Occupational Superannuation Standards Regulations (Amendment) (Cth)

Statutory Rules 1990 No.202

Occupational Superannuation Standards

Regulations (Amendment)

TABLE OF PROVISIONS

Regulation
1.	Principal Regulations
2.	Commencement
3.	Insertion of new Part
PART 1A—REASONABLE BENEFIT LIMITS
Division 1—Preliminary
4a.		Interpretation
4b.		Special rules relating to HAS
4c.		Indexation
4d.		Capital value of superannuation pensions
Division 2—Information and Time Periods
4e.		Extension of certain time periods
4f.		Information under section 15f of the Act
4g.		Information under section 15g of the Act
4h.		Exempted payments
4j.		Information under section 15j of the Act
4k.		Periods for determination of reasonable benefit limits
4l.		Request for information by payers
Division 3—Interim Determinations
4m.		Interim determinations
4n.		Amendment of interim determinations
Division 4—Determinations
4p.		Benefits previously received
4q.		Amounts of ETP’s paid by superannuation funds or approved deposit funds counted towards reasonable benefit limits
4r.		Amounts of superannuation pensions counted towards reasonable benefit limits
4s.		Amounts of ETP’s paid by life assurance companies or registered organisations counted towards reasonable benefit limits
4t.		Amounts of annuities counted towards reasonable benefit limits
4u.		Amounts of ETP’s paid by employers counted towards reasonable benefit limits

(S.R. 214/90)—Cat. No. 14/20.6.1990

Regulation	TABLE OF PROVISIONS—continued
4v.	Revised determinations
4w.	Determinations
4x.	Assessment of benefits against lump sum RBL
4y.	Qualifying portion
4z.	Assessment of benefits against pension RBL
4za.	Reasonable benefit limit where amount in approved deposit fund, life assurance company or registered organisation
4zb.	Reasonable benefit limit where recipient member of certain fund on 15 August 1989
4zc.	Pension and annuity standards
4.	Financial reports and disclosure of information standards
5.	Insertion of new regulations
18a.	Commutation factors
18b.	Standards relating to contributions
6.	Approved rules
7.	Insertion of Schedules

SCHEDULE 2

CALCULATION OF OLD RBM

SCHEDULE 3

PENSION VALUATION FACTORS

SCHEDULE 4

PRESCRIBED INFORMATION UNDER SECTION 15F OF THE ACT

SCHEDULE 5

PRESCRIBED INFORMATION TO BE PROVIDED BY PAYERS

SCHEDULE 6

PRESCRIBED INFORMATION ON BENEFITS PAID BETWEEN 16 FEBRUARY 1990

AND 30 JUNE 1990

SCHEDULE 7

PRESCRIBED INFORMATION ON ROLL-OVERS

Statutory Rules 1990 No. 2021

Occupational Superannuation Standards

Regulations2 (Amendment)

I, THE GOVERNOR-GENERAL of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulations under the Occupational Superannuation Standards Act 1987.

Dated 26 June 1990.

BILL HAYDEN

Governor-General

By His Excellency’s Command,

Paul Keating

Treasurer

Principal Regulations

1. In these Regulations, “Principal Regulations” means the Occupational Superannuation Standards Regulations.

Commencement

2. These regulations commence on 1 July 1990.

3. After Part I of the Principal Regulations the following Part is inserted:

“PART IA—REASONABLE BENEFIT LIMITS

Division 1—Preliminary

Interpretation

“4a. (1) In this Part, unless the contrary intention appears:

‘accrued retirement benefit component’,in relation to a disability superannuation pension payable to a person, means the amount worked out using the formula:

where:

‘Capital Value’	means the capital value of the pension as at the commencement day of the pension; and
‘Pension Days’	means the number of days in the period commencing on the commencement day of the pension and ending on the 65th birthday of the person; and
‘Accrual Days’	means the number of days in the period commencing on the first day of the eligible service period of the pension and ending on the 65th birthday of the person;

‘approved early retirement scheme payment’,in relation to a person, has the same meaning as in subsection 27e (4) of the Tax Act;

‘benefit’ means a superannuation pension, an annuity or an ETP;

‘bona fide redundancy payment’,in relation to a person, has the same meaning as in subsection 27f (1) of the Tax Act;

‘commencement day’,in relation to a superannuation pension or annuity, means the first day of the period to which the first payment of the pension or annuity relates;

‘deferred annuity’ means an annuity that is not presently payable;

‘defined benefit superannuation fund’ has the meaning it would have under regulation 3 if ‘superannuation fund’ in that regulation had the meaning given by section 15e of the Act;

‘disability annuity’ means an annuity payable to a person as a result of a permanent disability of the person, being a disability that at least 2 registered medical practitioners have certified is likely to result in the person being unable ever to work in a job for which the person is reasonably qualified by education, training or experience, and ‘disability superannuation pension’ has a corresponding meaning;

‘eligible service period’,in relation to an ETP, has the same meaning as in subsection 27a (1) of the Tax Act;

‘eligible service period’,in relation to a superannuation pension payable to a person, means:

(a) except where paragraph (b) applies—the period commencing on:
(i) the day on which the person joined the superannuation fund; or
(ii) the first day of the period of employment to which the pension relates, including any qualifying period before the person was able to join the fund and any period during which the person was not a member of the fund;
whichever is the earlier, and ending on the commencement day of the pension; or
(b) if:
(i) the whole or a part of the capital value of the pension is attributable to an ETP the whole or a part of which had been rolled-over into the fund; and
(ii) the eligible service period of the ETP commences on an earlier day than the commencement of the period that would be the eligible service period of the pension under paragraph (a);
the period commencing on that earlier day and ending on the commencement day of the pension;

‘eligible service period’,in relation to an annuity payable to a person, means the sum of the number of days in the eligible service period in relation to the ETP that was rolled-over to purchase the annuity and the number of days in the period from the time when the annuity was purchased to the commencement day of the annuity;

‘ETP’ means an eligible termination payment;

‘gainful employment’,in relation to a financial year, means paid employment for at least 520 hours in that year for which the person is paid a salary of an amount that is at least 20% of:

(a) the full-time adult average weekly ordinary time earnings first published by the Australian Statistician for the March quarter in the preceding financial year; or
(b) the person’s HAS;

whichever is the lesser;

‘HAS’,in relation to a person, means the highest average annual salary of the person over any 3 consecutive financial years (including a financial year in which the person did not earn salary for the whole of the year);

‘index number’,in relation to a quarter, means the amount of the full-time adult average weekly ordinary time earnings first published by the Australian Statistician for the middle month of that quarter;

‘invalidity payment’,in relation to a person, has the same meaning as in section 27g of the Tax Act;

‘lump sum RBL’,in relation to a person to whom a benefit has been paid or has commenced to be paid, means:

(a) subject to paragraph (b):
(i) the amount worked out by multiplying the person’s HAS by the person’s lump sum reasonable benefit multiple; or
(ii) $175,000;
whichever is the greater; or
(b) if the benefit is:
(i) an ETP that was made to the person on a day (in this paragraph called the ‘start day’) before the person reached the age of 55 years; or
(ii) a superannuation pension or annuity that does not meet the pension and annuity standards where the commencement day of the pension or annuity occurred before the person reached that age;
the amount worked out using the formula:
where:

‘RBL’	means the amount applicable under paragraph (a); and
‘P’	means the number of whole years in the period starting on the birthday of the person immediately before the start day or the commencement day or, if that day falls on a birthday of the person, on that birthday, and ending on the day on which the person will reach the age of 55 years;

‘lump sum reasonable benefit multiple’,in relation to a person to whom a benefit has been paid or has commenced to be paid, means:

(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 $39,970 or, if the person’s HAS is less than $39,970, 7 times the person’s HAS; and
(ii) 5 times the part (if any) of the person’s HAS that exceeds $39,970 but does not exceed $74,220; and
(iii) 3 times the part (if any) of the person’s HAS that exceeds $74,220;
by the person’s HAS; 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 2; 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;

‘net business income’,in relation to a business the gross income of which in respect of a financial year exceeds all deductions for that year with respect to the business that are allowable deductions for the purposes of the Tax Act (other than any deductions allowable under Division 16c of Part III of that Act), means the amount of that excess;

‘net business losses’,in relation to a business where all deductions for the financial year commencing on 1 July 1990 or a later financial year with respect to the business that are allowable deductions for the purposes of the Tax Act (other than any deductions allowable under Division 16c of Part III of that Act) exceed the gross income of the business in respect of that year, means the amount of that excess;

‘non-qualifying component’,in relation to a payment that is an immediate annuity eligible termination payment for the purposes of subsection 27a (1) of the Tax Act, has the same meaning as in that subsection;

‘pension and annuity standards’ means the standards referred to in regulation 4zc;

‘pension RBL’,in relation to a person to whom a benefit has been paid or has commenced to be paid, means:

(a) the product of the person’s HAS and the person’s pension reasonable benefit multiple; or
(b) $281,250;

whichever is the greater;

‘pension reasonable benefit multiple’,in relation to a person to whom a benefit has been paid or has commenced to be paid, means:

(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 $39,970 or. if the person’s HAS is less than $39,970, 0.75 times the person’s HAS: and

