If neither the owner’s tax file number nor Australian Business Number has been quoted to the FMD provider, any repayment will be subject to the withholding rate, which is the sum of:
(a)
the top marginal tax rate for the income year in the year of deposit; and
(b)
the Medicare levy.
Note 1: The top marginal tax rate is the maximum rate specified in the table in Part I of Schedule 7 to the Income Tax Rates Act 1986 that relates to the income year.
Note 2: The Medicare levy is specified in subsection 6(1) of the Medicare Levy Act 1986.
(8)
If the deposit is used to offset a liability to pay interest on debts to the FMD provider that do not wholly relate to a primary production business that the owner (or a partnership of which the owner is a partner) carries on, the owner is liable to an administrative penalty of up to 200% of that offset.

Schedule 2Translation of currency amounts – rules and other requirements

Note: See item 12 of the table in subsection 960‑50(6) of the Act, as modified, and section 960‑50.01 of this instrument.

Part 1Rules and requirements for item 12 of the table in subsection 960‑50(6) of the Act1Exchange rate – consistency with accounting standards used by entity

For the purposes of item 12 of the table in subsection 960‑50(6) of the Act, as modified by subsection 960‑50.01(2) of this instrument, if:
(a)
a financial report (within the meaning of the Corporations Act 2001) prepared by an entity:
(i)
complies with the accounting standards under the Corporations Act 2001; and
(ii)
translates amounts into Australian currency using particular exchange rates; and
(iii)
has been audited in accordance with the Corporations Act 2001; and
(b)
the entity, or another entity, wishes to translate an amount into Australian currency in accordance with that item, using the exchange rate used in that financial report to translate a corresponding amount;
the entity mentioned in paragraph (b) must translate all amounts into Australian currency using the exchange rates that were used in that financial report to translate corresponding amounts.

2Choice of daily exchange rate

(1)
For the purposes of item 12 of the table in subsection 960‑50(6) of the Act, as modified by subsection 960‑50.01(2) of this instrument, an entity may translate all amounts of a particular currency, relating to a particular day, into Australian currency using an exchange rate that is applicable at a time, on that day, chosen by the entity (a daily exchange rate).
(2)
If the entity chooses a daily exchange rate relating to a particular day, the entity must choose a daily exchange rate relating to each subsequent day in the income year using the same time of the day as the time to which the first daily exchange rate related.
(3)
However:
(a)
the entity is not permitted to translate amounts using a daily exchange rate if the use of the rate would not be appropriate having regard to the entity’s business or activities; and
(b)
the entity must obtain the rate from a source that is not an associate of the entity, and not the entity itself, unless the Commissioner notifies the entity that it may obtain the rate from one or more specified sources; and
(c)
the entity must translate amounts relating to the relevant day using that rate.
Example:If an entity is a trader that takes currency positions as part of its business, the use of a single exchange rate for its activities on a day would not be appropriate having regard to its business.
Note: For associate, see subsection 995‑1(1) of the Act.

3Choice of average exchange rate

(1)
For the purposes of item 12 of the table in subsection 960‑50(6) of the Act, as modified by subsection 960‑50.01(2) of this instrument, an entity may, in a period, translate an amount into Australian currency using an exchange rate that is an average of all of the exchange rates that are applicable during a period, not exceeding 12 months, that is chosen by the entity (an average exchange rate).
(2)
However:
(a)
the entity is not permitted to translate an amount using an average exchange rate unless it appears to the entity on reasonable grounds that the rate would be a reasonable approximation of the exchange rate or rates that the entity would have used if the entity had used the exchange rate required by another appropriate item of the table in subsection 960‑50(6) of the Act; and
(b)
the entity must obtain:
(i)
all of the exchange rates that it will use to work out the average exchange rate; or
(ii)
an average exchange rate that has been worked out for a particular period;
from one or more sources that are not associates of the entity, and not the entity itself, unless the Commissioner notifies the entity that it may obtain the rate or rates from one or more specified sources; and
(c)
the entity must translate amounts relating to the relevant period using the rate.
Note 1: Item 12 of the table in subsection 960‑50(6) of the Act is available as an alternative to the special translation rules in items 1 to 11A (inclusive) in that table. Therefore, this subclause requires the entity to consider whether using the translation rules in item 12 would lead to a reasonable approximation with the translation rules in another appropriate item of the table.
Note 2: For associate, see subsection 995‑1(1) of the Act.

