Document ID: chunk:federal_register_of_legislation:F2022L00184:clause:1_30
Version: federal_register_of_legislation:F2022L00184
Segment Type: clause
Provision Reference: sch 1 cl 30
Character Range: 39738–41844

30  Carry forward credit for distributions in excess of minimum
 (1) This section applies to a *public ancillary fund if the fund exceeded its annual minimum distribution for the *financial years 2019‑20 to 2020‑21, as calculated under subsection (2), by more than 4.
 (2) Work out how much a *public ancillary fund exceeded its annual minimum distribution for the *financial years 2019‑20 to 2020‑21 as follows:

      Method statement
           Step 1. Work out the fund's actual distribution for the 2019‑20 financial year by dividing the fund's distributions made in that financial year by the *market value of the fund's net assets (as at the end of the previous financial year). The result should be expressed as a percentage and rounded to the nearest whole number.
           Step 2. Work out the fund's actual distribution for the 2020‑21 financial year by dividing the fund's distributions made in that financial year by the market value of the fund's net assets (as at the end of the previous financial year). The result should be expressed as a percentage and rounded to the nearest whole number.
           Step 3. Add the result of step 1 with the result of step 2.
           Step 4. Reduce the result of step 3 by 8, but not so as to reduce the result to an amount less than nil. The result is how much a *public ancillary fund exceeded its annual minimum distribution for the financial years 2019‑20 to 2020‑21.
 (3) Where this section applies, the minimum annual distribution rate for a *public ancillary fund the purposes of subsection 15(1) for a *financial year covered by subsection (4) of this section is 3 per cent.
 (4) The following are the *financial years covered by this subsection for a *public ancillary fund:
 (a) the 2021‑22 financial year; and
 (b) the 2022‑23 financial year; and
 (c) a subsequent financial year or years for each amount of 2 the result of the method statement in subsection (2) exceeds 4.
Example: If the result of the method statement in subsection (2) is 7 for a public ancillary fund, the 2023‑24 financial year is also covered by subsection (4).