Document ID: chunk:federal_register_of_legislation:C2022C00279:section:9:p2
Version: federal_register_of_legislation:C2022C00279
Segment Type: section
Provision Reference: s 9 (pt 2/3)
Character Range: 10151–12950

to, and the value of the administration expenses and risk benefits provided in respect of, the member for the financial year.

Value of benefits and expenses—financial year earlier than 1999‑2000 financial year
 (5) The actuarial value of the benefits that accrued to, and the value of the administration expenses and risk benefits provided in respect of, a member of a defined benefits superannuation scheme for the 1996‑97 financial year or for either of the next 2 financial years is the amount worked out using the formula:

where:
annual salary means:
 (a) if paragraph (b) does not apply—the amount that is the member's annual salary for the financial year; or
 (b) if another amount is taken to be the member's annual salary for the purposes of the scheme as it applies to the member for the financial year—that other amount.
notional surchargeable contributions factor means the factor applying to the member for the financial year worked out by an eligible actuary in accordance with:
 (a) the method set out in Superannuation Contributions Ruling SCR 97/1; or
 (b) if the Commissioner approves in writing another method as being appropriate in relation to the member for the financial year, being a method that excludes contributions made by the member for which the member is not entitled to an income tax deduction under the Income Tax Assessment Act or under the Income Tax Assessment Act 1997—the method so approved.

Value of benefits and expenses—1999‑2000 financial year or a later financial year
 (6) The actuarial value of the benefits that accrued to, and the value of the administration expenses and risk benefits provided in respect of, a member of a defined benefits superannuation scheme for the 1999‑2000 financial year or a later financial year is an amount worked out using:
 (a) the method set out in the regulations, being a method that excludes Government co‑contributions made under the Superannuation (Government Co‑contribution for Low Income Earners) Act 2003 and contributions made by the member for which the member is not entitled to an income tax deduction under the Income Tax Assessment Act or under the Income Tax Assessment Act 1997; or
 (b) if the Commissioner approves in writing another method as being appropriate in relation to the member for the financial year, being a method that excludes Government co‑contributions made under the Superannuation (Government Co‑contribution for Low Income Earners) Act 2003 and contributions made by the member for which the member is not entitled to an income tax deduction under the Income Tax Assessment Act or under the Income Tax Assessment Act 1997—the method so approved.

Regulations
 (7) Regulations made for the purposes of paragraph (6)(a) may specify, or make provision for the Commissioner to specify