Part 2—Translation of foreign currency amounts into Australian currencyrules and requirements for item 11A of the table in subsection 960‑50(6) of the Act4Exchange rate – consistency with an entity’s financial records

For the purposes of item 11A of the table in subsection 960‑50(6) of the Act, as modified by subsection 960‑50.01(2) of this instrument, if:
(a)
an entity keeps financial records (within the meaning of the Corporations Act 2001) of the exchange rates that the entity uses to translate amounts into Australian currency; and
(b)
the entity, or another entity, translates an amount to which the records correspond into Australian currency in accordance with item 11A;
the exchange rate that the entity mentioned in paragraph (b) uses must be the same as the exchange rate specified in those records for translating the amount into Australian currency.

Schedule 3Approved stock exchanges

Note: See section 995‑1.02.

1Approved stock exchanges

The following table specifies approved stock exchanges for the purposes of section 995‑1.02.

Approved stock exchanges
Item	Approved stock exchange
Argentina
1	Buenos Aires Stock Exchange
Australia
2	ASX, also known as Australian Securities Exchange
3	Chi‑X Australia
4	National Stock Exchange of Australia
5	SSX, also known as Sydney Stock Exchange
Austria
6	Vienna Stock Exchange
Belgium
7	Euronext Brussels
Bermuda
8	Bermuda Stock Exchange
Brazil
9	B3, also known as B3 S.A.—Brasil, Bolsa, Balcão
Canada
10	Montréal Exchange
11	Toronto Stock Exchange
12	TSX Venture Exchange
Chile
13	Santiago Exchange
China
14	Shanghai Stock Exchange
15	Shenzhen Stock Exchange
Colombia
16	Colombia Securities Exchange
Denmark
17	Nasdaq Copenhagen
Finland
18	Nasdaq Helsinki
France
19	Euronext Paris
Germany
20	Berlin Stock Exchange
21	Dusseldorf Stock Exchange
22	Frankfurt Stock Exchange
23	Hamburg Exchange
24	Hannover Stock Exchange
25	Munich Stock Exchange
26	Stuttgart Stock Exchange
Greece
27	Athens Exchange
Hong Kong
28	Hong Kong Stock Exchange
Hungary
29	Budapest Stock Exchange
India
30	Bombay Stock Exchange
31	Calcutta Stock Exchange
32	National Stock Exchange of India
Indonesia
33	Indonesia Stock Exchange
Ireland
34	Euronext Dublin
Israel
35	Tel Aviv Stock Exchange
Italy
36	Italian Stock Exchange
Jamaica
37	Jamaica Stock Exchange
Japan
38	Fukuoka Stock Exchange
39	Nagoya Stock Exchange
40	Osaka Securities Exchange
41	Sapporo Securities Exchange
42	Tokyo Stock Exchange
Korea, Republic of
43	Korea Exchange
Luxembourg
44	Luxembourg Stock Exchange
Malaysia
45	Bursa Malaysia
Mexico
46	Mexican Stock Exchange
Netherlands
47	Euronext Amsterdam
New Zealand
48	NZX, also known as New Zealand’s Exchange
Nigeria
49	The Nigerian Stock Exchange
Norway
50	Oslo Stock Exchange
Pakistan
51	Pakistan Stock Exchange Limited
Peru
52	Lima Stock Exchange
Philippines
53	The Philippine Stock Exchange Inc.
Poland
54	Warsaw Stock Exchange
Portugal
55	Euronext Lisbon
Serbia
56	Belgrade Stock Exchange
Singapore
57	Singapore Exchange
Slovakia
58	Bratislava Stock Exchange
Slovenia
59	Ljubljana Stock Exchange
South Africa
60	Johannesburg Stock Exchange
Spain
61	Barcelona Stock Exchange
62	Bilbao Stock Exchange
63	Madrid Stock Exchange
64	Valencia Stock Exchange
Sri Lanka
65	Colombo Stock Exchange
Sweden
66	Nasdaq Stockholm
Switzerland
67	SIX Swiss Exchange
Taiwan
68	Taiwan Stock Exchange Corporation
Thailand
69	The Stock Exchange of Thailand
Trinidad and Tobago
70	Trinidad and Tobago Stock Exchange
Turkey
71	Istanbul Stock Exchange
United Kingdom
72	London Stock Exchange
United States
73	Chicago Stock Exchange
74	NASDAQ OMX BX
75	NASDAQ OMX PHLX
76	NASDAQ Stock Market
77	NYSE, also known as New York Stock Exchange
78	NYSE American
79	NYSE American Options
80	NYSE Arca Equities
81	NYSE Arca Options
82	NYSE National
Uruguay
83	Montevideo Stock Exchange
Venezuela
84	Caracas Stock Exchange
Zimbabwe
85	Zimbabwe Stock Exchange Limited

Endnotes

Endnote 1About the endnotes

The endnotes provide information about this compilation and the compiled law.

