Income Tax Regulations (Amendment) (Cth)
__________________
I, The Governor-General of the Commonwealth of Australia, acting with the advice of the
Federal Executive Council, make the following Regulations under the
Dated 20 December 1994.
BILL HAYDEN
Governor-General
By His Excellency’s Command,
PAUL ELLIOTT
to the Treasurer
for the Treasurer
____________
1 July 1994.
2.1 The Income Tax Regulations are amended as set out in these Regulations.
3.1 After Part 5, insert:
“
“
“46
(1) In this Part, unless the contrary intention appears:
‘
‘
(a) if the eligible service period in relation to the ETP, pension or annuity commenced on or after 1 July 1990—the number obtained by dividing the sum of:
(i) 7 times $46,640 or, if the person’s HAS is less than $46,640, 7 times the person’s HAS ; and
(ii) 5 times the part (if any) of the person’s HAS that exceeds $46,640 but does not exceed $86,610; and
(iii) 3 times the part (if any) of the person’s HAS that exceeds $86,610;
by the person’s HAS; or
(b) in any other case—the number worked out using the formula:
x
where:
‘OLD SP’ means the number worked out by dividing the number of days in the relevant eligible service period that occurred before 1 July 1990 by the total number of days in the relevant eligible service period; and
‘OLD RBM’ means the multiple applicable to the benefit under Schedule 2A; and
‘NEW SP’ means the number worked out by dividing the number of days in the relevant eligible service period that occurred on or after 1 July 1990 by the total number of days in the relevant eligible service period; and
‘NEW RBM’ means the number that would be the person’s lump sum reasonable benefit multiple if the relevant eligible service period had commenced on or after 1 July 1990;
(a) if the eligible service period in relation to the benefit commenced on or after 1 July 1990—the number worked out using the formula:
where:
‘M’ means the sum of:(i) 0.75 times $46,640 or, if the person’s HAS is less than $46,640, 0.75 times the person’s HAS; and
(ii) 0.55 times the part (if any) of the person’s HAS that exceeds $46,640 but does not exceed $86,610; and
(iii) 0.35 times the part (if any) of the person’s HAS that exceeds $86,610; or
(b) in any other case—the number worked out using the formula:
where:
‘OLD SP’ means the number worked out by dividing the number of days in the relevant eligible service period that occurred before 1 July 1990 by the total number of days in the relevant eligible service period; and
‘OLD RBM’ means the multiple applicable to the benefit under Schedule 2A; and
‘NEW SP’ means the number worked out by dividing the number of days in the relevant eligible service period that occurred on or after 1 July 1990 by the total number of days in the relevant eligible service period; and
‘NEW RBM’ means the number that would be the person’s pension reasonable benefit multiple if the relevant eligible service period commenced on or after 1 July 1990;
(a) subject to paragraph (k), other earnings; and
(b) the amount that would be the value of a benefit to which section 57, 57A or 58 of the
Fringe Benefits Tax Assessment Act 1986 applies if that benefit were not an exempt benefit; and(c) a payment made by a company by way of remuneration to a director of the company; and
(d) in the case of a person who is an Australian citizen, or a resident of Australia—any amounts paid to the person from a source outside Australia that would fall within this definition if they had been paid from a source in Australia;
but does not include:
(e) a distribution from a trust estate; or
(f) allowances to cover expenses incurred on behalf of the person’s employer or business; or
(g) any ETP; or
(h) a superannuation pension or an annuity; or
(j) a payment to which section 26AC or 26AD of the Act applies; or
(k) earnings on investments;
For the purposes of the definitions of ‘lump sum reasonable benefit multiple’ and ‘pension reasonable benefit multiple’, if a person has more than 1 benefit entitlement, the person’s relevant eligible service period for transitional RBL purposes is taken to have started on the earliest date of the longest eligible service period in relation to the person’s benefit entitlements.
For the purposes of the definition of ‘salary’ in subregulation (1):
(a) amounts to which paragraph (d) of that definition applies are to be converted into Australian currency at the rate that is the average of the exchange rates for the currency in which the foreign source amounts were paid at the start, and at the end, of the financial year in which the amounts were paid; and
(b) if a person carries on a business (either alone or in partnership with another person):
(i) the person’s salary is to be increased by the person’s share of the net business income; or
(ii) the person’s salary is to be decreased by the person’s share of the net business losses; and
(c) if:
(i) a person is an associate of the person’s employer; and
(ii) the person’s salary is greater or lesser than the amount (in this paragraph called the
‘arm’s length salary’ ) that would, in the opinion of the Commissioner, acting in accordance with subregulation (4), be the person’s salary if the person had not been an associate of the employer;the person’s salary for the purposes of this Part is taken to be the arm’s length salary.
