Document ID: chunk:federal_register_of_legislation:F2024C01248:schedule:1a:p2
Version: federal_register_of_legislation:F2024C01248
Segment Type: schedule
Provision Reference: sch 1A (pt 2/5)
Character Range: 233862–236565

from contributions made into a superannuation fund or earnings on such contributions. A superannuation benefit paid from a public sector superannuation fund may be wholly or partly sourced, or not sourced to any extent, from contributions made into a superannuation fund or earnings on such contributions. If a superannuation benefit is not sourced to any extent from contributions made into a superannuation fund, or earnings on such contributions, the amount of the fund benefit is zero.

Division 2—Method

1.6  Method of working out amount of notional taxed contributions if the fund benefit is wholly sourced from an accumulation of contributions made in respect of the member
  If the fund benefit in relation to a benefit category is wholly sourced from:
 (a) an accumulation of concessional contributions made to a superannuation fund in respect of a member or earnings on such contributions; or
 (b) an accumulation of member contributions or earnings on such contributions;
the amount of NTC for the purposes of clause 1.8 for an accruing member of the benefit category for a financial year is the amount of concessional contributions made to the superannuation fund in respect of the member during the financial year.

1.7  Method of working out amount of notional taxed contributions in respect of a benefit category if the fund benefit is not wholly sourced from an accumulation of contributions made in respect of the member
  If clause 1.6 does not apply, the method of working out the amount of NTC for the purposes of clause 1.8 for an accruing member of a benefit category of a defined benefit fund for a financial year is the following formula:
where, for the financial year:
member contributions amount is the amount of member contributions:
 (a) paid by or on behalf of the member in respect of the member's defined benefit interest in the fund during that part of the financial year that the member was an accruing member of the benefit category; and
 (b) which are not assessable income of the fund.
new entrant rate is the new entrant rate for the benefit category worked out by an actuary under Parts 2 and 3.
number of days is the number of days during the financial year that the member was an accruing member of the benefit category.
superannuation salary amount is the member's annual superannuation salary relevant to the benefit category on the first day of the financial year on which the member had a defined benefit interest in the fund.

1.8  Method of working out amount of notional taxed contributions
  The method of working out the notional taxed contributions for an accruing member of a defined benefit fund for a financial year is the following formula:

where,