The following endnotes are included in every compilation:

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Abbreviation key—Endnote 2

The abbreviation key sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history—Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Editorial changes

The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration. The changes must not change the effect of the law. Editorial changes take effect from the compilation registration date.

If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel.

Misdescribed amendments

A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.

If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and “(md not incorp)” is added to the amendment history.

Endnote 2Abbreviation key

ad = added or inserted	orig = original
am = amended	p = page(s)
amdt = amendment	para = paragraph(s)/subparagraph(s)
C[x] = Compilation No. x	/sub‑subparagraph(s)
ch = Chapter(s)	pres = present
cl = clause(s)	prev = previous
cont. = continued	(prev…) = previously
def = definition(s)	pt = Part(s)
Dict = Dictionary	r = regulation(s)/Court rule(s)
disallowed = disallowed by Parliament	reloc = relocated
div = Division(s)	renum = renumbered
ed = editorial change	rep = repealed
exp = expires/expired or ceases/ceased to have	rs = repealed and substituted
effect	s = section(s)/subsection(s)
gaz = gazette	/rule(s)/subrule(s)/order(s)/suborder(s)
LA = Legislation Act 2003	sch = Schedule(s)
LIA = Legislative Instruments Act 2003	SLI = Select Legislative Instrument
(md) = misdescribed amendment can be given	SR = Statutory Rules
effect	sub ch = Sub‑Chapter(s)
(md not incorp) = misdescribed amendment	sub div = Subdivision(s)
cannot be given effect	sub pt = Subpart(s)
mod = modified/modification	underlining = whole or part not
No. = Number(s)	commenced or to be commenced
Ord = Ordinance

Endnote 3Legislation history

Name	Registration	Commencement	Application, saving and transitional provisions
Income Tax Assessment (1997 Act) Regulations 2021	4 Mar 2021 (F2021L00206)	1 Apr 2021 (s 2(1) item 1)
Treasury Laws Amendment (Miscellaneous and Technical Amendments) Regulations 2021	25 June 2021 (F2021L00848)	sch 1 (items 17‑19): 1 July 2021 (s 2(1) item 5)	—
Treasury Laws Amendment (KiwiSaver Scheme) Regulations 2021	26 Nov 2021 (F2021L01616)	sch 1 (items 1‑3): 11 Dec 2021 (s 2(1) item 2)	—
Treasury Laws Amendment (Enhancing Superannuation Outcomes) Regulations 2022	3 Mar 2022 (F2022L00241)	sch 1 (item 1): 1 Apr 2022 (s 2(1) item 1)	—
Treasury Laws Amendment (Allowing Commutation of Certain Income Streams) Regulations 2022	4 Apr 2022 (F2022L00511)	sch 1 (items 1, 2): 5 Apr 2022 (s 2(1) item 1)	—
Treasury Laws Amendment (Miscellaneous and Technical Amendments) Regulations 2022	12 Dec 2022 (F2022L01627)	sch 1 (item 13): 13 Dec 2022 (s 2(1) item 2)	—
Income Tax Assessment Amendment (Junior Minerals Exploration Incentive) Regulations 2023	6 Feb 2023 (F2023L00087)	7 Feb 2023 (s 2(1) item 1)	—
Treasury Laws Amendment (Military Superannuation Benefits) Regulations 2023	23 June 2023 (F2023L00846)	sch 1 (items 1‑3, 5): 24 June 2023 (s 2(1) item 1)	—
Income Tax Assessment Amendment (Junior Minerals Exploration Incentive) Regulations 2024	20 Feb 2024 (F2024L00189)	21 Feb 2024 (s 2(1) item 1)	—
Income Tax Assessment Amendment (Superannuation) Regulations 2024	5 July 2024 (F2024L00857)	6 July 2024 (s 2(1) item 1)	—
Income Tax Assessment Amendment (Transfer Balance Account Value for Certain Superannuation Income Streams) Regulations 2024	16 Aug 2024 (F2024L01023)	17 Aug 2024 (s 2(1) item 1)	—
Treasury Laws Amendment (Legacy Retirement Product Commutations and Reserves) Regulations 2024	6 Dec 2024 (F2024L01596)	sch 1 (items 11‑21): 7 Dec 2024 (s 2(1) item 1)	—
Family and Other Laws (Superannuation) (Repeal and Consequential Amendments) Regulations 2025	24 Feb 2025 (F2025L00179)	sch 1 (item 4): 1 Apr 2025 (s 2(1) item 1)	—
Income Tax Assessment (1997 Act) Amendment (Term Subordinated Note) Regulations 2025	16 Oct 2025 (F2025L01248)	17 Oct 2025 (s 2(1) item 1)	—

