Document ID: chunk:federal_register_of_legislation:F2024C01248:reg:19:p5
Version: federal_register_of_legislation:F2024C01248
Segment Type: reg
Provision Reference: reg 19 (pt 5/14)
Character Range: 67220–69868

lump sum and as a superannuation death benefit;
  as soon as practicable.

291‑170.04  Notional taxed contributions—nil amount
 (1) For the purposes of subsection 291‑170(1) of the Act, this section specifies circumstances in which the amount of notional taxed contributions for a financial year in respect of the defined benefit interest of a member of a superannuation fund is nil.
 (2) This section applies despite sections 291‑170.02 and 291‑170.03.
 (3) A circumstance is that:
 (a) the defined benefit interest is held in a public sector superannuation scheme; and
 (b) none of the interest is sourced to any extent from:
 (i) contributions made into a superannuation fund; or
 (ii) earnings on such contributions;
  unless the interest is an element taxed in the fund that is attributable to one or more roll‑over superannuation benefits.
 (4) A circumstance is that, for the whole of the financial year:
 (a) section 291‑170.02 applied in relation to the superannuation fund; and
 (b) the member was a non‑accruing member of the fund for the financial year (see subsections (5) to (8) of this section).
 (5) The member was a non‑accruing member of the fund for the financial year if the member had no membership of the fund during the financial year other than membership as:
 (a) an on‑hold member; or
 (b) a pensioned member.
Note: A member could be an on‑hold member of a fund for part of a financial year, and a pensioned member of the fund for another part of the financial year.
 (6) The member was an on‑hold member of the fund if:
 (a) the member had a benefit entitlement in the fund, but no employer‑provided benefits accrued to the member; and
 (b) the rules of the fund provided that the benefit:
 (i) was not to increase in nominal terms; or
 (ii) was to increase at a rate reflecting general price increases (for example, in accordance with the Consumer Price Index); or
 (iii) was to increase at a rate reflecting the general level of salary growth or salary growth for relevant fund membership (for example, in accordance with average weekly earnings, or average weekly ordinary time earnings, published by the Australian Statistician); or
 (iv) was to increase at the rate (if any) at which the salary on which the member's benefit was based increased; or
 (v) was to increase at a rate reflecting the earning rate of the assets of the fund or the part of the fund to which the member belonged; or
 (vi) in the case of a deferred benefit—was to increase at a rate reflecting any reduction in the expected period in which pension payments were to be made and any deferral of the date when payments would start; or
 (vii) was