(ii) 0.55 times the part (if any) of the person’s HAS that exceeds $39,970 but does not exceed $74,220; and
(iii) 0.35 times the part (if any) of the person’s HAS that exceeds $74,220; 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 2; 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;

‘post-June 83 component’,in relation to an ETP, has the same meaning as in subsection 27a (1) of the Tax Act as in force on 30 June 1990;

‘pre-July 83 component’, in relation to an ETP, has the same meaning as in subsection 27a (1) of the Tax Act as in force on 30 June 1990;

‘RBL amount’,in relation to a benefit paid or commencing to be paid to a person, means the amount of the benefit that is to be counted towards the person’s reasonable benefit limits under regulation 4q, 4r, 4s, 4t or 4u;

‘rebatable superannuation pension’ has the same meaning as in subsection 159sj (1) of the Tax Act;

‘rules’,in relation to a superannuation fund, means any trust instrument, other document or legislation, or any combination of those things, governing the establishment and operation of the fund;

‘salary’ means salary, wages, commissions, bonuses, fees, allowances or gratuities paid to a person during a financial year, and includes:

(a) other earnings (other than earnings on investments); 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 within the meaning of the Tax Act—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;

‘standard indexation rate’,in relation to a financial year, means the rate determined in writing, before the start of that financial year, by the Commissioner for that financial year;

‘superannuation fund’ has the same meaning as in subsection 15e (1) of the Act;

‘taxed element’,in relation to the post-June 83 component of an ETP, has the same meaning as in subsection 27a (1) of the Tax Act as in force on 30 June 1990;

‘undeducted purchase price’,in relation to a superannuation pension, has the same meaning as in subsection 27a (1) of the Tax Act;

‘untaxed element’,in relation to the post-June 83 component of an ETP, has the same meaning as in subsection 27a (1) of the Tax Act as in force on 30 June 1990.

“(2) 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:
(i) at the start, and at the end, of the financial year in which the amounts were paid; or
(ii) if the amounts were not paid throughout a financial year—at the start, and at the end, of the period over 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, 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.

“(3) In determining the arm’s length salary under subregulation (2), 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.

Special rules relating to HAS

“4b. (1) For the purposes of the definition of ‘HAS’ in subregulation 4a (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 financial years—the person’s salary for that financial year; or
(c) in any other case—the person’s final annualised salary.

“(2) Subject to subregulations (4) and (5), where the Commissioner is to calculate a person’s reasonable benefit limits in relation to a benefit paid, or commencing to be paid, to the person at a particular time (in this subregulation called the ‘commencement time’), the person’s HAS is to be indexed in accordance with subregulation (3) if any of the following paragraphs applies to the person:

(a) the person had reached the age of 55 years on or before 1 July 1990;
(b) the person had, after reaching the age of 55 years, been engaged in gainful employment during each of at least 3 consecutive financial years;
(c) the person had not, before reaching the age of 65 years:
(i) received an ETP, other than:
(a) an ETP that was paid before 16 February 1990; or
(b) an ETP that was paid on or after that day and

before 1 July 1990 from an employer of whom the person was not an associate; or
(c) an ETP that consisted wholly of undeducted contributions, concessional components or nonqualifying components or wholly of a combination of undeducted contributions, concessional components and non-qualifying components;
(d) an ETP that is a result of the commutation of a deferred annuity and is paid within 7 days of the person’s 65th birthday; or
(e) an ETP that is a result of the commutation of a superannuation pension or annuity the commencement day of which is before 16 February 1990;
that the person has not rolled-over; and
(ii) commenced to receive a superannuation pension or annuity, other than:
(a) a superannuation pension or annuity the commencement day of which is before 16 February 1990; or
(b) a pension or annuity that meets the pension and annuity standards;
(d) the person has received or become entitled to receive an invalidity payment, a disability superannuation pension or a disability annuity;
(e) the person has received or become entitled to receive an approved early retirement scheme payment or a bona fide redundancy payment.

“(3) The HAS of a person to whom subregulation (2) applies is to be indexed by:

(a) if paragraph (2) (a) applies—multiplying the person’s HAS by the index number for the quarter 2 quarters before the quarter in which:
(i) the ETP was paid; or
(ii) the commencement day of the pension or annuity falls;
as the case may be, (in this subregulation called the ‘end quarter’) and dividing the product by:
(iii) the index number for the March quarter in the last financial year on which the person’s HAS was based; or
(iv) if that year is before the financial year in which the person reached the age of 55 years—the index number for the March quarter in the financial year in which the person reached that age; or

(b) if paragraph (2) (b) applies—multiplying the person’s HAS by the index number for:
(i) if the person had ceased to be engaged in gainful employment before the financial year in which the benefit was paid or commenced to be paid—the March quarter in the last of the years referred to in that paragraph; or
(ii) in any other case—the end quarter;
and dividing the product by:
(iii) the index number for the March quarter in the last financial year on which the person’s HAS was based; or

(iv) if that year is before the financial year in which the person reached the age of 55 years—the index number for the March quarter in the financial year in which the person reached that age; or
(c) if paragraph (2) (c) applies—multiplying the person’s HAS by the index number for the end quarter and dividing the product by the index number for the March quarter in the last financial year on which the person’s HAS was based; or
(d) if paragraph (2) (d) applies—multiplying the person’s HAS by the index number for the end quarter and dividing the product by the index number for the March quarter in the financial year during which the person received or became entitled to receive the payment; or
(e) if paragraph (2) (e) applies—multiplying the person’s HAS by the index number for the end quarter or the March quarter for the financial year 2 years after the financial year in which the person received or became entitled to receive the payment, whichever is the earlier, and dividing the product by the index number for the March quarter in the financial year in which the person received or became entitled to receive the payment.

“(4) Subregulation (3) does not apply to a person in relation to a benefit paid or commencing to be paid if:

(a) in a case to which paragraph (2) (b) or (c) applies—the benefit was paid within, or the commencement day of the benefit occurred within, 12 months of the end of the last financial year on which the person’s HAS was based; or
(b) in a case to which paragraph (2) (d) or (e) applies—the benefit was paid within, or the commencement day of the benefit occurred within, 12 months of the person receiving or becoming entitled to receive the payment referred to in that paragraph; or
(c) that subregulation would result in a reduction of the person’s HAS.

“(5) If more than one of the paragraphs of subregulation (2) applies to a person, the person’s HAS is to be indexed under the applicable

paragraph of subregulation (2) that produces the higher or highest amount.

“(6) Where an amount worked out under subregulation (3) is not a multiple of $10, it is to be increased to the nearest multiple of $10.

Indexation

“4c. (1) This Part is to have effect, on 1 July 1991 and each subsequent 1 July, as if there were substituted for:

(a) the amount referred to in subparagraph (a) (ii) of the definition of ‘lump sum RBL’ in subregulation 4a (1); and
(b) each amount referred to in paragraph (a) of the definition of ‘lump sum reasonable benefit multiple’ in subregulation 4a (1); and
(c) the amount referred to in paragraph (b) of the definition of ‘pension RBL’ in subregulation 4a (1); and
(d) each amount referred to in paragraph (a) of the definition of ‘pension reasonable benefit multiple’ in subregulation 4a (1); and
(e) the amount referred to in regulation 4H;

or for the amount last substituted for that amount under this regulation (in this regulation called the ‘base amount’) a new amount worked out by:

(f) multiplying the base amount by the index number for the March quarter immediately preceding that 1 July; and
(g) dividing the product by the index number for the previous March quarter.

“(2) Subject to subregulation (3), if at any time, whether before or after the commencement of these regulations, the Australian Statistician publishes an index number in respect of a quarter in substitution for an index number previously published, that later index number is to be disregarded for the purposes of this Part.

“(3) If at any time the Australian Statistician changes the reference base for the index number, regard is to be had, for the purposes of the operation of this Part after the change took place, only to index numbers published in terms of the new reference base.

“(4) Where an amount to be substituted under this regulation is not a multiple of $10, it is to be increased to the nearest multiple of $10.

Capital value of superannuation pensions

“4d. (1) Subject to subregulation (2), the capital value of a superannuation pension that has commenced to be paid, including a residual pension payable on partial commutation of another superannuation pension, is the amount worked out using the formula:

where:

‘Annual Value’	means the total amount of the pension that is expected to be payable in respect of the period of 12 months commencing on the commencement day of the pension; and
‘PVF’	means the pension valuation factor applicable to the pension under Schedule 3; and
‘UPP’	means the undeducted purchase price of the pension; and
‘RCV’	means the present value of the residual capital value, if any, of the pension, calculated in accordance with a method determined in writing by the Commissioner.

“(2) The capital value of:

(a) a superannuation pension referred to in subparagraph (b) (ii) of the definition of ‘superannuation pension’ in subsection 15e (1) of the Act; and
(b) a superannuation pension that is not payable for life;

is the amount calculated in accordance with a method determined by the Commissioner in writing in relation to the pension.

“Division 2—Information and Time Periods

Extension of certain time periods

“4e. Where:

(a) a person is required to provide information within a period prescribed under regulation 4f or 4j; and
(b) the person applies in writing to the Commissioner, before the end of the period, for an extension of that period;

the Commissioner may, in writing, allow the person additional time in which to provide the information.