Act (Register ID)	Number and year	Assent	Commencement	Application, saving and transitional provisions
Treasury Laws Amendment (2022 Measures No. 4) Act 2023 (C2023A00029)	29, 2023	23 June 2023	sch 9 (items 1‑4): 24 June 2023 (s 2(1) item 5)	sch 9 (item 4)

Act

(Register ID)

Number and year

Assent

Commencement

Application, saving and transitional provisions

Treasury Laws Amendment (2022 Measures No. 4) Act 2023 (C2023A00029)

29, 2023

23 June 2023

sch 9 (items 1‑4): 24 June 2023 (s 2(1) item 5)

sch 9 (item 4)

Endnote 4Amendment history

Provision affected	How affected
Chapter 1
s 2.............................................	rep LA s 48D
Chapter 2
Part 2‑5
Division 31
s 31‑15.07..................................	am F2022L01627
Chapter 3
Part 3‑30
Division 290
Subdivision 290‑C
s 290‑165.01...............................	ad F2022L00241
Division 291
Subdivision 291‑B
s 291‑25.01.................................	am F2021L00848; F2024L01596
Division 292
Subdivision 292‑C
s 292‑90.01.................................	am F2024L01596
s 292‑90.02.................................	ad F2024L01596
Division 294
Subdivision 294‑B
s 294‑25.02.................................	ad F2022L00511
s 294‑25.03.................................	ad F2024L00857
Subdivision 294‑C
s 294‑80.02A..............................	ad F2022L00511
s 294‑80.02B..............................	ad F2024L01023
Subdivision 294‑D
s 294‑130.01...............................	am F2023L00846
s 294‑135.01...............................	am F2024L01023
Division 301
Subdivision 301‑D
s 301‑170.01...............................	am F2021L01616
Division 307
Subdivision 307‑A
s 307‑5.01..................................	am F2025L00179
Subdivision 307‑B
s 307‑70.02.................................	am Act No 29, 2023
Subdivision 307‑C
s 307‑125.03...............................	ad F2023L00846
Part 3‑45
Division 418
Division 418...............................	ad F2023L00087
Subdivision 418‑DA
s 418‑103.01...............................	ad F2023L00087
s 418‑103.02...............................	ad F2024L00189
Chapter 6
Part 6‑1
s 974‑135.05...............................	am F2025L01248
Part 6‑5
s 995‑1.01..................................	am F2024L01596
Chapter 7
Part 1000‑1
s 1000‑1.08.................................	am F2021L01616
Part 1000‑2
Part 1000‑2.................................	ad F2021L00848
s 1000‑2.01.................................	ad F2021L00848
Part 1000‑3
Part 1000‑3.................................	ad Act No 29, 2023
s 1000‑3.01.................................	ad Act No 29, 2023
s 1000‑3.02.................................	ad Act No 29, 2023
s 1000‑3.03.................................	ad Act No 29, 2023
Part 1000‑4
Part 1000‑4.................................	ad F2023L00846
s 1000‑4.01.................................	ad F2023L00846
s 1000‑4.02.................................	ad F2023L00846
s 1000‑4.03.................................	ad F2023L00846
Part 1000‑5
Part 1000‑5.................................	ad F2024L00857
s 1000‑5.01.................................	ad F2024L00857
Part 1000‑6
Part 1000‑6.................................	ad F2024L01023
s 1000‑6.01.................................	ad F2024L01023
s 1000‑6.02.................................	ad F2024L01023
s 1000‑6.03.................................	ad F2024L01023
Part 1000‑7
Part 1000‑7.................................	ad F2024L01596
s 1000‑7.01.................................	ad F2024L01596
Part 1000‑9
Part 1000‑9.................................	ad F2025L01248
s 1000‑9.01.................................	ad F2025L01248

Cost of natural increase of live stock
Item	Column 1 Class of live stock	Column 2 Cost $
1	cattle	20.00
2	deer	20.00
3	emus	8.00
4	goats	4.00
5	horses	20.00
6	pigs	12.00
7	poultry	0.35
8	sheep	4.00