Document ID: chunk:federal_register_of_legislation:F2024C01248:reg:6:p16
Version: federal_register_of_legislation:F2024C01248
Segment Type: reg
Provision Reference: reg 6 (pt 16/21)
Character Range: 165312–168239

and
 (ii) the applicable factor for the superannuation income stream set out in clause 1 of Schedule 1B; and
 (b) the product of:
 (i) the nominal value of the superannuation lump sum, if any, which is payable in respect of the interest at a time in the future, other than a future lump sum which is a commutation of the income stream included in subparagraph (a)(i); and
 (ii) the applicable factor for the superannuation lump sum set out in clause 2 of Schedule 1B.

307‑205.02A  Value of superannuation interest—superannuation income streams or superannuation annuities based on identifiable amounts
  For the purposes of paragraph 307‑205(1)(a) of the Act, the value of an individual's superannuation interest that supports a superannuation income stream or a superannuation annuity mentioned in paragraph 307‑205.02(2)(b) but not in paragraph 307‑205.02(2)(d) is:
 (a) the identifiable lump sum amount; or
 (b) the amount available in the individual's account.

307‑205.02B  Value of superannuation interest—public sector superannuation schemes
  For the purposes of paragraph 307‑205(1)(a) of the Act, a superannuation interest in a public sector superannuation scheme is to be valued:
 (a) by using the practice for valuing a superannuation interest (other than an interest that supports a superannuation income stream mentioned in paragraph 307‑205.02(2)(a)) that was used by the scheme immediately before 28 June 2007; or
 (b) if there was not a practice for valuing an interest at that time—by using the method in subsection 307‑205.02(3).

307‑205.02C  Value of superannuation interest—deferred superannuation income streams
 (1) For the purposes of paragraph 307‑205(1)(a) of the Act, this section specifies a method for determining the value at a particular time of an individual's superannuation interest that supports a deferred superannuation income stream that:
 (a) is covered by paragraph 307‑70.02(1)(c); and
 (b) is neither a pooled investment pension nor a pooled investment annuity.
 (2) The value of the interest at a particular time is the greater of:
 (a) the sum of each amount of consideration paid for the interest for the income stream, and that amount's associated notional earnings, as worked out under subsection (3) for the day that includes that time; and
 (b) the total amount of the superannuation benefits that would become payable if the individual voluntarily caused the interest to cease at that time.
Note: Subsection (3) works out a total amount made up of the amount of consideration and its associated notional earnings.
 (3) An amount of consideration paid for the interest for the income stream, and that amount's associated notional 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