Document ID: chunk:federal_register_of_legislation:F2024C01248:reg:5:p12
Version: federal_register_of_legislation:F2024C01248
Segment Type: reg
Provision Reference: reg 5 (pt 12/13)
Character Range: 120844–123883

previous income year to the start of the current income year, taking into account any factors likely to affect those assets, including by:

                (a) adding taxable contributions allocated to fund pre‑1 July 88 taxed liabilities in the previous income year; and
                (b) deducting the employer‑financed component of pre‑1 July 88 taxed benefits paid out during the previous income year; and
                (c) adding actual investment earnings net of the tax and expenses relating to investment income for the previous income year using a basis that is consistent with the underlying investment earnings achieved and normal practices of the superannuation fund.

            The result is the assets available to fund pre‑1 July 88 liabilities for the current income year.
           Step 3: Deduct the assets available to fund pre‑1 July 88 liabilities for the current income year from the value of pre‑1 July 88 liabilities for the current income year.
            The result is the value of unfunded pre‑1 July 88 liabilities for the current income year.
           Step 4: The amount of taxable contributions that are allocated to fund that value of unfunded pre‑1 July 88 liabilities, as notified by the superannuation provider to the actuary, are the pre‑1 July 88 taxable contributions for the current income year.
 (2) The superannuation provider's actuary must retain the following documentation for the income year for not less than 5 years:
 (a) documentation to support the notional updating of the value of pre‑1 July 88 liabilities for step 1 of method 2;
 (b) documentation to support the notional updating of the assets available to fund pre‑1 July 88 liabilities for step 2 of method 2.
 (3) The superannuation provider must retain documentation to support calculations of pre‑1 July 88 taxable contributions for the income year for not less than 5 years.

Subdivision 295‑F—Exempt income

295‑385.01  Segregated current pension assets—prescribed superannuation income stream benefits
  For the purposes of section 295‑385 of the Act, the following superannuation income stream benefits are prescribed:
 (a) an RP superannuation income stream benefit of a superannuation fund payable from:
 (i) an allocated pension within the meaning of the SIS Regulations; or
 (ii) a market linked pension within the meaning of the SIS Regulations; or
 (iii) an account‑based pension within the meaning of the SIS Regulations;
 (b) a superannuation benefit payable, from a superannuation interest, in respect of a right mentioned in subsection 307‑70.02(2) that is covered by subsection 307‑70.02(3), if, immediately before the death mentioned in paragraph 307‑70.02(2)(a), the superannuation interest supported a pension mentioned in subparagraph (a)(i), (ii) or (iii) of this section payable to the deceased mentioned in paragraph 307‑70.02(2)(a);
 (c) a superannuation benefit payable from a superannuation interest that supports a new superannuation income stream in relation to which subsection 307‑70.02(4)