[pic] Income Tax Assessment Regulations 1997 Statutory Rules 1997 No. 198 as amended made under the Income Tax Assessment Act 1997 This compilation was prepared on 22 September 2009 taking into account amendments up to SLI 2009 No. 247 Prepared by the Office of Legislative Drafting and Publishing, Attorney-General's Department, Canberra Contents Part 1 Preliminary 1 Name of Regulations [see Note 1] 8 2 Commencement 8 Part 2 Liability rules of general application Division 26 Some amounts you cannot deduct, or cannot deduct in full 26-85.01 Borrowing costs on loans to pay life insurance premiums - term insurance policy 9 Division 28 Car expenses 28-25.01 Car expenses - cents per kilometre (Act, s 28-25) 9 Division 30 Valuation of particular gifts of property 30-212.01 Valuation of gifts 9 30-212.02 Application for valuation 10 30-212.05 Certificates of authenticity 10 30-212.06 Estimates of fees 11 30-212.07 Advance payment of fees 11 30-212.08 Commissioner not required to consider certain applications 11 30-212.09 Applications treated as having no effect 12 30-212.10 Fees for carrying out valuations 13 30-212.11 Crediting and repaying valuation fees 13 30-212.12 Valuation certificates 14 Division 31 Conservation covenants 31-15.01 Valuation of land 14 31-15.02 Application for valuation 15 31-15.03 Estimates of fees - request by applicant 15 31-15.04 Advance payment of fees 15 31-15.05 Commissioner not required to consider certain applications 16 31-15.06 Applications treated as having no effect 16 31-15.07 Fees for carrying out valuations 17 31-15.08 Crediting and repaying valuation fees 17 31-15.09 Valuation certificates 18 Division 50 Exempt entities 50-50.01 Prescribed institutions located outside Australia (Act s 50-50 (c)) 19 50-50.02 Prescribed institutions pursuing objectives principally outside Australia (Act s 50-50 (d)) 19 Division 51 Exempt amounts 51-5.01 Defence allowances (Act s 51-5) 20 51-42.01 Bonuses for early completion of an apprenticeship 21 Division 61 Generally applicable tax offsets 61-220.01 Statements for Subdivision 61-G of the Act 22 Division 70 Trading stock 70-55.01 Cost of natural increase of live stock - paragraph 70- 55 (1) (b) of Act 24 Division 290 Contributions to superannuation funds Subdivision 290-C Deducting personal contributions 290-170.01 Notice of intent to deduct contributions - contributions- splitting applications 25 Division 292 Excess contributions tax Subdivision 292-B Excess concessional contributions tax 292-25.01 Concessional contributions for a financial year 26 Subdivision 292-C Excess non-concessional contributions tax 292-90.01 Non-concessional contributions for a financial year 28 Subdivision 292-D Modifications for defined benefit interests 292-170.01 Definitions 29 292-170.02 Notional taxed contributions - contributions for funds with 5 or more defined benefit members 30 292-170.03 Notional taxed contributions - contributions for funds where regulation 292-170.02 does not apply 31 292-170.04 Notional taxed contributions - nil amount 33 292-170.05 Notional taxed contributions - other conditions (paragraph 292-170 (6) (d) of the Act) 35 292-170.06 Notional taxed contributions - other conditions (subparagraph 292-170 (7) (e) (ii) of the Act) 37 292-170.07 Notional taxed contributions - other conditions (paragraph 292-170 (8) (d) of the Act) 40 292-170.08 Notional taxed contributions - other conditions (subparagraph 292-170 (9) (e) (ii) of the Act) 41 Division 302 Superannuation death benefits paid from complying plans etc 302-195 Circumstances in which a person died in the line of duty 43 302-195A Circumstances in which a person is taken not to have died in the line of duty 46 Division 295 Taxation of superannuation entities Subdivision 295-D Contributions excluded 295-265.01 Application of pre-1 July 1988 funding credits - limit on choice 48 Subdivision 295-F Exempt income 295-385.01 Segregated current pension assets - prescribed superannuation income stream benefits 55 Part 3 Superannuation benefits paid from complying plans etc Division 301 Superannuation member benefits paid from complying plans etc Subdivision 301-D Departing Australia superannuation payments 301-170.01 Departing Australia superannuation payments 56 Subdivision 301-E Superannuation lump sum member benefits less than $200 301-225.01 Superannuation lump sum member benefits less than $200 are tax free 56 Division 302 Superannuation death benefits paid from complying plans etc Subdivision 302-D Definitions relating to dependants 302-200.01 What is an interdependency relationship - matters to be taken into account 57 302-200.02 What is an interdependency relationship - existence of relationship 58 Division 303 Superannuation benefits paid in special circumstances 303-10.01 Meaning of terminal medical condition 59 Division 306 Roll-overs etc 306-10.01 Roll-over superannuation benefit 59 Division 307 Key concepts relating to superannuation benefits Subdivision 307-C Components of a