In determining the arm’s length salary under subregulation (3), the Commissioner is to have regard to:
(a) the nature of the work performed; and
(b) the hours worked; and
(c) the salary that would be payable to a person who is not an associate of the employer for performing similar work for similar hours; and
(d) any other relevant matters.
Subject to subregulation (6), the amount of vested superannuation benefits in relation to a person is the sum of:
(a) if the person has a benefit entitlement, in the form of a lump sum, in a superannuation fund or an ADF—the greatest of the following amounts:
(i) the RBL amount (worked out under section 140ZH of the Act) of the person’s accumulated benefit on 30 June 1994;
(ii) the RBL amount (worked out under that section) of the benefit payable to the person if he or she resigned on 30 June 1994;
(iii) the RBL amount (worked out under that section) of the benefit payable to the person if he or she became redundant on that date;
(b) if the person has a benefit entitlement, in the form of a deferred annuity, in a life assurance company or a registered organisation—the RBL amount (calculated under section 140ZI of the Act) of the benefit payable to the person if he or she commuted the entitlement on 30 June 1994;
(c) if the person has a benefit entitlement, in the form of a lump sum, payable under a contract of employment—the greater of the following amounts:
(i) the RBL amount (worked out under section 140ZJ of the Act) of the benefit payable to the person under the contract if he or she resigned on 30 June 1994;
(ii) the RBL amount (worked out under that section) of the benefit payable to the person under the contract if he or she became redundant on that date;
(d) if the person has a benefit entitlement, in the form of a pension that has not become payable, in a superannuation fund—the greatest of the following amounts:
(i) the RBL amount (worked out under section 140ZK of the Act) of the amount of the person’s accumulated benefit on 30 June 1994;
(ii) the RBL amount (worked out under that section) of the capital value of the benefit payable to the person if he or she resigned on 30 June 1994;
(iii) the RBL amount (worked out under that section) of the capital value of the benefit payable to the person if he or she became redundant on that date.
For the purposes of subregulation (5), there must be added to an amount worked out in accordance with that subregulation in relation to a person the sum of adjusted RBL amounts of previous benefits in relation to the person, where that sum is worked out:
(a) in accordance with subsection 140ZA (4) of the Act; and
(b) on the basis that, in using the formula in the subsection to work out the portion, the ‘second-last quarter’ in the formula is the quarter ending on 30 June 1994; and
(c) on the basis that subsection 140ZA (5) of the Act does not apply.
Unless the contrary intention appears, a term defined in section 140C of the Act and not defined in this regulation has the same meaning in this Part as it has, under that section, in Division 14 of Part III of the Act.
“48
(a) if the benefit is in a superannuation fund or an ADF in the form of a lump sum—the payment of the lump sum to which the person would be entitled if he or she ceased on 30 June 1994 to be a member of the superannuation fund or ADF is taken to be the retained amount of an ETP;
(b) if the benefit is in a superannuation fund in the form of a pension—the entitlement to the pension that would accrue to the person if he or she ceased on 30 June 1994 to be a member of the fund is taken to commence on 1 July 1994;
(c) if the benefit is a deferred annuity in a life assurance company or a registered organisation—the lump sum to which the person would be entitled if he or she commuted the annuity entitlement on 30 June 1994 is taken to be the retained amount of an ETP;
(d) if the benefit is a lump sum payable under a contract of employment—the lump sum to which the person would be entitled if the employment terminated on 30 June 1994 is taken to be the retained amount of an ETP that is paid after 30 June 1994.
(1)For the purposes of the definition of ‘HAS’ in subregulation 47 (1), where a person has earned salary but not during 3 consecutive financial years, that definition applies to:
(a) if the person has earned salary for at least 2 full consecutive financial years—the person’s average salary for those 2 years; or
(b) if the person has earned salary for at least one full financial year but less than 2 full consecutive financial years—the person’s salary for that financial year; or
(c) in any other case—the person’s final annualised salary.
Subject to this regulation, if the period of a person’s HAS does not include the financial year 1993-1994:
(a) the HAS is multiplied by the index number for the quarter ending on 30 June 1994; and
(b) the product of that multiplication is divided by the index number for the last quarter in the period of the person’s HAS.
