Commonwealth Numbered Regulations Commonwealth Numbered Regulations(1) For the purposes of subsection 291-170(1) of the Act, this section gives the meaning of notional taxed contributions for a financial year in respect of the defined benefit interest of a member of:
(a) a superannuation fund that has 5 or more defined benefit members ( other than a fund to which paragraph (6)(a) of this section applies) ; or
(b) a superannuation fund to which subsection (3), (4), (5) or (6) of this section applies.
Note: Section 291-170.04 specifies circumstances in which, despite this section, the amount of notional taxed contributions is nil.
(2) The notional taxed contributions are the contributions that are determined by the trustee of the superannuation fund to be notional taxed contributions, using the method set out in Schedule 1A.
(3) If a superannuation fund has 5 or more defined benefit members on 1 July 2007, this subsection applies to the fund even if the number of defined benefit members of the fund becomes less than 5 at any time on or after 1 July 2007.
(4) This subsection applies to a superannuation fund if:
(a) the fund had 5 or more defined benefit members at any time before 1 July 2007; and
(b) the fund had fewer than 5 defined benefit members on 1 July 2007; and
(c) the fund had been in existence for 5 or more years at 1 July 2007; and
(d) the trustee of the fund is an RSE licensee; and
(e) the employer-sponsor of the fund deals with each of the defined benefit members at arm's length.
(5) If:
(a) subsection (3) or (4) applies to a superannuation fund ( fund 1 ); and
(b) the defined benefit members of fund 1 are transferred to another superannuation fund ( fund 2 ) on or after 1 July 2007 (whether directly or through a series of transfers between superannuation funds); and
(c) the trustee of fund 2 is an RSE licensee; and
(d) the employer-sponsor of fund 2 deals with each of the defined benefit members of fund 2 at arm's length;
this subsection applies to fund 2.
(6) This subsection applies to a superannuation fund if:
(a) the fund had no defined benefit members on 30 June 2007; and
(b) a person became a defined benefit member of the fund after that date; and
(c) the number of defined benefit members of the fund (including the person) is at least 50; and
(d) the employer-sponsor of the fund deals with each of the defined benefit members at arm's length.