Information under section 15f of the Act

“4f. (1) For the purposes of subsection 15f(1) of the Act, the period within which the information to which that provision relates must be provided is the period ending on 30 September 1990.

“(2) The information required for the purposes of subsection 15f (1) of the Act is the information specified in Schedule 4.

Information under section 15g of the Act

“4g. (1) The information required for the purposes of subsections 15g (1) and (3) of the Act is the information specified in Schedule 5.

“(2) For the purposes of subsection 15g(3) and paragraph 15g (13) (a) of the Act, the period within which the information to

which those provisions relate must be provided by a payer in respect of the payment to a person of an ETP, or the commencement of payment to a person of a superannuation pension or of an annuity that is presently payable, on a day (in this regulation called the ‘payment day’) is:

(a) if the person had, on or before the 10th day of the month after the month in which the payment day falls, provided his or her tax file number to the payer in a manner approved by the Commissioner—14 days after the end of the month in which the payment day falls; or
(b) if the person had. on or before the 10th day of the month after the month in which the payment day falls, advised the payer that the person has made an application for a tax file number and that the application is pending—14 days after the end of the month after the month in which the payment day falls; or
(c) in any other case—14 days after the end of the month in which the payment day falls.

“(3) Notwithstanding subregulation (2), information to which that subregulation relates need not be provided before 14 September 1990.

“(4) Where the period within which information must be provided by a payer under subsection 15g(1) of the Act is extended under subsection 15g (13) of the Act, the period within which related information must be provided for the purposes of subsection 15g (3) of the Act is also extended by the same number of days.

“(5) For the purposes of paragraph 15g (13) (b) of the Act, the period within which the information to which that provision relates must be provided by a person is the period ending on 30 September 1990.

“(6) The information required for the purposes of subsection 15g (7) of the Act is the information specified in Schedule 6.

Exempted payments

“4h. The amount for the purposes of subsection 15g (4) of the Act is $2,500.

Information under section 15j of the Act

“4j. (1) The period within which the details of the transaction referred to in paragraph 15j (1) (b) of the Act must be provided by a person is 28 days after the transaction takes place.

“(2) The information required for the purposes of subsection 15j (1) of the Act is the information specified in Schedule 7.

“(3) The information required for the purposes of subsection 15j (2) of the Act is the information specified in Schedule 5, other than the

information in that Schedule relating to superannuation pensions and annuities.

“(4) The period within which the details of the transaction referred to in paragraph 15j (2) (d) of the Act must be provided by a payer is 14 days after the end of the month in which the transaction takes place.

Periods for determination of reasonable benefit limits

“4k. (1) For the purposes of subsections 15k (1)and 15l (1) of the Act, the period within which the Commissioner must determine whether a benefit is in excess of the reasonable benefit limits and, if it is, the extent to which it exceeds those limits is:

(a) if the notice under subsection 15g (1) of the Act is received before 1 February 1991—the period of 9 months after the day on which the notice is received, reduced by the number of days between 1 July 1990 and the day on which the notice is received; or
(b) in any other case—60 days after receiving the notice.

“(2) For the purposes of subsection 15k (6) of the Act, the period within which the Commissioner must revise a determination is:

(a) if the notice under subsection 15j (1) of the Act is received before 1 February 1991—the period of 9 months after the day on which the notice is received, reduced by the number of days between 1 July 1990 and the day on which the notice is received; or
(b) in any other case—60 days after receiving the notice.

“(3) For the purposes of subsection 15k (7) of the Act, the period within which a person may elect to commute a superannuation pension or annuity is 6 months after the commencement day of the pension or annuity.

“(4) For the purposes of subsection 15k (7) of the Act, the period within which the Commissioner must make a revised determination is:

(a) if notice of the commutation is received before 1 February 1991—the period of 9 months after the day on which the notice is received, reduced by the number of days between 1 July 1990 and the day on which the notice is received; or
(b) in any other case—60 days after receiving notice of the commutation.

“(5) For the purposes of subsection 15k (8) of the Act, the period within which the Commissioner must revise a determination is:

(a) if the application for revision is received before 1 February 1991—the period of 9 months after the day on which the application was made, reduced by the number of days between

1 July 1990 and the day on which the application was made; or
(b) in any other case—60 days after receiving the application.

Request for information by payers

“4l. (1) The information referred to in subsection 15p (1) of the Act is:

(a) a copy of any determination made by the Commissioner in relation to an ETP previously paid to the person or a superannuation pension or annuity that previously commenced to be paid to the person; and
(b) the indexed value of the RBL amount of any such ETP, pension or annuity.

“(2) For the purposes of subregulation (1), the indexed value of the RBL amount of an ETP, superannuation pension or annuity, is the amount worked out by:

(a) multiplying the RBL amount of that ETP, pension or annuity by the index number for the quarter 2 quarters before the quarter in which the benefit referred to in paragraph 15p (1) (a) or (b) of the Act was paid or the commencement day of the benefit falls; and
(b) dividing the product by the index number for the quarter in which the benefit about which the information was sought was paid or the commencement day of the benefit falls.

“(3) Subregulation (2) does not apply to a benefit about which the information was sought if the benefit referred to in paragraph 15p (1) (a) or (b) of the Act was paid within, or the commencement day of the benefit occurred within, 12 months of that first-mentioned benefit being paid or the commencement day of the first-mentioned benefit occurring.

“Division 3—Interim Determinations

Interim determinations

“4m. For the purposes of subsection 15l (1) of the Act, an interim determination is to be made in the same manner as a determination under subsection 15k (1) of the Act applying the following rules:

(a) if the Commissioner does not know a person’s HAS—the Commissioner is to assume that:
(i) the person’s lump sum RBL is determined under subparagraph (a) (ii) of the definition of ‘lump sum RBL’ in subregulation 4a (1) or. if the benefit was paid before. or the commencement day of the benefit occurred before, the person reached the age of 55 years, under that subparagraph as affected by paragraph (b) of that definition; and

(ii) the person’s pension RBL is determined under paragraph (b) of the definition of ‘pension RBL’ in subregulation 4a (1);
or, if a greater RBL is applicable to the person under regulation 4za (including any amount of earnings referred to in paragraph 4za (1) (c) that the Commissioner has been informed about) or 4zb, that greater RBL;
(b) if the Commissioner does not know:
(i) whether a reversion applies to a superannuation pension payable to a person; or
(ii) the level of a reversion that applies to a pension payable to a person;

the Commissioner is to assume that a reversion of 85% applies to the pension;

(c) if the Commissioner does not know the rate (if any) at which a superannuation pension is indexed—the Commissioner is to assume that the pension is indexed in a year at the standard indexation rate;
(d) if the Commissioner does not know whether a superannuation pension is a rebatable superannuation pension—the Commissioner is to assume that it is;
(e) if the Commissioner docs not know whether a superannuation pension or an annuity is a disability superannuation pension or a disability annuity—the Commissioner is to assume that it is not;
(f) if the Commissioner does not know whether a superannuation pension or annuity meets the pension and annuity standards—the Commissioner is to assume that it does not;
(g) if the Commissioner does not know a person’s old RBM—the Commissioner is to assume that the old RBM is:
(i) if the person’s benefits are to be assessed against the lump sum RBL—7; or
(ii) in any other case—11.25:
(h) if the Commissioner does not know whether an ETP is made as a result of the commutation of, or the residual capital value of, a superannuation pension or annuity that had commenced to be paid—the Commissioner is to assume that it is not;
(j) if the Commissioner docs not know whether an ETP that has been made as a result of the commutation of, or the residual capital value of, a superannuation pension or annuity that had commenced to be paid has been rolled-over—the Commissioner is to assume that it has not;
(k) if the Commissioner does not know whether a superannuation pension is payable for life—the Commissioner is to assume that it is;

(m) if the Commissioner does not know whether regulation 4zb applies to a superannuation pension—the Commissioner is to assume that that regulation does not apply.

Amendment of interim determinations

“4n. (1) For the purposes of subsection 15m (1) of the Act. an application for an amendment of an interim determination must be made within 60 days after notice of the determination was given.

“(2) For the purposes of subsections 15n (1) and (4) of the Act. an application for an amendment of an interim determination must be made in accordance with a form approved in writing by the Commissioner.

“(3) For the purposes of subsection 15n (1) of the Act. the circumstances in which a person may apply for an amendment of an interim determination are where the person is able to provide relevant information that was not available to the Commissioner when the Commissioner made the determination under subsection 15l (1) of the Act.

“(4) For the purposes of section 15n of the Act. the period within which the Commissioner may amend an interim determination is 60 days after receiving the application for amendment.

“(5) For the purposes of subsection 15n (4) of the Act, the circumstances in which a person may make an application under that subsection are where:

(a) the person was prevented, because of circumstances beyond the person’s control, from making an application for amendment of the interim determination within the period specified in subregulation (1); and
(b) the person is able to provide relevant information that was not available to the Commissioner when the Commissioner made the determination under subsection 15l (1) of the Act.