Subregulation (2) does not apply to a person in relation to a benefit if that subregulation would result in a reduction of the person’s HAS.
Where an amount worked out under subregulation (2) is not a multiple of $10, it is to be increased to the nearest multiple of $10.
This Division applies subject to Division 1.
[NOTE: In particular, provisions in this Division concerning the amount of a person’s transitional RBL must be read subject to any applicable provision of regulations 47 to 49.]
The Commissioner may determine that, because of special circumstances, a person’s transitional lump sum RBL or transitional pension RBL is to be an amount that is higher than it would be under another provision of this Part.
(1) In this regulation, ‘
An eligible person has a transitional lump sum RBL if:
(a) the amount of the person’s vested superannuation benefits as at 30 June 1994 exceeds $400,000; and
(b) the amount of the person’s HAS-based lump sum RBL exceeds $400,000.
Subject to regulation 53B, if a person has a transitional lump sum RBL under subregulation (2), the amount of that RBL is the lesser of:
(a) the amount of the person’s vested superannuation benefits as at 30 June 1994; and
(b) the amount of the person’s HAS-based lump sum RBL.
An eligible person has a transitional pension RBL if:
(a) the amount of the person’s vested superannuation benefits as at 30 June 1994 exceeds $800,000; and
(b) the amount of the person’s HAS-based pension RBL exceeds $800,000.
Subject to regulation 53B, if a person has a transitional pension RBL under subregulation (4), the amount of that RBL is the lesser of:
(a) the amount of the person’s vested superannuation benefits as at 30 June 1994; and
(b) the amount of the person’s HAS-based pension RBL.
(1) In this regulation, ‘
(a) after 1 July 1944; and
(b) on or before 1 July 1949.
An eligible person has a transitional lump sum RBL if:
(a) the amount of the person’s HAS-based lump sum RBL exceeds $400,000; and
(b) an amount exceeding $400,000 is obtained by adding:
(i) the amount of the person’s vested superannuation benefit; and
(ii) the amount calculated in accordance with the following formula:
where
N is the number of days by which the person’s age on 1 July 1994 exceeds the person’s age on his or her 45th birthday.
[NOTE: The number ‘1826’ in the formula is the number of days in the period commencing on 1 July 1944 and ending on 30 June 1949.]
Subject to regulation 53B, if an eligible person has a transitional lump sum RBL under subregulation (2), the amount of that RBL is the lesser of:
(a) the amount worked out, in relation to the person, under paragraph (2) (b); and
the person’s HAS-based lump sum RBL.
An eligible person has a transitional pension RBL if:
(a) the amount of the person’s HAS-based pension RBL exceeds $800,000; and
(b) an amount exceeding $800,000 is obtained by adding:
(i) the amount of the person’s vested superannuation benefit; and
(ii) the amount calculated in accordance with the following formula:
where
N is the number of days by which the person’s age on 1 July 1994 exceeds the person’s age on his or her 45th birthday.
[NOTE: The number ‘1826’ in the formula is the number of days in the period commencing on 1 July 1944 and ending on 30 June 1949.]
Subject to regulation 53B, if an eligible person has a transitional pension RBL under subregulation (4), the amount of that RBL is the lesser of:
(a) the amount worked out, in relation to the person, under paragraph (4) (b); and
(b) the person’s HAS-based pension RBL.
(1) In this regulation, ‘
An eligible person has a transitional lump sum RBL if the amount of the person’s HAS-based lump sum RBL exceeds $400,000.
Subject to regulation 53B, if an eligible person has a transitional lump sum RBL under subregulation (2), the amount of that RBL is the amount of the person’s HAS-based lump sum RBL.
An eligible person has a transitional pension RBL if the amount of the person’s HAS-based pension RBL exceeds $800,000.
Subject to regulation 53B, if an eligible person has a transitional pension RBL under subregulation (4), the amount of that RBL is the amount of the person’s HAS-based pension RBL.
(1) If:
(a) an ETP is paid to a person on a day (the ‘ETP day’) occurring before the person’s 55th birthday; or
(b) a superannuation pension or annuity that does not meet the pension and annuity standards is paid to a person with a commencement day occurring before the person’s 55th birthday;
the person’s transitional lump sum RBL worked out in accordance with subregulation 52 (3), 53 (3) or 53A (3) is discounted by 2.5% for each whole year in the period:
(c) beginning on the birthday of the recipient immediately before the ETP day or the commencement day or, if the ETP day or the commencement day falls on the birthday of the recipient, on that birthday; and
(d) ending immediately before the day that is or will be the recipient’s 55th birthday.