superannuation benefit 307-125.01 Components of member benefits accruing before 1 July 1999 paid from the Military Superannuation and Benefits Scheme 60 Subdivision 307-D Superannuation interests 307-200.01 Application of Subdivision 307-D to Subdivision 292-D of the Act 61 307-200.02 Meaning of superannuation interests 61 307-200.03 Meaning of superannuation interests - treating a superannuation interest as 2 or more superannuation interests (public sector schemes) 62 307-200.05 Meaning of superannuation interests - treating a superannuation interest as 2 or more superannuation interests (superannuation income streams) 62 307-205.01 Value of superannuation interest for calculating pre-July 1983 amount for members in the contributions and investment phase 63 307-205.02 Value of superannuation interest 65 307-205.02A Superannuation income streams or superannuation annuities based on identifiable amounts - value of an interest 66 307-205.02B Public sector superannuation schemes - value of an interest 66 Part 4 International aspects of income tax Subdivision 775-B Realisation of forex gains or losses 775-145.01 Application of forex events to currency and fungible rights and obligations 68 Subdivision 830-A Meaning of foreign hybrid 830-15.01 Foreign hybrid company 71 Part 6 The Dictionary Division 960 General Subdivision 960-C Foreign currency 960-50.01 Translation of foreign currency amounts into Australian currency - modification of special translation rules 72 Subdivision 960-D Functional currency 960-80.01 Translation rules - translation into applicable functional currency 74 960-80.02 Translation rules for an attributable taxpayer of a CFC - translation into applicable functional currency 75 960-80.03 Translation rules - translation from applicable functional currency into Australian currency 75 Division 974 Debt and equity interests Subdivision 974-F Related concepts 974-135A Non-cumulative redeemable preference shares issued by credit union 77 974-135B Non-cumulative redeemable preference shares issued by mutual building society 78 974-135C Redeemable preference shares 80 Division 995 Definitions 995-1.01 Definitions 80 995-1.02 Prescribed private fund 82 995-1.03 Payments that are not superannuation income stream benefits 82 995-1.04 Constitutionally protected funds 83 Schedule 1 Cents per kilometre 84 Part 1 Definitions 84 Part 2 Cents 84 Schedule 1A Method of working out amount of notional taxed contributions 86 Part 1 Preliminary 86 Part 2 New entrant rate 90 Part 3 Valuation parameters 92 Part 4 Exercise of discretion to pay a benefit greater than the benefit assumed in calculating the new entrant rate 97 Part 5 Member has changed benefit category 97 Part 6 Governing rules have changed 98 Part 7 Non-arm's length increase in superannuation salary 99 Schedule 1B Valuation factors 100 Schedule 2 Translation of currency amounts - rules and other requirements 106 Part 1 Rules and requirements for item 12 of the table in subsection 960-50 (6) of the Act 106 1.1 Exchange rate - consistency with accounting standards used by entity 106 1.2 Choice of daily exchange rate 106 1.3 Choice of average exchange rate 107 Part 2 Translation of foreign currency amounts into Australian currency - rules and requirements for item 11A of the table in subsection 960-50 (6) of the Act 108 2.1 Exchange rate - consistency with an entity's financial records 108 Schedule 3 Prescribed private funds 110 Schedule 4 Constitutionally protected superannuation funds - State legislation 145 Notes 147 Part 1 Preliminary 1 Name of Regulations [see Note 1] These Regulations are the Income Tax Assessment Regulations 1997. 2 Commencement These Regulations commence on 1 July 1997. Part 2 Liability rules of general application Division 26 Some amounts you cannot deduct, or cannot deduct in full 26-85.01 Borrowing costs on loans to pay life insurance premiums - term insurance policy The risk component of a premium received in respect of: (a) a term insurance policy; or (b) a rider or supplementary benefit attached to another policy where the sum insured is payable on death within a specified term; is the whole of the premium. Division 28 Car expenses 28-25.01 Car expenses - cents per kilometre (Act, s 28-25) For the purposes of section 28-25 of the Act, the number of cents used for calculating a deduction for car expenses for an income year, using the 'cents per kilometre' method, is set out in Part 2 of Schedule 1. Division 30 Valuation of particular gifts of property 30-212.01 Valuation of gifts For section 30-212 of the Act, this Division sets out: (a) the procedure for seeking a valuation of a gift mentioned in that section; and (b) the fees that may be payable for the valuation; and (c) arrangements for payment of fees. Note Subsection 30-212 (1) of the Act applies to a person who makes a gift that is covered by a provision of Division 30 of Part 2- 5 of the Act that refers to the value of property as determined by the Commissioner. The effect of subsection 30-212 (1) is that the person must seek the valuation from the Commissioner. Under subsection 30-212 (2), the Commissioner may charge the person the amount worked out in accordance with the regulations for making the valuation. 