“Division 4—Determinations

Benefits previously received

“4P. (1) In making a determination under section 15k of the Act in relation to a benefit paid or commencing to be paid to a person (in this regulation called the ‘current benefit’), the Commissioner is to disregard the following benefits previously received by the person:

(a) an ETP made to the person before 16 February 1990;
(b) an ETP made to the person on or after 16 February 1990 and before 1 July 1990 by an employer of whom the person is not an associate;
(c) an ETP made to the person as a result of the commutation of,

or the residual capital value of, a superannuation pension or annuity the commencement day of which is before 1 July 1990;
(d) a residual pension or residual annuity payable on partial commutation of another superannuation pension or annuity where the commencement day of the other pension or annuity is before 1 July 1990;
(e) a residual pension or residual annuity payable on partial commutation of another superannuation pension or annuity where the other pension or annuity did not meet the pension and annuity standards;
(f) an ETP paid as a result of the commutation of, or the residual capital value of, a superannuation pension or annuity that did not meet the pension and annuity standards;
(g) a superannuation pension or annuity that:
(i) is payable to a person as the result of the death of another person; and
(ii)is a reversion of another pension or annuity that was already payable to the other person;
(h) an ETP arising from the commutation of a superannuation pension or annuity to which paragraph (g) applies;
(j) a superannuation pension the commencement day of which is before 16 February 1990;
(k) an ETP paid to a person in the capacity of a trustee of a trust estate;
(m) an annuity the commencement day of which is before 16 February 1990;
(n) a benefit to which regulation 4V applies;

and no part of such an ETP, pension or annuity is to be counted towards the reasonable benefit limits of a person.

“(2) Subject to subregulation (3), in making a determination under section 15k of the Act in relation to the current benefit, the Commissioner is to take into account the RBL amount of each of the following benefits previously received by the person:

(a) an ETP made to the person on or after 16 February 1990, other than a payment referred to in paragraph (1) (b);
(b) the capital value of a superannuation pension the commencement day of which is on or after 16 February 1990;
(c) the amount of the ETP that was rolled-over to purchase an annuity the commencement day of which is on or after 16 February 1990.

“(3) Where:

(a) a person rolls-over an amount that represents the whole or a part of the residual capital value of a superannuation pension; or

(b) a person commutes the whole or a part of a superannuation pension and rolls-over the whole or a part of the resulting ETP;

the amount taken into account under paragraph (2) (b) is to be reduced by so much of the amount rolled-over (other than undeducted contributions and concessional components) as does not exceed the amount referred to in paragraph (2) (b).

“(4) Where:

(a) a person rolls-over an amount that represents the whole or a part of the residual capital value of an annuity; or
(b) a person commutes the whole or a part of an annuity and rolls-over the whole or a part of the resulting ETP;

the amount taken into account under paragraph (2) (c) is to be reduced by so much of the amount rolled-over (other than undeducted contributions and concessional components) as does not exceed the amount referred to in paragraph (2) (c).

“(5) Subject to subregulations (6) and (7), the RBL amount of a benefit previously received by a person, or the part of that amount that is taken into account under subregulation (2), is to be indexed by:

(a) multiplying that amount by the index number for the quarter 2 quarters before the quarter in which:
(i) if the current benefit is an ETP—was paid; or
(ii) if the current benefit is a superannuation pension or annuity—the commencement day of the pension or annuity falls; and
(b) dividing the product by the index number for the quarter:
(i) if the benefit previously paid was an ETP—in which the payment was made; or
(ii) if the benefit previously paid was a superannuation pension or annuity—in which the commencement day of the pension or annuity falls.

“(6) Where:

(a) subsection 15f (1) of the Act applies to a person; and

(b) the person receives an ETP or commences to receive payments of a superannuation pension or an annuity; and

(d) the sum of:

(i) the amount of the ETP (other than any part that consists of undeducted contributions, concessional components or non-qualifying components), the capital value of the pension or the amount of the ETP (other than any part that consists of undeducted contributions, concessional components or non-qualifying components) that was rolled-over to purchase the annuity; and

(ii) the amount of any other ETP (other than any part that consists of undeducted contributions, concessional components, non-qualifying components or excessive components), the capital value of any other superannuation pension or the amount of the ETP (other than any part that consists of undeducted contributions or concessional components) that was rolled-over to purchase any other annuity, being an ETP, pension or annuity to which subregulation (2) applies;
is less than the amount applicable to the person under paragraph 4za (c) or (d);

the benefits referred to in subparagraph (d) (ii) are not to be indexed under subregulation (5).

“(7) Subregulation (5) does not apply to a person in relation to a benefit previously paid or commencing to be paid if the current benefit is paid or commences to be paid within 12 months of the payment of the previous benefit or of the commencement day of the previous benefit.

“(8) Where an amount worked out under subregulation (5) includes a number of cents, the cents are to be disregarded.

Amounts of ETP’s paid by superannuation funds or approved deposit funds counted towards reasonable benefit limits

“4q. The following amounts are to be counted towards a person’s reasonable benefit limits in relation to an ETP paid to the person by a superannuation fund or an approved deposit fund:

(a) 100% of the pre-July 83 component of the payment;
(b) 100% of the taxed element of the post-June 83 component of the payment;
(c) 85% of the untaxed element of the post-June 83 component of the payment.

Amounts of superannuation pensions counted towards reasonable benefit limits

“4r. (1) The following amounts are to be counted towards the reasonable benefit limits of a person in respect of a superannuation pension (other than a disability superannuation pension) payable to the person:

(a) the amount worked out by multiplying the capital value of the pension by the number of days (if any) in the eligible service period of the pension that occurred before 1 July 1983 and dividing the product by the total number of days in the eligible service period;
(b) if the pension is a rebatable superannuation pension—the amount worked out by multiplying the capital value of the

pension by the number of days in the eligible service period of the pension that occurred after 30 June 1983 and dividing the product by the total number of days in the eligible service period;
(c) if the pension is not a rebatable superannuation pension—80% of the amount referred to in paragraph (b).

“(2) The following amounts are to be counted towards the reasonable benefit limits of a person in respect of a disability superannuation pension payable to the person:

(a) the amount worked out by multiplying the accrued retirement benefit component of the pension by the number of days (if any) in the eligible service period of the pension that occurred before 1 July 1983 and dividing the product by the total number of days in the eligible service period;
(b) if the pension is a rebatable superannuation pension—the amount worked out by multiplying the accrued retirement benefit component of the pension by the number of days in the eligible service period of the pension that occurred after 30 June 1983 and dividing the product by the total number of days in the eligible service period;
(c) if the pension is not a rebatable superannuation pension—80% of the amount referred to in paragraph (b).

Amounts of ETP’s paid by life assurance companies or registered organisations counted towards reasonable benefit limits

“4s. Where an ETP is paid by a life assurance company or a registered organisation to a person, the amount that is to be counted towards the reasonable benefit limits of the person is:

(a) if the payment was the result of the commutation of the whole or part of an annuity that met the pension and annuity standards—the whole of the payment, other than any part of the payment that consists of undeducted contributions, concessional components or non-qualifying components; or
(b) if the payment was the result of the commutation of a deferred annuity—the whole of the payment, other than any part of the payment that consists of undeducted contributions, concessional components or non-qualifying components.

Amounts of annuities counted towards reasonable benefit limits

“4t. Where a payer commences to make payments of an annuity to a person:

(a) subject to paragraph (b), the following amounts of the ETP rolled-over to purchase the annuity arc to be counted towards the reasonable benefit limits of the person:
(i) 100% of the pre-July 83 component;

(ii) 100% of the taxed element of the post-June 83 component;
(iii) 85% of the untaxed element of the post-June 83 component; or
(b) if the annuity commenced to be paid as the result of the partial commutation of another annuity that met the pension and annuity standards—so much of the amount calculated under paragraph (a) as is not attributable to the payment counted towards the reasonable benefit limits of the person under paragraph 4s (a) is to be counted towards the reasonable benefit limits of the person.

Amounts of ETP’s paid by employers counted towards reasonable benefit limits

“4u. Where an ETP is paid by an employer to an employee, the amount that is counted towards the reasonable benefit limits of the employee is:

(a) if the employee is an associate of the employer:
(i) 100% of the pre-July 83 component of the payment: and
(ii) 85% of the post-June 83 component of the payment: or
(b) if the employee is not such an associate—85% of that part of the post-June 83 component of the payment worked out in accordance with the following table:

Financial Year in which payment is made	Percentage of post-June 83 component to be considered
1990/91	20%
1991/92	40%
1992/93	60%
1993/94	80%
1994/95 and subsequent years	100%

Revised determinations

“4v. Where the Commissioner revises a determination in relation to a person under subsection 15k (6) or (7) of the Act, any amounts that were, under the determination being revised, counted towards the person’s reasonable benefit limits in relation to a superannuation pension or annuity that the person has commuted in whole or in part and that met the pension and annuity standards or an ETP that the person has rolled-over are to be disregarded for the purposes of the revised determination and any later determination.