The amount of transitional lump sum RBL or transitional pension RBL that applies to a person under regulation 52, 53 or 53A (reduced, where applicable, under subregulation (1)) is:
(a) in the case of the 1994-1995 year of income—the amount of transitional lump sum RBL or transitional pension RBL; or
(b) in the case of a later year of income—the amount that, under subsection 140ZD of the Act would replace the amount of transitional lump sum RBL or transitional pension RBL, on the basis that the indexable amount for the purposes of that subsection is:
(i) the amount of transitional lump sum RBL or transitional pension RBL; or
(ii) if that amount has been previously altered in accordance with this paragraph, the amount or the latest amount (as the case requires) obtained by that alteration.
This regulation applies subject to regulations 53C and 53D.
(1) Where:
(a) the Commissioner is to make a determination under section 140R or 140T of the Act in relation to a benefit paid, or commencing to be paid, to the person; and
(b) on 15 February 1990 an amount was held in relation to the person by:
(i) an ADF, other than a continuously non-complying ADF, in respect of an amount deposited with the ADF on or before that date; or
(ii) a life assurance company or a registered organisation in respect of a rolled-over amount deposited with the company or organisation on or before that date;
the amount of the person’s transitional lump sum RBL or transitional pension RBL is the greater of:
(c) the amount of the person’s transitional lump sum RBL or transitional pension RBL, worked out in accordance with subregulation 53B (2);
and:
(d) subject to subregulations (2) and (3), if the person was at least 50 years old on 15 February 1990—the sum of:
(i) the aggregate of the rolled-over amounts held in ADFs, life assurance companies or registered organisations on behalf of the person on that day; and
(ii) the amount of earnings that have accrued after that day on those amounts while held in those funds, companies or organisations or in:
(A) other ADFs, life assurance companies or registered organisations; or
(B) superannuation funds; and
(iii) the amount of earnings on the amount referred to in subparagraph (ii); or
(e) in any other case—the aggregate of the rolled-over amounts held in ADFs, life assurance companies or registered organisations on behalf of the person on that day.
“(2)For the purposes of subparagraph (1) (d) (ii), earnings are to be taken to accrue on amounts rolled-over to a superannuation fund and used to provide defined benefits at the rate of 10% annually.
For the purposes of applying paragraph (1) (d) to a person, where:
(a) after 15 February 1990, an amount is paid out of a superannuation fund, an ADF, life assurance company or registered organisation in respect of the person; and
(b) after that day the person rolled-over an amount to the fund, company or organisation (not being an amount that was held in another ADF, life assurance company or registered organisation on behalf of the person on that day);
the amount referred to in paragraph (a) is taken to be applied first in reduction of the amount referred to in paragraph (b), and any earnings attributable to that amount, before being applied in reduction of the amount that was held in the fund, company or organisation on that day.
“53D. Where:
(a) the Commissioner is to make a determination under section 140R or 140T of the Act in relation to a superannuation pension that:
(i) has commenced to be paid to a person; and
(ii) is payable under rules that meet the pension and annuity standards; and
(b) the pension is payable by a superannuation fund of which the person was a member on 15 August 1989;
the amount of the person’s transitional lump sum RBL or transitional pension RBL is the greater of:
(c) the amount of the person’s transitional lump sum RBL or transitional pension RBL, worked out in accordance with subregulation 53B (2);
and:
(d) the capital value of the pension under the governing rules of the fund as at 15 August 1989.
A person who, under regulation 52, 53 or 53A is an eligible person, must register a transitional RBL with the Commissioner:
(a) not later than 31 December 1996; or
(b) if in a particular case the Commissioner allows registration at a later date—by that date.
“53F.Registration under regulation 53E must be in a form approved by the Commissioner for the purpose.
In this Division:
For the purposes of the definition of ‘pension valuation factor’ in section 140C of the Act, the factor mentioned in the definition is to be ascertained in accordance with Schedule 1B of the SIS Regulations.
For the purposes of section 140L of the Act, a pension or an annuity is treated as meeting the pension and annuity standards mentioned in that section if it meets the standards set out:
(a) in the case of a pension—in subsection 1.06 (2) of the SIS Regulations; or
(b) in the case of an annuity—in subsection 1.05 (2) of the SIS Regulations.
For the purposes of subsection 140M (1) of the Act, the information that a payer mentioned in that section must give to the Commissioner is the information specified in Schedule 2B.