30-212.02 Application for valuation An application for a valuation under subsection 30-212 (1) of the Act must: (a) be in the approved form; and (b) be lodged with the General Manager, Australian Valuation Office; and (c) include an application fee of $174. Note Section 995-1 of the Act provides that approved form has the meaning given by section 388-50 in Schedule 1 to the Taxation Administration Act 1953. That section provides that an application under a taxation law is in the approved form if, and only if: (a) it is in the form approved in writing by the Commissioner for that kind of application; and (b) it contains a declaration signed by a person or persons as the form requires; and (c) it contains the information that the form requires, and any further information, statement or document as the Commissioner requires, whether in the form or otherwise. 30-212.05 Certificates of authenticity (1) An application for a valuation of property other than real property must include a certificate of the authenticity of the property. (2) If the Commissioner is not satisfied that a certificate of authenticity is adequate, the Commissioner may: (a) make arrangements to obtain 1 or more certificates of authenticity; and (b) charge the applicant a fee that is not greater than the cost of obtaining the certificate. 30-212.06 Estimates of fees (1) An applicant for a valuation may ask the Commissioner for an estimate of the likely fee for the valuation. (2) If the Commissioner is asked for an estimate: (a) the Commissioner must comply with the request as soon as practicable; but (b) the Commissioner is not bound by the estimate. 30-212.07 Advance payment of fees (1) The Commissioner may require an applicant for a valuation to give the Commissioner an advance payment of the fee that may be payable for the valuation. (2) If the Commissioner requires an advance payment, the Commissioner must give the applicant a written statement: (a) requiring the payment; and (b) stating the amount of the payment; and (c) explaining how the amount was worked out. (3) The Commissioner: (a) may require an advance payment only within 14 days after receiving an application; and (b) may require more than 1 advance payment during that period from the same applicant. (4) The applicant must give the Commissioner the advance payment within 14 days after receiving the statement requiring the payment. 30-212.08 Commissioner not required to consider certain applications (1) If the Commissioner decides to obtain a certificate of authenticity under regulation 30-212.05, the Commissioner is not required to consider the application to which the certificate relates until the Commissioner receives the certificate. (2) If the Commissioner is preparing an estimate of a fee under regulation 30-212.06, the Commissioner is not required to consider the application to which the estimate relates until the Commissioner has given the estimate to the applicant. (3) If the Commissioner has required the advance payment of a fee under regulation 30-212.07, the Commissioner is not required to consider the application to which the payment relates until the fee is paid. 30-212.09 Applications treated as having no effect (1) If an application for a valuation does not comply with regulation 30-212.03: (a) the Commissioner must treat the application as having no effect; and (b) the Commissioner must give the applicant a written statement that the application is being treated that way. (2) If an application for a valuation does not include all of the application fee: (a) the Commissioner must treat the application as having no effect; and (b) the Commissioner must give the applicant a written statement that the application is being treated that way. (3) If the Commissioner has required the advance payment of a fee under regulation 30-212.07, and the fee is not paid within the time mentioned in subregulation 30-212.07 (4): (a) the Commissioner must treat the application to which the payment relates as having no effect after that time; and (b) the Commissioner must give the applicant a written statement that the application is being treated that way. Note Subregulation 30-212.10 (2) is relevant to an application that is treated as having no effect under subregulation (3). 30-212.10 Fees for carrying out valuations (1) The fee for carrying out a valuation is the greater of: (a) the sum of: (i) for each complete hour taken to carry out the valuation - $174; and (ii) for a part of an hour - an amount worked by multiplying $2.90 by the number of minutes taken; and (b) the actual cost of the valuation. Note For some types of property to which subsection 30-212 (1) of the Act applies, the Commissioner is likely to need specialist valuation assistance for which the actual cost may be more than $174 per hour (for example, the professional valuation of artwork). (2) If the Commissioner starts a valuation, but the application for the valuation is withdrawn or treated as having no effect under subregulation 30-212.09 (3): (a) a fee is payable for the incomplete valuation; and (b) the fee is to be worked out in accordance with subregulation (1). 