Determinations

“4w. (1) Subject to subregulation (2), in making a determination for the purpose of section 15k of the Act in relation to an ETP paid to a person, or a superannuation pension or annuity that has become payable to a person:

(a) if the sum of the amounts to be taken into account under regulation 4p in relation to the person is equal to or greater than the person’s lump sum RBL or pension RBL, whichever is applicable—the Commissioner is to determine that the whole of the RBL amount of the ETP, pension or annuity is in excess of the reasonable benefit limits; or
(b) if paragraph (a) does not apply but the sum of:
(i) the sum of the amounts to be taken into account under regulation 4P in relation to the person; and
(ii) the RBL amount of the ETP, pension or annuity;
is greater than the person’s lump sum RBL or pension RBL, whichever is applicable—the Commissioner is to determine that so much of the RBL amount of the ETP, pension or annuity as does not exceed the amount of that excess is in excess of the reasonable benefit limits; or
(c) in any other case—the Commissioner is to determine that the whole of the RBL amount of the ETP, pension or annuity is within those limits.

“(2) Subject to subregulation (3), where:

(a) a benefit is paid, or commences to be paid, to a person as the result of the death of another person; and
(b) the benefit is not a benefit referred to in paragraph 4p (1) (g) or (h);

the Commissioner is to determine that the whole of the RBL amount of the ETP, pension or annuity is within the reasonable benefit limits.

“(3) Subregulation (2) does not apply to a benefit payable as the result of the death of a person if the person was an associate of the person’s employer immediately before his or her death.

Assessment of benefits against lump sum RBL

“4x. (1) A benefit, being an ETP paid to a person, or a superannuation pension or annuity that commences to be paid to a person, is to be assessed against the lump sum RBL if:

(a) the benefit is an ETP and the sum of:
(i) the amount of the benefit (other than any part of the benefit that consists of undeducted contributions, concessional components or non-qualifying components); and

(ii) the qualifying portions of any ETP’s previously made to the person; and
(iii) the qualifying portions of any benefits previously paid to the person, being benefits that were pensions or annuities that did not comply with the pension and annuity standards;
is more than 50% of:
(iv) the sum of the qualifying portions of all benefits paid or payable to the person; or
(v) the person’s pension RBL; or
(b) the benefit is a superannuation pension or annuity that complies with the pension and annuity standards and the sum of:
(i) the capital value of the benefit; and
(ii) the qualifying portions of any superannuation pensions or annuities previously paid to the person that complied with the pension and annuity standards;
is less than 50% of:
(iii) the sum of the qualifying portions of all benefits paid or payable to the person; or
(iv) the person’s pension RBL;
whichever is the lesser; or
(c) the benefit is a superannuation pension or annuity that does not comply with the pension and annuity standards and the sum of:
(i) the capital value of the benefit; and
(ii) the qualifying portions of any superannuation pensions or annuities previously paid to the person that did not comply with the pension and annuity standards; and
(iii) the qualifying portions of any ETP’s previously made to the person;
is more than 50% of:
(iv) the sum of the qualifying portions of all benefits paid or payable to the person; or
(v) the person’s pension RBL.

“(2) The reference in subregulation (1) to 50% of the sum of the qualifying portions of all benefits paid or payable to a person is, if the person had received an ETP, or the commencement day of a superannuation pension or annuity payable to the person occurred, before the person reached the age of 55 years, a reference to:

(a) 50% of the sum of the qualifying portions of all benefits paid or payable to a person (other than undeducted contributions, concessional components or non-qualifying components); or
(b) the person’s lump sum RBL;

whichever is the lesser.

Qualifying portion

“4Y. (1) For the purposes of applying regulation 4x in determining whether a benefit paid, or commencing to be paid, to a person (in this regulation called the ‘current benefit’) is within the person’s reasonable benefit limits, the qualifying portion of a benefit previously received by a person is:

(a) in the case of an ETP—the amount worked out by multiplying the amount of the ETP (other than any part of the ETP that consists of undeducted contributions, concessional components, non-qualifying components or excessive components) by the index number for the quarter 2 quarters before the quarter in which the current benefit was paid or in which the commencement day of the current benefit falls and dividing the product by the index number for the quarter in which the ETP was paid; or
(b) in the case of a superannuation pension—the amount worked out by multiplying the capital value of the pension by the index number for the quarter 2 quarters before the quarter in which the current benefit was paid or in which the commencement day of the current benefit falls and dividing the product by the index number for the quarter in which the commencement day of the pension falls; or
(c) in the case of an annuity—the amount worked out by multiplying the amount of the ETP rolled-over to purchase the annuity (other than any part of the payment that consists of undeducted contributions or concessional components) by the index number for the quarter 2 quarters before the quarter in which the current benefit was paid or in which the commencement day of the current benefit falls and dividing the product by the index number for the quarter in which the commencement day of the annuity falls.

“(2) Where the current benefit is paid or commences to be paid within 12 months of the payment of the previous benefit or of the commencement day of the previous benefit, subregulation (1) applies to the previous benefit as if all of the index numbers referred to in that subregulation were 1.

Assessment of benefits against pension RBL

“4z. A benefit, being an ETP paid to a person or a superannuation pension or annuity that commences to be paid to a person, is to be assessed against the pension RBL if the benefit is not. under regulation 4x, to be assessed against the lump sum RBL.

Reasonable benefit limit where amount in approved deposit fund, life assurance company or registered organisation

“4za. (1) Where:

(a) the Commissioner is to calculate a person’s reasonable benefit

limits in relation to a benefit paid, or commencing to be paid, to the person; and

(b) paragraph 15f (1) (a) or (b) of the Act applies to the person; the person’s reasonable benefit limits are to be the greater of the person’s lump sum RBL or pension RBL (whichever of those is to be applied under regulation 4x or 4z) and:

(c) 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 approved deposit funds, 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 approved deposit funds, life assurance companies or registered organisations; or
(b) superannuation funds; or
(d) in any other case—the aggregate of the rolled-over amounts held in approved deposit funds, life assurance companies or registered organisations on behalf of the person on that day.

“(2) For the purposes of subparagraph (1) (c) (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.

“(3) For the purposes of applying paragraph (1) (c) to a person, where:

(a) after 15 February 1990, an amount is paid out of a superannuation fund, an approved deposit fund, 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 approved deposit fund, 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.

Reasonable benefit limit where recipient member of certain fund on 15 August 1989

“4zb. Where:

(a) the Commissioner is to calculate a person’s reasonable benefit limits in relation to a superannuation pension commencing to be paid to the person; and

(b) the pension is payable by a superannuation fund of which the person was a member on 15 August 1989; and
(c) the rules of the fund allowed, on that day, the provision of a pension for the person the capital value of which exceeded 11.25 times any amount treated as salary of the person under those rules;

the person’s reasonable benefit limits are to be the greater of the person’s lump sum RBL or pension RBL (whichever of those is to be applied under regulation 4x or 4z) and the capital value of the pension.

Pension and annuity standards

“4zc. The pension and annuity standards in relation to a superannuation pension on annuity are that the rules of the superannuation fund or the annuity contract must contain provisions to ensure that, or an agreement in force between the trustees of the fund and the beneficiary ensures that:
(a) the level of the benefit is, unless the Commissioner otherwise approves, increased annually by at least 5% or by at least the rate of increase in the Consumer Price Index (All Capital Cities) first published by the Australian Statistician for the March quarter in the preceding year compared with the Consumer Price Index (All Capital Cities) first published by the Australian Statistician for the March quarter in the year before the preceding year, whichever increase is the lesser; and
(b) subject to paragraph (c):
(i) the benefit is to be payable during the life of the person and, if there is a reversionary beneficiary, during the life of that beneficiary; and
(ii) the benefit is not to have a residual capital value; and
(c) notwithstanding paragraph (b), if the primary beneficiary dies within 10 years of the commencement day of the pension:
(i) if there is a reversionary beneficiary, the reversionary beneficiary may receive payments after the death of the primary beneficiary equal to the payments that the primary beneficiary would have received from the day of his or her death until the end of that period of 10 years if he or she had not died and, if the reversionary beneficiary dies before the end of that period, an amount worked out under subparagraph (ii) in relation to the reversionary beneficiary may be payable to the reversionary beneficiary’s estate; or
(ii) in any other case—an amount equal to the difference between the sum of the amounts paid to the primary beneficiary and the sum of the amounts that would have been so payable in that period of 10 years may be payable to the primary beneficiary’s estate; and
(d) the benefit is not able to be commuted except where:

(i) paragraph (c) applies; or
(ii) the commutation is made within 6 months of commencement day of the pension or annuity; or
(iii) section 15S of the Act applies; or
(iv) if the benefit is an annuity—the ETP resulting from the commutation is transferred directly to the purchase of another annuity that meets the pension and annuity standards; and
(e) the benefit does not have a reversionary component greater than 100% of the primary pension or annuity;
(f) the benefit is not able to be transferred to a person other than the primary beneficiary or a reversionary beneficiary on the death of the primary beneficiary or of another reversionary beneficiary; and

(g) the capital value of the benefit, and the income from the benefit, is incapable of being used as security for a borrowing.”.

Financial reports and disclosure of information standards

4. Regulation 17 of the Principal Regulations is amended by adding at the end of paragraph (1) (f) the following subparagraph:

“(iv) if the member’s old RBM for the purposes of Part Ia is greater than the base old RBM specified in clause 2 of Schedule 2—the member’s old RBM;”.

