Document ID: chunk:federal_register_of_legislation:F2024C01248:schedule:1a:p1
Version: federal_register_of_legislation:F2024C01248
Segment Type: schedule
Provision Reference: sch 1A (pt 1/5)
Character Range: 231367–234127

Schedule 1A—Method of working out amount of notional taxed contributions
Note: See sections 291‑170.02, 291‑170.05 and 291‑170.07 and Schedule 1AA.

Part 1—Preliminary

Division 1—Definitions

1.1  Meaning of accruing member
  An accruing member of a superannuation fund for a financial year is a defined benefit member of the fund who is not a non‑accruing member of the fund for the financial year (within the meaning given by subsection 291‑170.04(5)).

1.2  Meaning of benefit category
 (1) A benefit category is a category of membership of a defined benefit fund as certified by an actuary.
 (2) An actuary must not certify a category of membership to be a benefit category unless the actuary is satisfied that:
 (a) each hypothetical new entrant to the benefit category with the same entry age would accrue retirement benefits on substantially the same basis; or
 (b) if any 2 hypothetical new entrants to the benefit category accrued retirement benefits on a different basis, the new entrant rates for each member calculated under Parts 2 and 3 would be equal.

1.3  Meaning of defined benefit fund
  A defined benefit fund is a superannuation fund in which a member has a defined benefit interest.

1.4  Accruing member must not belong to more than one benefit category at the same time unless certified by an actuary
 (1) An accruing member must not belong to more than one benefit category of the same defined benefit fund on the same day unless certified by an actuary.
 (2) An actuary must not certify that a member belongs to more than one benefit category on the same day unless the actuary is satisfied that the amount of notional taxed contributions to be reported will not be materially different from the amount of notional taxed contributions that would have been reported had the member belonged to only one benefit category on each relevant day.
Note: An accruing member would be ordinarily expected to belong to only one benefit category at a time. However, there might be circumstances in certain funds where it is materially more practical for the purpose of calculating the total amount of notional taxable contributions to deem that some members belong to more than one benefit category from time to time.

1.5  Meaning of fund benefit
  That part of a defined benefit interest which is sourced from contributions made into a superannuation fund or earnings on such contributions is referred to as the fund benefit.
Note: A superannuation benefit may be wholly sourced 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