For the purposes of subsection 140Q (1) of the Act, the information that a payer mentioned in that section must give to the Commissioner is the information specified in Schedule 2B.
So far as the provisions of Division 1 of Part 5A are relevant, those provisions apply:
(a) subject to clause 1 of Schedule 2A—in relation to that Schedule; and
(b) in relation to Schedule 2B.”.
4.1 After Schedule 2, insert the following Schedules:
CALCULATION OF OLD RBM
1. In this Schedule:
(a) amounts that have not vested in the member; and
(b) if the fund is sponsored by the employer of the member:
(i) any amount paid by the employer in accordance with a prescribed agreement or award; and
(ii) the amount of the net earnings of the fund in respect of an amount referred to in subparagraph (i);
(a) 25 May 1988; or
(b) the day when the fund was constituted (if the fund was constituted after 25 May 1988 but before 1 July 1990);
means the number worked out by multiplying the multiple applicable to the pension under the governing rules of the superannuation fund concerned by the pension valuation factor applicable to the pension as at the retirement age applicable to the fund;
(a) the amount of the relevant person’s salary:
(i) at the date of the person’s retirement from the workforce; or
(ii) on a day before that date; or
(iii) averaged over a period of employment before retirement;
(b) a specified amount;
(a) providing pensions; and
(b) rolling-over amounts to purchase annuities on behalf of members;
(a) the greatest lump sum multiple; or
(b) the greatest converted pension multiple; or
(c) the greatest combination of a lump sum multiple and a converted pension multiple;
that could have been applicable to the person at any time up to the retirement age of the fund under the governing rules of the fund as at:
(d) 25 May 1988; or
(e) the day when the fund was constituted (if the fund was constituted after 25 May 1988 but before 1 July 1990);
(a) to which section 23F of the Act would have applied on:
(i) 25 May 1988; or
(ii) the day when the fund was constituted (if the fund was constituted after 25 May 1988 but before 1 July 1990);
if that section had not been repealed; and
(b) that the Commissioner or the Insurance and Superannuation Commission had approved in writing to provide benefits for a person in excess of the reasonable benefit limits that were current as at 25 May 1988;
(a) by a law of the Commonwealth or of a State or Territory; or
(b) under the authority of:
(i) the Commonwealth or the government of a State or Territory; or
(ii) a municipal corporation, another local governing body or a public authority constituted by or under a law of the Commonwealth or of a State or Territory;
(a) in the case of a defined benefit:
(i) if the governing rules of the superannuation fund as at:
(A) 25 May 1988; or
(B) the day when the fund was constituted (if the fund was constituted after 25 May 1988 but before 1 July 1990);
specified a maximum retirement age—that age; or
(ii) where that defined benefit is based on a period of service:
(A) if the fund is not a lump sum fund—the age of the member at which the highest value is obtained by multiplying the pension multiple applicable to him or her under those rules on the relevant date under subparagraph (i) by the relevant pension valuation factor; or
(B) if the fund is a lump sum fund—the age of the member at which the greatest lump sum multiple is so applicable; or
(C) if the fund is not a lump sum fund but does not provide pension benefits—the age of the member at which the greatest lump sum multiple is so applicable; and
(b) in the case of a benefit that is not a defined benefit:
(i) if the governing rules of the superannuation fund as at:
(A) 25 May 1988; or
(B) the day when the fund was constituted (if the fund was constituted after 25 May 1988 but before 1 July 1990);
specified a maximum retiring age—that age; or
(ii) 65 years;
[NOTE: For the interpretation of this Schedule, see also regulation 53M.]
2.Subject to the following provisions of this Schedule, the old RBM applicable to a person in relation to a benefit entitlement for transitional RBL purposes is:
(a) if the benefit is to be assessed against the lump sum RBL—7; or
(b) if the benefit is to be assessed against the pension RBL—11.25.
3.(1)An old RBM greater than the old RBM specified in clause 2 may be applicable to a person in relation to a benefit entitlement in a public sector fund or a private sector fund if the person was a member of the fund on 30 June 1990.
An old RBM greater than the old RBM specified in clause 2 may also be applicable to a person in relation to a benefit entitlement if:
(a) the benefit:
(i) is payable by an ADF, a life assurance company, a registered organisation or a superannuation fund; and
(ii) consists, in whole or in part, of an ETP rolled-over from a public sector superannuation fund or a private sector fund (in this clause called the
‘original fund’ ); and(b) the whole of the ETP, other than any part that consisted of undeducted contributions or concessional components, from the original fund was rolled-over; and
(c) the person was a member of the original fund on 30 June 1990 or ceased to be such a member after 15 February 1990 and before 1 July 1990.
