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