5. After regulation 18 of the Principal Regulations the following regulations are inserted in Part II:

Commutation factors

“18a. A superannuation fund must not, without the approval in writing of the Commissioner, use a factor for converting a superannuation pension payable to a person, being a pension that does not meet the pension and annuity standards, to a lump sum that is greater than the pension valuation factor that would be applicable to the pension under Schedule 3 if the commencement day of the pension were the day on which it is commuted.

Standards relating to contributions

“18b. (1) For the purposes of subsection 7 (2) of the Act, the standards set out in this regulation are prescribed.

“(2) A superannuation fund must not accept deductible contributions during a year of income that exceed the maximum deductible contributions applicable to the fund under this regulation in relation to that year of income.

“(3) A superannuation fund must not accept a contribution towards a superannuation pension or an ETP for a person who is over 65 years unless:

(a) the person was at least 60 years old on 1 July 1990; and
(b) the contribution is made before the person reaches 70 years of age.

“(4) For the purposes of applying subregulation (6) to a person:

(a) if the person was at least 60 years old on 1 July 1990—that subregulation is to have effect in relation to the person as if references to the age of 65 years were references to the age of 70 years; and
(b) if the rules of the fund permitted, as at 25 May 1988, the acceptance of contributions in relation to persons on the basis of a retirement age of less than 65 years—that subregulation is, until 30 June 1995, to have effect in relation to the person as if references to the age of 65 years were references to the lower age permitted by those rules.

“(5) For the purposes of this regulation:

(a) if the rules of a superannuation fund do not prohibit the fund providing pensions or rolling-over amounts to purchase annuities on behalf of members, the reasonable benefit limit of a member of the fund is whichever of the following amounts the fund chooses:
(i) the amount worked out by multiplying the person’s HAS by the person’s pension reasonable benefit multiple (using an eligible service period ending on the day on which the person reaches the age of 65 years); or
(ii) the amount specified in paragraph (b) of the definition of ‘pension RBL’ in subregulation 4a (1); or
(iii) the amount worked out by multiplying 90% of the person’s salary as last advised by an employer of whom the person is not an associate by the number that would be the person’s pension reasonable benefit multiple if the person’s HAS were 90% of that salary; and
(b) if the rules of a superannuation fund prohibit the provision of pensions and the rolling-over of amounts to purchase annuities on behalf of members, the reasonable benefit limit of a member of the fund is whichever of the following amounts the fund chooses:
(i) the amount worked out by multiplying the person’s HAS by the person’s lump sum reasonable benefit multiple (using an eligible service period ending on the day on which the person reaches the age of 65 years); or
(ii) the amount specified in subparagraph (a) (ii) of the definition of ‘lump sum RBL’ in subregulation 4a (1); or
(iii) the amount worked out by multiplying 90% of the person’s salary as last advised by an employer of whom the person is not an associate by the number that would

be the person’s lump sum reasonable benefit multiple if the person’s HAS were 90% of that salary; and

“(6) For the purposes of this regulation, a person’s maximum funding limit at a particular time is to be worked out using the formula:

where:

‘RBL’

means the person’s reasonable benefit limit at that time worked out in accordance with subregulation (5); and

‘AGE’

means:

(a) 60, or the person’s age in days at that time or on the day on which the person joined the fund, whichever is the later, divided by 365, whichever is the lower; or
(b) if paragraph (4) (a) applies to the person—65, or the person’s age in days at his or her last birthday divided by 365, whichever is the lower; and

‘ENTRY AGE’

means the number obtained by dividing:

(a) the person’s age in days at the time when the person joined the fund; or
(b) if the person rolled-over into the fund the whole of a benefit (other than undeducted contributions, concessional components or non-qualifying components) from another superannuation fund or from an approved deposit fund, a life assurance company or a registered organisation—the person’s age in days at the time when the person joined the fund, company or organisation from which the person first rolled-over the whole of a benefit (other than undeducted contributions, concessional components or non-qualifying components);

by 365.

“(7) The maximum deductible contributions that may be accepted by a superannuation fund that is a defined benefit superannuation fund during each year of an actuarial period in relation to all members of the fund is the amount worked using the formula:

where:

‘R’	means the actuarial rate worked out using the formula in subregulation (8); and

‘S’	means the sum of:

(a) the sum of the salary amounts of all members of the fund as at the beginning of that year; and
(b) the sum of the salary amounts of each person who became a member of the fund after the beginning of that year and before the end of that year, as at the day on which the person became a member.

“(8) The actuarial rate for the purposes of subregulation (7) is the rate worked out by dividing the number worked out by an actuary using the formula:

by the number of dollars in the sum of the salary amounts of all members of the fund as at the calculation day, where:

‘MFL’	means the sum of each member’s maximum funding limits as at the calculation day; and
‘AMV’	means the sum of: (a) the amount of any cash or deposits at call that the fund holds on behalf of members of the fund; and (b) the face value of any capital guaranteed life insurance policies that the fund holds; and (c) the cost, or the surrender value at that time, whichever is the greater, of any other life insurance policies that the fund holds; and (d) 85% of the market value of the other assets of the fund; as at the calculation day; and
‘B’	means the amount determined by an actuary that represents the sum of the present values of the amounts required to be paid by the fund in respect of postponed retirements, deferred benefits for former members or dependants of former members and pensions payable to existing members or dependants of existing members as at the calculation day; and
‘C’	means the total amounts of undeducted contributions and concessional components held by the fund as at the calculation day; and

‘D’	means the amount determined by an actuary that represents the sum of: (a) the expected cost to the fund during the year of income commencing on the calculation day of insurance premiums and the cost of self insurance to cover the difference between the sum of the reasonable benefit limits of all members of the fund as at the calculation day and AMV in the formula; and (b) the expected cost to the fund during that year of insurance premiums and the cost of self insurance to cover the payment of salary continuance benefits to which component G in the formula does not apply; and
‘E’	means the total amount of benefits that have, after 30 June 1990 and before the calculation day, been transferred by the fund to other superannuation funds on behalf of persons who are members of the fund as at the calculation day; and
‘F’	means the expected cost of administration of the fund during the period of 12 months commencing on the calculation day: and
‘G’	means the sum of the amounts of any salary continuance benefits that have, after 30 June 1990 and before the calculation day, been paid by the fund in respect of persons who were members of the fund as at the calculation day, being benefits that: (a) are greater than 75% of the salaries to which they relate; or (b) had been payable for more than 2 years; and
‘N’	means the number worked out by dividing the sum of the period to retirement of each member of the fund as at the calculation day by the number of members of the fund.

“(9) The maximum deductible contributions that may be accepted by a superannuation fund that is not a defined benefit superannuation fund during a year of income (in this subregulation called the ‘current year of income’) in relation to a member of the fund is the amount worked out using the formula:

where:

‘MFL’

means the members maximum funding limit as at the beginning of the current year of income; and

‘AMV’	means the amount worked out by multiplying the sum of: (a) the amount of any cash or deposits at call that the fund holds on behalf of members of the fund; and (b) the face value of any capital guaranteed life insurance policies that the fund holds; and (c) the cost, or the surrender value, whichever is the greater, of any other life insurance policies that the fund holds; and (d) 85% of the market value of the other assets of the fund: as at the beginning of the current year of income by the member’s pro rata factor for the current year of income; and
‘B’	means the amount worked out by multiplying the sum of the present values of the amounts required to be paid by the fund in respect of postponed retirements, deferred benefits for former members or dependants of former members and pensions payable to existing members or dependants of existing members by the member’s pro rata factor for the current year of income; and
‘C’	means the amount of undeducted contributions and concessional components held by the fund in respect of the member at the beginning of the current year of income; and
‘D’	means the sum of: (a) the expected cost to the fund during the current year of income of insurance premiums and the cost of self insurance to cover the difference between the member’s reasonable benefit limits and the member’s account balance as at the beginning of the year of income; and (b) the expected cost to the fund during the current year of income of insurance premiums and the cost of self insurance to cover the payment to the member of salary continuance benefits to which component G in the formula does not apply; and
‘E’	means the amount of benefits that have, after 30 June 1990 and before the current year of income, been transferred by the fund to other superannuation funds on behalf of the member; and
‘F’	means: (a) if the fund allocates a cost to the member in respect of the expected cost of administration of the fund during the current year of income—the amount so allocated; or

(b) in any other case—the amount worked out by multiplying the expected cost of administration of the fund during the current year of income by the member’s pro rata factor for the current year of income; and

‘G’

means the sum of the values of any salary continuance benefits paid by the fund after 30 June 1990 and before the current year of income in respect of the member that:

(a) are greater than 75% of the salary to which they relate; or

(b) had been payable for more than 2 years; and

‘N’

means the period to retirement of the member at the beginning of the current year of income.

“(10) Subregulation (9) applies to a member of a superannuation fund who joined the fund after the beginning of a year of income as if references in that subregulation to the beginning of the current year of income were references to the day on which the member joined the fund.