30-212.11 Crediting and repaying valuation fees (1) The application fee paid under regulation 30-212.02 is to be credited against the amount of fees worked out under regulation 30- 212.09. (2) An advance payment of a fee paid under regulation 30-212.07 is to be credited against the amount of fees worked out under regulation 30-212.09. (3) The amount of fees worked out under regulation 30-212.09 is a debt due to the Commonwealth, and recoverable in a court of competent jurisdiction. (4) However, if the total of advance payments of fees is more than the amount of fees worked out under regulation 30-212.09, the Commissioner must pay the difference to the applicant as soon as practicable. 30-212.12 Valuation certificates (1) If the Commissioner completes a valuation, the Commissioner must give a valuation certificate to the applicant for the valuation. (2) The Commissioner must approve, in writing, 1 or more forms of a certificate. (3) The certificate must include the following information: (a) the date on which the valuation was completed; (b) a description of any real property (including a lot and plan number, title reference and the location of the property); (c) a full description of property other than real property; (d) the period for which the valuation is in force; (e) a statement of the valuation. (4) The certificate may include other information. (5) The Commissioner must not give a valuation certificate to the applicant until: (a) the valuation has been completed; and (b) the Commissioner has received the full amount of the fees payable for the valuation. Division 31 Conservation covenants 31-15.01 Valuation of land For section 31-15 of the Act, this Division sets out: (a) the procedure for seeking a valuation of the change in the market value of the land mentioned in that section; and (b) the fees that may be payable for the valuation; and (c) arrangements for the payment of fees. Note Section 31-15 of the Act applies to a person who enters into a conservation covenant over land owned by the person, if the conditions mentioned in subsection 31-5 (2) of the Act are met. Subsection 31-15 (1) provides that the person must seek a valuation of the change in the market value of the land from the Commissioner. Subsection 31-15 (2) provides that the Commissioner may charge the person the amount worked out in accordance with the regulations for making the valuation. 31-15.02 Application for valuation An application for a valuation under subsection 31-15 (1) of the Act must: (a) be in the approved form; and (b) be lodged with the General Manager, Australian Valuation Office; and (c) include a copy of the conservation covenant; and (d) include an application fee of $174. Note Section 995-1 of the Act provides that approved form has the meaning given by section 388-50 in Schedule 1 to the Taxation Administration Act 1953. That section provides that an application under a taxation law is in the approved form if, and only if: (a) it is in the form approved in writing by the Commissioner for that kind of application; and (b) it contains a declaration signed by a person or persons as the form requires; and (c) it contains the information that the form requires, and any further information, statement or document as the Commissioner requires, whether in the form or otherwise. 31-15.03 Estimates of fees - request by applicant (1) An applicant may ask the Commissioner for an estimate of the likely fee for the valuation. (2) If the Commissioner is asked for an estimate: (a) the Commissioner must give the estimate as soon as practicable; and (b) the Commissioner is not bound by the estimate. 31-15.04 Advance payment of fees (1) The Commissioner may, within 14 days after receiving an application, give to the applicant a written statement: (a) requiring the applicant to give to the Commissioner an advance payment of the fee that may be payable for the valuation; and (b) stating the amount of the payment; and (c) explaining how the amount was worked out. (2) The Commissioner may ask for more than 1 advance payment during the period mentioned in subregulation (1) from the same applicant. (3) The applicant must give to the Commissioner the advance payment within 14 days after receiving the statement asking for the payment. 