4.The old RBM applicable to a person in relation to:
(a) a defined benefit entitlement in a defined benefit superannuation fund to which subclause 3 (1) applies; or
(b) a benefit entitlement in an ADF, a life assurance company, a registered organisation or a superannuation fund to which subclause 3 (2) applies where the benefit paid by the original fund referred to in that subclause was a defined benefit;
is the greater of:
(c) the person’s maximum fund multiple:
(i) as at 30 June 1990; or
(ii) if a higher maximum fund multiple was applicable to the person as at an earlier date—as at the earlier date; or
(d) the base old RBM.
5. (1)The old RBM applicable to a person in relation to a benefit entitlement in:
(a) a fund of a kind referred to in subclause 3 (1) that does not provide defined benefits; or
(b) an ADF, a life assurance company, a registered organisation or a superannuation fund to which subclause 3(2) applies where the original fund referred to in that subclause only provided benefits that are not defined benefits;
is the greater of:
(c) the multiple calculated under clause 6 or clause 7; or
(d) the base old RBM.
For the purposes of subclause (1), a fund:
(a) may calculate the old RBM for all of its members under either clause 6 or clause 7; and
(b) must make the calculation under one of those clauses.
6. (1) Subject to subclause (2), the calculation by method 1 is to be made in relation to a person using the formula:
where:
(a) in the case of a person who is a member of the fund as a result of having deferred any of his or her benefits in that fund—0; or
(b) in any other case—the total proportion of the person’s salary (expressed as a decimal number) that was:
(i) contributed to the fund during the financial year ending on 30 June 1990 (including any employer contributions); or
(ii) the highest proportion contributed to the fund during any earlier financial year (including any employer contributions);
whichever is the higher, and includes any amount paid by the employer in accordance with a prescribed agreement or award; and
(a) if that person:
(i) was a member of the fund on 1 July 1990; and
(ii) had deferred any of his or her benefits in the fund before 1 July 1990;
by dividing the person’s account balance on 1 July 1990 by an amount obtained by:
(iii) multiplying the person’s salary on the date of deferral by the index number for the June quarter of the financial year that began on 1 July 1989; and
(iv) dividing the product of that multiplication by the index number for the March quarter of the financial year in which the benefits were deferred; or
(b) if the person ceased to be a member of the fund before 1 July 1990—by dividing the person’s account balance on the day when his or her membership ceased by his or her salary on the day when he or she ceased to be a member; or
(c) in any other case—by dividing the person’s account balance on 1 July 1990 by his or her salary on that day; and
(a) beginning:
(i) if the person ceased to be a member of a superannuation fund before 1 July 1990—on the day when that person ceased to be a member of the fund; or
(ii) in any other case—on 30 June 1990; and
(b) ending at the end of the day when the person reaches the age that is his or her retirement age for the purposes of the fund;
counting part of a year as a whole year.
If the governing rules of a superannuation fund of which a person is a member require the contributions to the fund in respect of the person to increase after 30 June 1990, the calculation is to be made in relation to that person by:
(a) adding together the amounts worked out, in accordance with subclause (3), in relation to the person separately in respect of each year from 1 July 1990 to the day on which he or she reaches the age that is his or her retirement age, counting part of a year as a whole year: and
(b) adding to the amounts referred to in paragraph (a) the amount specified in subclause (4).
The amount referred to in paragraph (2) (a)
to be worked out in relation to a person in respect of a year (in this
subclause called
where:
‘P’ means the proportion (expressed as a decimal number) of the amount of the salary of the person, being an amount that is assumed to increase by 8% on each 1 July after 1 July 1990, that would be required to be contributed to the fund under the rules in respect of the relevant year; and
(a) the number of years in the period that:
(i) began on 1 July 1990; and
(ii) ended at the end of the relevant year; or
(b)
n (as defined in subclause (1).