“(11) If a superannuation fund has in-house assets at any time during a year of income, the amount worked out under subregulation (8) or (9) in relation to the fund for that year of income is to be reduced by the percentage worked out in accordance with the following table:

Peak level of in-house assets	Reduction
up to 10%	0%
10% to 20%	10%
20% to 30%	20%
30% to 40%	30%
40% to 50%	40%
50% to 60%	50%
60% to 70%	60%
70% to 80%	70%
80% to 90%	80%
over 90%	90%

“(12) If an application of the formula in subregulation (8) in relation to a superannuation fund produces zero or a negative number in relation to a year in an actuarial period, the fund must not accept deductible contributions during that year.

“(13) If an application of the formula in subregulation (9) in relation to a superannuation fund produces zero or a negative amount in relation to a year of income in relation to a member of the fund, the fund must not accept deductible contributions during that year in relation to that member.

“(14) In this regulation:

‘account balance’, in relation to a member of a superannuation fund, means amounts allocated to the member under the rules of the fund, and includes amounts that have not vested in the member;

‘actuarial period’, in relation to a defined benefit superannuation fund, means a period, not exceeding 3 years, commencing at the beginning of a year of income of the fund;

‘calculation day’, in relation to a defined benefit superannuation fund, means the first day of an actuarial period of the fund;

‘deductible contributions’ means contributions towards a benefit that are deductible for tax purposes under section 82aac or 82aat of the Tax Act;

‘in-house asset’ has the same meaning as in subregulation 16a (1);

‘period to retirement’, in relation to a member of a superannuation fund, means 5 or the number worked out by dividing the number of days before the member reaches the age of 65 years or, if subregulation (4) applies, the age applicable under that subregulation by 365, whichever is the lower number;

‘pro rata factor’, in relation to a member of a superannuation fund in relation to a year of income, means the number worked out by dividing the member’s account balance at the beginning of the year of income or, if the member joined the fund after that time, at the time the member joined, by the sum of the account balances of all members of the fund at the beginning of the year of income;

‘salary amount’, in relation to a member of a superannuation fund, means:

(a) the salary of the member, or the member’s HAS, that was used by the fund in last making the calculations under subregulation (5); or
(b) if the fund applied subparagraph (5) (a) (ii) in last making those calculations—the amount referred to in that subparagraph divided by 11.25; or
(c) if the fund applied subparagraph (5) (b) (ii) in last making those calculations—the amount referred to in that subparagraph divided by 7.”.

Approved rules

6. Regulation 20 of the Principal Regulations is amended by inserting after paragraph (h) the following paragraph:

“(ha) provisions that do not allow a depositor to withdraw an

amount (excluding management and exit charges) of less than $500 from the fund unless the withdrawal is necessary to close the depositor’s account;”.

Insertion of Schedules

7. The Principal Regulations are amended by adding at the end the following Schedules:

SCHEDULE 2 Regulation 4a

CALCULATION OF OLD RBM

Interpretation

1. In this Schedule:

‘account balance’,in relation to a member of a superannuation fund, means amounts allocated to the member under the rules of the fund, and includes amounts that have not vested in the member;

‘converted pension multiple’,in relation to a superannuation pension that could become payable under the rules of the fund as at 25 May 1988, means the number worked out by multiplying the multiple applicable to the pension under those rules by the pension valuation factor applicable to the pension under Schedule 3 as at the retirement age applicable to the fund;

‘defined benefit’ means a benefit defined in terms of, or in terms that include, either or both of the following amounts:

(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;

‘lump sum fund’ means a superannuation fund that is prohibited under its rules from:

(a) providing pensions; and
(b) rolling-over amounts to purchase annuities on behalf of members;

‘maximum fund multiple’, in relation to a person who is a member of a defined benefit superannuation fund, means the multiple that is the greatest of the following:

(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 rules of the fund as at 25 May 1988;

‘private sector fund’ means a superannuation fund:

(a) to which section 23F of the Tax Act would have applied on 25 May 1988 if that section had not been repealed; and
(b) the rules of which allowed, on that day, the provision of benefits for any person that exceeded the reasonable benefit limits that were in force on that day;

SCHEDULE 2—continued

‘public sector superannuation fund’ has the meaning it would have under regulation 3 if ‘superannuation fund’ in that regulation had the meaning given by section 15e of the Act:

‘retirement age’, in relation to a superannuation fund, means:

(a) if the rules of the fund, as at 25 May 1988, specified a maximum retirement age—that age; or
(b) if the relevant benefit is based on a period of service:
(i) if the fund is not a lump sum fund—the age of a member of the fund at which the highest value is obtained by multiplying the pension multiple applicable to the member under the rules of the fund as at 25 May 1988 by the relevant pension valuation factor; or
(ii) if the fund is a lump sum fund—the age of a member of the fund at which the greatest lump sum multiple is applicable to the member under the rules of the fund as at 25 May 1988; or
(c) 65 years;

whichever is the lowest;

‘salary’,in relation to a member of a superannuation fund, means any amount that is treated as salary of the member under the rules of the fund.

Base old RBM

2. Subject to the succeeding provisions of this Schedule, the old RBM applicable to a person in relation to a benefit paid, or commencing to be paid, to the person 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.

When greater old RBM applicable

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 paid, or commencing to be paid, to the person by a public sector superannuation fund or a private sector fund if the person was a member of the fund on 30 June 1990.

(2) An old RBM greater than the old RBM specified in clause 2 may also be applicable to a person in relation to a benefit paid, or commencing to be paid, to the person if:

(a) the benefit:
(i) is payable by an approved deposit fund, 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.

(3) An old RBM greater than the old RBM specified in clause 2 may also be applicable to a person in relation to a benefit paid, or commencing to be paid, to the person if the benefit was payable by a public sector superannuation fund and the person had, before 1 July 1990, deferred all of his or her benefits in the fund until at least 30 June 1990, other than any part that consisted of undeducted contributions or concessional components.

SCHEDULE 2— continued

Old RBM—defined benefits

4. The old RBM applicable to a person in relation to:

(a) a defined benefit payable by a defined benefit superannuation fund to which subclause 3 (1) or (3) applies; or
(b) a benefit payable by an approved deposit fund, 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:

(c) the person’s maximum fund multiple; or
(d) the base old RBM;

whichever is the greater.

Old RBM—non-defined benefits

5. (1) The old RBM applicable to a person in relation to a benefit payable by:

(a) a superannuation fund to which subclause 3 (1) or (3) applies, being a fund that only provides benefits that are not defined benefits; or
(b) an approved deposit fund, 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:

(c) the multiple calculated under clause 6 or clause 7; or
(d) the base old RBM;

whichever is the greater.

(2) Such a fund must calculate the old RBM for all of its members under either clause 6 or clause 7.

Calculation method 1—non-defined benefits

6. The calculation is to be made in relation to a person using the formula:

where:

‘P’	means the total proportion of the person’s salary, expressed as a decimal number, that was contributed to the fund during the financial year ending on 30 June 1990 (including employer contributions) or the total proportion of the person’s salary, expressed as a decimal number, that was being contributed to the fund during an earlier financial year (including employer contributions), whichever is the higher; and
‘Q’	means the number worked out by dividing the person’s account balance as at 1 July 1990 by the person’s salary at that day or, if the person ceased to be a member of the fund before that day, the number worked out by dividing the person’s account balance as at the day on which membership ceased by the person’s salary as at that earlier day; and
‘N’	means the number of years from 30 June 1990 until the day on which the person will reach the retirement age of the fund, counting part of a year as a whole year.

Calculation method 2—non-defined benefits

7. The calculation is to be made in relation to a person using the formula:

where:

SCHEDULE 2— continued

‘Q’ has the same meaning as in clause 6; and

“Asset Factor” means the relevant factor ascertained using the table to this clause; and

‘P’ has the same meaning as in clause 6; and

‘Contribution factor’ means the relevant factor ascertained using the table to this clause.

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
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

SCHEDULE 3—continued

Years to retirement	Asset factor	Contribution Factor
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.

Mixed benefits

8. Where a denned benefit superannuation fund (in this clause called the “original fund”) could have provided a mixture of defined benefits and other benefits to a person under the rules of the fund as at 25 May 1988, the old RBM applicable to a person to whom a benefit is paid, or commences to be paid, by the fund is the sum of:

(a) the person’s maximum fund multiple; and
(b) the multiple that would be calculated under clause 5;

or the base old RBM, whichever is the greater.

Adjustment of old RBM for early retirement

9. Where:

(a) an ETP is paid to a person before the person reaches the age of 55 years; or
(b) a superannuation pension or annuity that does not meet the pension and annuity standards commences to be paid to a person and the commencement day of the pension or annuity occurs before the person reaches that age;

and the retirement age of the fund is lower than 55 years, the person’s old RBM is the number worked out using the formula:

where:

‘A’	means the number that would have been the person’s old RBM under this Schedule if this clause did not apply; and
‘B’	means the number of whole years between the retirement age of the fund and 55 years.

Calculation of HAS

10. If a fund specifics 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 the person’s HAS by multiplying the multiple of salary used under the rules of the fund by the formula:

where:

‘K’	means the number of years used under the rules of the fund from the midpoint of the averaging period for calculating the multiple of salary until the end of the averaging period.

