Document ID: chunk:federal_register_of_legislation:F2024C01248:reg:6:p17
Version: federal_register_of_legislation:F2024C01248
Segment Type: reg
Provision Reference: reg 6 (pt 17/21)
Character Range: 167993–170787

earnings, for a particular day (the valuing day) is worked out by applying the following formula for each adjustment day (from the earliest to the latest):

where:
above threshold rate, for a particular day, is the above threshold rate determined for that day under subsection 1082(2) of the Social Security Act 1991.
adjustment day is each of the following:
 (a) each 12‑month anniversary of the consideration payment day that happens before the valuing day;
 (b) the valuing day.
applicable above threshold rate, for a particular day, is:
 (a) if that day is a 12‑month anniversary of the consideration payment day—the above threshold rate for that day; or
 (b) if that day is the valuing day—the proportion of the above threshold rate for that day equal to the number of days that the valuing day is in the 12 months starting on the day after:
 (i) if the valuing day is at least 12 months after the consideration payment day—the most recent 12‑month anniversary of the consideration payment day; or
 (ii) otherwise—the consideration payment day.
compounded amount of consideration just before the adjustment day is:
 (a) for the earliest adjustment day—the amount of consideration; or
 (b) for each later adjustment day—the result of applying the formula for the most recent earlier adjustment day.
consideration payment day is the day the amount of consideration was paid.

307‑205.02D  Value of superannuation interest—pooled investment pensions
 (1) For the purposes of paragraph 307‑205(1)(a) of the Act, the value at a particular time of an individual's superannuation interest that supports a pooled investment pension is the value of so much of the collective pool of assets in the fund at that time as is:
 (a) attributed to the individual under the rules of the fund; and
 (b) specified in an actuary's certificate.
 (2) A pooled investment pension is a superannuation income stream supported by an individual's superannuation interest if:
 (a) the interest is in a superannuation fund; and
 (b) the rules for the provision of the income stream ensure that, once payments of the income stream start, the income stream is to continue for the remainder of the individual's life; and
 (c) the rules for the provision of the income stream ensure that the amounts of those payments are determined by having regard to:
 (i) the age, life expectancy or other factors relevant to the mortality of each individual who has that kind of superannuation interest in the fund; and
 (ii) the pool of assets in the fund held for the collective benefit of those individuals.

307‑205.02E  Value of superannuation interest—pooled investment annuities
 (1) For the purposes of paragraph 307‑205(1)(a) of the Act, the value at a particular time of an individual's superannuation interest that supports