The amount referred to in paragraph (2) (b) is an amount worked out using the formula:
where
7.The calculation by method 2 is to be made in relation to a person using the formula:
+
where:
‘Q’ has the meaning given by subclause 6 (1); and
‘Asset Factor’ means the relevant factor ascertained using the table to this clause; and
‘P’ has the meaning given by clause 6; and
‘Contribution factor’ means the relevant factor ascertained using the following Table:
FACTORS FOR CALCULATING HIGHER MULTIPLE
Years to retirement | Asset Factor | Contribution Factor |
50 | 2.703 | 0.893 |
49 | 2.654 | 0.866 |
48 | 2.606 | 0.839 |
47 | 2.558 | 0.813 |
46 | 2.512 | 0.788 |
45 | 2.466 | 0.762 |
44 | 2.421 | 0.738 |
43 | 2.377 | 0.714 |
42 | 2.334 | 0.690 |
41 | 2.292 | 0.666 |
Years to retirement | Asset Factor | Contribution Factor |
40 | 2.250 | 0.643 |
39 | 2.209 | 0.621 |
38 | 2.169 | 0.599 |
37 | 2.129 | 0.577 |
36 | 2.091 | 0.556 |
35 | 2.053 | 0.535 |
34 | 2.015 | 0.514 |
33 | 1.979 | 0.494 |
32 | 1.943 | 0.475 |
31 | 1.907 | 0.455 |
30 | 1.873 | 0.436 |
29 | 1.839 | 0.417 |
28 | 1.805 | 0.399 |
27 | 1.772 | 0.381 |
26 | 1.740 | 0.363 |
25 | 1.709 | 0.346 |
24 | 1.678 | 0.329 |
23 | 1.647 | 0.312 |
22 | 1.617 | 0.295 |
21 | 1.588 | 0.279 |
20 | 1.559 | 0.263 |
19 | 1.531 | 0.248 |
18 | 1.503 | 0.232 |
17 | 1.475 | 0.217 |
16 | 1.449 | 0.203 |
15 | 1.422 | 0.188 |
14 | 1.396 | 0.174 |
13 | 1.371 | 0.160 |
12 | 1.346 | 0.146 |
11 | 1.322 | 0.133 |
10 | 1.298 | 0.120 |
9 | 1.274 | 0.107 |
8 | 1.251 | 0.094 |
7 | 1.228 | 0.081 |
6 | 1.206 | 0.069 |
5 | 1.184 | 0.057 |
4 | 1.162 | 0.045 |
3 | 1.141 | 0.034 |
2 | 1.120 | 0.022 |
1 | 1.100 | 0.011 |
[Notes: 1. The years to retirement of a person is the number of years from 30 June 1990 until the day on which the person will reach the retirement age of the fund.
2. Where the number of years to retirement of the person includes a part of a year, the factor to be obtained using the table is the factor applicable to the next higher year.]
8.If a defined benefit superannuation fund could have provided a combination of defined benefits and other benefits to a person under the governing rules of the fund, as at:
(a) 25 May 1988; or
(b) the day when the fund was constituted (if the fund was constituted after 25 May 1988 but before 1 July 1990);
the old RBM applicable to a person to whom a benefit is paid, or commences to be paid, by the fund is the greater of:
(c) the sum of:
(i) the person’s maximum fund multiple; and
(ii) the multiple that would be calculated under clause 6 or 7; or
(d) the greater of the numbers calculated under clauses 4 and 5.
If the age at which the person may retire under the rules of the fund is less than 55, the old RBM of the person is the number worked out using the formula:
where:
‘A’ is the number that would have been the old RBM of the person under this Schedule if this clause did not apply; and
‘B’ is the number of whole years between the age at which the person may retire under the rules of the fund and 55 years.
10.If a fund specifies benefits payable to a member in terms of the member’s final salary or in similar terms, the multiple of salary is, for the purposes of this Schedule, to be converted into a multiple of the person’s HAS using the formula:
where:
‘K’ is the number of years used under the governing rules of the fund from the midpoint of the averaging period for calculating the multiple of salary until the end of that period; and
‘M’ is the multiple of salary used under those rules.______________
and 53M
INFORMATION TO BE GIVEN TO THE COMMISSIONER
For the purposes of this Schedule, a pension is an allocated pension if:
(a) the rate of payment of the pension; or
(b) the basis for variations in the rate of payment of the pension;
is not fully defined in the relevant trust deed.