SCHEDULE 3 Regulation 4d

Pension Valuation Factors

1. The pension valuation factor for a pension that is to be indexed at a rate that is greater than 8% each year is to be calculated in accordance with arrangements determined in writing by the Commissioner.
2. The pension valuation factor for any other pension is the factor applicable to the pension under the following tables.
3. A reference in the tables to ‘Age’ is a reference to the age of the recipient on the commencement day of the relevant pension. If the age of a person on that day falls between 2 of the ages specified in a table, the pension valuation factor is to be determined by reference to the factors specified under the next greater age group in the table.
4. If a pension has no reversion, the pension valuation factor for the pension is to be the relevant factor specified in the relevant table in the ‘Below 50%’ group.
5. If the rules of a superannuation fund provide that a pension is indexed to movements in salary, the pension valuation factor for the pension is the relevant factor specified in the table relating to an indexation rate of 8%.
6. If a pension is indexed by reference to movements in the Consumer Price Index published by the Australian Statistician, the pension valuation factor for the pension is the relevant factor applicable under the table into which the standard indexation rate falls.

TABLES

Indexation rate of 8%

Reversion	Age
20	25	30	35	40	45	50	55	60	65	70
Below 50%	33	31	29	27	25	23	21	18	16	14	12
50%–75%	34	33	31	29	27	25	22	20	18	15	13
Above 75%	35	34	32	30	28	26	24	21	19	16	14

Indexation rate of at least 7% but less than 8%

Reversion	Age
20	25	30	35	40	45	50	55	60	65	70
Below 50%	26	25	24	23	21	20	18	16	14	13	11
50%–75%	27	26	25	24	23	21	19	18	16	14	12
Above 75%	28	27	26	25	24	22	20	19	17	15	13

Indexation rate of at least 6% but less than 7%

Reversion	Age
20	25	30	35	40	45	50	55	60	65	70
Below 50%	22	21	20	19	18	17	16	14	13	12	10
50%–75%	22	22	21	20	19	18	17	16	14	13	11
Above 75%	23	22	22	21	20	19	18	16	15	13	12

Indexation rate of at least 5% but less than 6%

Reversion	Age
20	25	30	35	40	45	50	55	60	65	70
Below 50%	18	18	17	17	16	15	14	13	12	11	10
50%–75%	19	18	18	17	17	16	15	14	13	12	10
Above 75%	19	19	18	18	17	17	16	15	13	12	11

SCHEDULE 3— continued

Indexation rate of at least 4% but less than 5%

Reversion	Age
20	25	30	35	40	45	50	55	60	65	70
Below 50%	16	15	15	15	14	13	13	12	11	10	9
50%–75%	16	16	15	15	15	14	13	13	12	11	10
Above 75%	16	16	16	15	15	15	14	13	12	11	10

Indexation rate of at least 3% but less than 4%

Reversion	Age
20	25	30	35	40	45	50	55	60	65	70
Below 50%	14	14	13	13	13	12	11	11	10	9	8
50%–75%	14	14	14	13	13	13	12	11	11	10	9
Above 75%	14	14	14	14	13	13	12	12	11	10	9

Indexation rate of at least 2% but less than 3%

Reversion	Age
20	25	30	35	40	45	50	55	60	65	70
Below 50%	12	12	12	12	11	11	10	10	9	9	8
50%–75%	12	12	12	12	12	11	11	10	10	9	8
Above 75%	12	12	12	12	12	12	11	11	10	9	9

Indexation rate of at least 1% but less than 2%

Reversion	Age
20	25	30	35	40	45	50	55	60	65	70
Below 50%	11	11	11	11	10	10	10	9	9	8	7
50%–75%	11	11	11	11	11	10	10	10	9	8	8
Above 75%	11	11	11	11	11	10	10	10	9	9	8

Indexation rate of less than 1%

Reversion	Age
20	25	30	35	40	45	50	55	60	65	70
Below 50%	10	10	10	10	9	9	9	8	8	8	7
50%–75%	10	10	10	10	10	9	9	9	8	8	7
Above 75%	10	10	10	10	10	10	9	9	9	8	8

SCHEDULE 4 Subsection 15f (1) of the Act

Regulation 4F

PRESCRIBED INFORMATION UNDER SECTION 15f OF THE ACT

Fund information

Name of the fund

Postal address of the fund

Tax file number of the fund

Recipient information

Name of the person with an amount in the fund as at 15 February 1990

Postal address of the person with an amount in the fund as at 15 February 1990

Tax file number of the person with an amount in the fund as at 15 February 1990

Date of birth of the person with an amount in the fund as at 15 February 1990

Fund balance

Balance in the fund at 15 February 1990 with respect to the person

SCHEDULE 5 Subsections 15g (1) and (3)

and 15j (2) of the Act

Regulation 4G and subregulation 4j (3)

PRESCRIBED INFORMATION TO BE PROVIDED BY PAYERS

Recipient information

Name of the person who received the benefit

Address of the person who received the benefit

Tax file number of the person who received the benefit

Date of birth of the person who received the benefit

If the benefit is payable by an employer, whether the person is an associate of the employer.

Fund information

Payer’s Name

Address of the payer

Tax file number of the payer

Whether the payer is a superannuation fund, life assurance company or registered organisation or an employer of the recipient

ETP’s

Date on which the ETP was made

Start date of the eligible service period to which the ETP relates

Amount of the ETP

Pre-July 83 component

Untaxed element of the post-June 83 component

Taxed element of the post-June 83 component

Concessional component

Undeducted contributions

Non-qualifying component

SCHEDULE 5— continued

Where the benefit is a result of the commutation or residual capital value of an earlier benefit:

whether the ETP arising out of the commutation or residual capital value has been rolled-over directly by the employer.
the date on which the earlier benefit was paid.
the amount of the earlier benefit rolled-over directly by the payer.

Superannuation pensions

The commencement day of the pension

Commencement of the eligible service period to which the pension relates

The annual value of the pension

Undeducted purchase price

Whether the pension is paid as a result of the permanent disability of the person

Whether the pension has a residual capital value

The amount of any residual capital value

Where the payer is a superannuation fund (the rules of which, at 15 August 1989, allowed the provision of a pension for the person the capital value of which exceeded 11.25 times any amount treated as salary under those rules)—whether the person was a member of that fund as at 15 August 1989

Annuities

Commencement day of the annuity

Amount of the ETP rolled-over to purchase the annuity

Pre-July 83 component

Untaxed element of the post-June 83 component

Taxed element of the post-June 83 component

Concessional Component

Undeducted contributions

Commencement of the eligible service period of the annuity

Whether the annuity was paid as a result of the permanent disability of the recipient

SCHEDULE 6 Subsection 15g (7) of the Act

Regulation 4g

PRESCRIBED INFORMATION ON BENEFITS PAID BETWEEN 16 FEBRUARY 1990 AND 30 JUNE 1990

Recipient information

Name of the person who received the benefit

Address of the person who received the benefit

Date of birth of the person who received the benefit

If the benefit is payable by an employer, whether the person is an associate of the employer

Fund information

Payer’s name Address of the payer

SCHEDULE 6—continued

Tax file number of the payer

Whether the payer is a superannuation fund, life assurance company, registered organisation, or an employer of the recipient

ETP’s

Date on which the ETP was made

Start date of the eligible service period to which the ETP relates

Amount of the ETP

Pre-July 83 component

Untaxed element of the post-June 83 component

Taxed element of the post-June 83 component

Concessional component

Undeducted contributions

Non-qualifying component

Where the benefit is a result of the commutation or residual capital value of an earlier benefit:

whether the ETP arising out of the commutation or residual capital value has been rolled-over directly by the employer
the date on which the earlier benefit was paid
the amount of the earlier benefit rolled-over directly by the payer

Superannuation pensions

The commencement day of the pension

Commencement of the eligible service period to which the pension relates

The annual value of the pension

Undeducted purchase price

Whether the pension is paid as a result of the permanent disability of the person

Whether the pension has a residual capital value

The amount of any residual capital value

Annuities

Commencement day of the annuity

Amount of the ETP rolled-over to purchase the annuity

Pre-July 83 component

Untaxed element of the post-June 83 component

Taxed element of the post-June 83 component

Concessional component

Undeducted contributions

Commencement of the eligible service period of the annuity

Whether the annuity was paid as a result of the permanent disability of the recipient

SCHEDULE 7Subsection 15j (1) of the Act

Subregulation 4j (2)

PRESCRIBED INFORMATION ON ROLL-OVERS

Recipient information

Name of the person making the roll-over

Address of the person

Date of birth of the person

Roll-over information

Date on which the ETP was rolled-over

Date on which the ETP rolled-over was first paid

Pre-July 83 component amount rolled-over

Taxed element of the post-June 83 amount rolled-over

Untaxed element of the post-June 83 amount rolled-over

Concessional component rolled-over

Undeducted contributions rolled-over

NOTES

1. Notified in the Commonwealth of Australia Gazette on 29 June 1990.

2. Statutory Rules 1987 No. 322 as amended to date. For previous amendments see Note 2 to Statutory Rules 1990 No. 149 and see also Statutory Rules 1990 Nos. 149, 150 and 185.

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