[NOTES: 1. This definition is based on the definition
of “allocated pension”
in s. 9 of the
For the purposes of regulations 53K, 53L and 53M, the following information is specified:
Name of person who received the benefit
Address of that person
Tax file number of that person (if known)
Date of birth of that person (if known)
Where the benefit was paid by an employer of the person—
whether the person is an associate of the employer
Name of Payer
Address of Payer
Tax file number of payer
Where the payer is a superannuation fund, an approved deposit fund, a life assurance company, a registered organisation or an employer of the recipient—specify which applies
So much of the following information as the Commissioner, by notice in writing, requests:
In the case of ETPs:
Date on which the ETP was made
Details of the eligible service period to which the ETP relates
Amount of the ETP
Components of the ETP as specified in subsection 27AA of the Act
If the ETP is a result of the commutation or residual capital value of an earlier pension or annuity:
the commencement day of the earlier benefit; and
whether the earlier benefit was a pension or annuity
If the ETP was rolled-over, the date and amount of the roll-over
Whether the ETP is a death benefit within the meaning of section 27AAA of the Act
In the case of superannuation pensions (other than allocated pensions):
Commencement day of the pension
Details of the eligible service period to which the pension relates
Annual value of the pension
Term of the pension
Undeducted purchase price
Whether the pension is a disability superannuation pension
Amount of residual capital value, if any
Where the payer is a superannuation fund - whether the person was a member of that fund as at 15 August 1989
Level of reversion, if any, that applies to the pension
Rate of indexation, if any, that applies to the pension
Whether the pension is a rebatable superannuation pension
Whether the pension meets the pension and annuity standards
In the case of annuities and allocated pensions:
Commencement day of the annuity or allocated pension
Amount of ETP rolled-over to buy or establish the annuity or allocated pension
Components of the ETP as specified in subsection 27AA of the Act rolled-over to buy or establish the annuity or allocated pension
Details of the eligible service period to which the annuity or allocated pension relates
Whether the annuity or allocated pension meets the pension and annuity standards
In any case:
Any further information that the Commissioner, by notice in writing, reasonably requests for the purposes of subsection 140M (1) or 140Q (1) of the Act
____________________________________________________________
1. Notified in the
Commonwealth of Australia Gazette on 30 December 1994.2. Statutory Rules 1936 No. 94 as amended by 1939 Nos. 6 and 42; 1940 Nos. 138 and 289; 1941 Nos. 120 and 327; 1942 Nos. 339 and 553; 1943 Nos. 80, 127 and 151; 1944 Nos. 90 and 124; 1945 Nos. 12, 85, 169 and 192; 1946 No. 135; 1947 Nos. 77 and 173; 1948 Nos. 115 and 162; 1949 Nos. 25 and 50; 1950 Nos. 63 and 101; 1951 Nos. 136 and 157; 1952 Nos. 89, 90 and 102; 1953 Nos. 55 and 88; 1954 Nos. 11, 99 and 112; 1955 No. 23; 1956 Nos. 34, 35 and 96; 1957 Nos. 39 and 74; 1958 Nos. 27 and 70; 1959 Nos. 25 and 81; 1960 Nos. 44 and 74; 1962 Nos. 15, 44 and 112; 1963 Nos. 53 and 92; 1964 Nos. 74, 121 and 134; 1965 Nos. 133 and 187; 1966 No. 156; 1967 Nos. 112 and 126; 1968 No. 1; 1969 No. 68; 1970 Nos. 43, 126, 168 and 213; 1971 Nos. 120 and 148; 1972 Nos. 48, 50 and 137; 1973 No. 266; 1974 Nos. 193, 226 and 267; 1975 Nos. 88, 89, 99, 101 and 213; 1976 Nos. 115, 188 and 212; 1977 Nos. 77, 107 and 248; 1978 Nos. 85 and 193; 1979 Nos. 126 and 239; 1980 Nos. 86, 137 and 149; 1981 Nos. 116 and 360; 1982 Nos. 115, 128, 267 and 280; 1983 Nos. 79, 87, 111, 213 and 319; 1984 Nos. 172, 286, 408, and 416; 1985 Nos. 21, 148, 274 and 278; 1986 No. 325 and Acts Nos. 28, 49 and 112, 1986; Statutory Rules 1987 Nos. 92 and 120; 1988 Nos. 196, 208, 262, 381, 382, 383 and 384 and Act No. 97, 1988; Statutory Rules 1989 Nos. 67, 80, 115, 123, 124, 141, 250 and 358; 1990 Nos. 19, 126, 151, 152, 192, 347, 390, 398 and 468; 1991 Nos. 20, 121, 156, 158, 240, 300, 301,
390 and 391; 1992 Nos. 38, 129, 216, 313 and 449; 1993 Nos. 15, 46, 47, 65, 91, 159, 202, 216, 275, 288 and 370; 1994 Nos. 95, 96, 127, 174, 195, 219, 399, 412 and 460.
0
0
0