31-15.05 Commissioner not required to consider certain applications (1) If the Commissioner is preparing an estimate of a fee under regulation 31-15.03, the Commissioner is not required to consider the application to which the estimate relates until the Commissioner has given the estimate to the applicant. (2) If the Commissioner has required the advance payment of a fee under regulation 31-15.04, the Commissioner is not required to consider the application to which the payment relates until the fee is paid. 31-15.06 Applications treated as having no effect (1) If an application for a valuation does not comply with regulation 31-15.02, the Commissioner must: (a) treat the application as having no effect; and (b) give to the applicant a written statement that the application is being treated that way. (2) If an application for a valuation does not include all of the application fee, the Commissioner must: (a) treat the application as having no effect; and (b) give to the applicant a written statement that the application is being treated that way. (3) If the Commissioner has required the advance payment of a fee under regulation 31-15.04, and the fee is not paid within the time mentioned in subregulation 31-15.04 (3), the Commissioner must: (a) treat the application to which the payment relates as having no effect after that time; and (b) give to the applicant a written statement that the application is being treated that way. Note Subregulation 31-15.07 (2) is relevant to an application that is treated as having no effect under subregulation (3). 31-15.07 Fees for carrying out valuations (1) The fee for carrying out a valuation is the greater of: (a) the sum of: (i) for each complete hour taken to carry out the valuation - $174; and (ii) for a part of an hour - an amount worked by multiplying $2.90 by the number of minutes taken; and (b) the actual cost of the valuation. Note For some types of property to which subsection 31-15 (1) of the Act applies, the Commissioner is likely to require specialist valuation assistance for which the actual cost may be more than $174 per hour (for example, if an expert professional valuation is required because of the location and nature of the land). (2) If the Commissioner starts a valuation, but the application for the valuation is withdrawn or is treated as having no effect under regulation 31-15.06: (a) a fee is payable for the incomplete valuation; and (b) the fee must be worked out in accordance with subregulation (1). 31-15.08 Crediting and repaying valuation fees (1) The application fee paid under regulation 31-15.02 must be credited against the amount of fees worked out under regulation 31- 15.07. (2) An advance payment of a fee paid under regulation 31-15.04 must be credited against the amount of fees worked out under regulation 31-15.07. (3) The amount of fees worked out under regulation 31-15.07 is a debt due to the Commonwealth and is recoverable in a court of competent jurisdiction. (4) However, if the total of advance payments of fees is more than the amount of fees worked out under regulation 31-15.07, the Commissioner must pay the difference to the applicant as soon as practicable. 31-15.09 Valuation certificates (1) If the Commissioner completes a valuation, the Commissioner must give a valuation certificate to the applicant for the valuation. (2) The Commissioner must approve, in writing, 1 or more forms of a certificate. (3) The certificate must include the following information: (a) the date on which the valuation was completed; (b) a description of the land (including a lot and plan number, title reference and the location of the land); (c) a statement of the market value of the land immediately before the conservation covenant was entered into; (d) a statement of the market value of the land immediately after the conservation covenant was entered into; (e) a statement of the difference between the market value mentioned in paragraph (c) and the market value mentioned in paragraph (d); (f) a statement of the extent to which the difference mentioned in paragraph (e) is attributable to the conservation covenant being entered into. (4) The certificate may include other information. (5) The Commissioner must not give a valuation certificate to the applicant until: (a) the valuation has been completed; and (b) the Commissioner has received the full amount of the fees payable for the valuation. Division 50 Exempt entities 50-50.01 Prescribed institutions located outside Australia (Act s 50- 50 (c)) For paragraph 50-50 (c) of the Act, each institution mentioned in an item in the following table is a prescribed institution on and after the date mentioned in the item: |Item |Name of institution |Date of | | | |effect | |1 |Catholic Bishops' |1 July 1997 | | |Conference of the Pacific | | | |(Fiji) | | |2 |Catholic Diocese of |1 July 1997 | | |Rarotonga | | | |(Cook Islands) | | |3 |Catholic Diocese of |1 July 1997 | | |Bougainville (Papua New | | | |Guinea) | | |4 |Catholic Diocese of Port |1 July 1997 | | |Vila (Vanuatu) | | |5 |Catholic Diocese of Suva |1 July 1997 | | |(Fiji) | | |6 |Catholic Diocese of Noumea |1 July 1997 | | | | | | |(New Caledonia) | | |7 |Catholic Diocese of Tonga |1 July 1997 | |8 |Catholic Diocese of Auki |1 July 1997 | | |(Solomon Islands) | | |9 |Catholic Archdiocese of |18 August | | |Rabaul (Papua New Guinea) |2003 | |10 |Diocese of Honiara |10 June 2005 | | |Registered Trustees | | | |(Incorporated) | | 50-50.02 Prescribed institutions pursuing objectives principally outside Australia (Act s 50-50 (d)) For paragraph 50-50 (d) of the Act, each institution mentioned in an item in the following table, and each institution that is a member of that institution, is a prescribed institution on and after the date mentioned in the item: |Item |Name of institution |Date of effect | |1 |Australasian |1 July 1997 | | |Christadelphian Mission | | | |Incorporated | | |2 |Australian Advisory |1 July 1997 | | |Council of the Christian | | | |Leaders' Training College | | | |of Papua New Guinea | | |3 |Australian Evangelical |1 July 1997 | | |Alliance Incorporated | | | |(Missions Interlink) | | |4 |Evangelical Missionary |1 July 1997 | | |Alliance NSW | | |5 |Mango Tree Foundation |1 July 1997 | | |Limited | | |6 |Orphans Refugees Aid |1 July 1997 | | |International Incorporated| | |7 |Steer Incorporated |1 July 1997 | |8 |Trustees of the Marist |1 July 1997 | | |Missions of the Pacific | | |9 |Zebedee Investments Ltd |1 July 1997 | |10 |Alkitab Inc |1 July 1997 | |11 |The Australian Centre |19 June 2001 | | |Berlin Limited | | |12 |Millennium Relief and |3 September | | |Development Services |2001 | | |Incorporated | | |13 |Asia-Pacific Educational |26 November | | |Research Association |2001 | | |Limited | | Division 51 Exempt amounts 51-5.01 Defence allowances (Act s 51-5) (1) For items 1.1 and 1.2 of section 51-5 of the Act, an allowance: (a) specified in an item of the table; and (b) paid on or after 31 May 2005 under the provision of the Determination specified in the item; is prescribed. |Item|Allowance |Provision of the | | | |Determination | |1 |separation allowance |Division 1 of Part 1 of | | | |Chapter 6 | |2 |disturbance allowance |Division 2 of Part 1 of | | | |Chapter 6 | |3 |rent allowance paid to a |Part 6 of Chapter 7 | | |member without dependants| | | |or a member with | | | |dependants (separated) | | | |within the meaning of the| | | |Determination | | |4 |reimbursement of |Part 4 of Chapter 8 | | |education costs for a | | | |child while the member is| | | |a resident in Australia | | |5 |reimbursement in place of|Division 3 of Part 4 of | | |a child's scholarship |Chapter 8 | |6 |transfer allowance |Division 3 of Part 3 of | | | |Chapter 14 | |7 |reimbursement of |Part 6 of Chapter 15 | | |education costs for a | | | |child educated at the | | | |location of a member's | | | |long-term posting | | | |overseas | | |8 |reimbursement of |Part 6 of Chapter 15 | | |education costs for a | | | |child educated in | | | |Australia while the | | | |member is on a long-term | | | |posting overseas | | |9 |deployment allowance |Division 1 of Part 9 of | | | |Chapter 17 | (2) In this regulation: Determination means Defence Determination 2005/15, Conditions of Service, made under the Defence Act 1903, as in force on 31 May 2005. Note Defence Determination 2005/15 is available on the Department of Defence website: www.defence.gov.au/dpe/pac. 51-42.01 Bonuses for early completion of an apprenticeship (1) In this regulation: expected completion date means the date on which an apprentice for a trade, occupation or kind of work would ordinarily be expected to complete an apprenticeship for that trade, occupation or kind of work. full-time apprentice means an apprentice whose ordinary hours of employment in a trade, occupation or kind of work, incorporating both work and training components, are at least equal to those hours which are regarded as full-time for an apprentice in that trade, occupation or kind of work. part-time apprentice means an apprentice whose ordinary hours of employment in a trade, occupation or kind of work, incorporating both work and training components, are less than those hours worked by a full-time apprentice in that industry, trade, occupation or kind of work. (2) For section 51-42 of the Act, the early completion bonus program administered by the Government of the State of Queensland is specified. Note Information about the early completion bonus program can be found at the following website http://www.trainandemploy.qld.gov.au. (3) For paragraph 51-42 (2) (a) of the Act, version 3 of the eligible skill shortage occupation list dated 17 March 2008, which is administered by the Government of the State of Queensland and set out at http://www.trainandemploy.qld.gov.au, is specified. (4) For paragraph 51-42 (2) (b) of the Act, the following timeframe is specified: (a) for a full-time apprentice - at least 6 months before the expected completion date; (b) for a part-time apprentice - at least 12 months before the expected completion date. Division 61 Generally applicable tax offsets 61-220.01 Statements for Subdivision 61-G of the Act (1) The following expressions have the same meaning in this regulation as they have in the Private Health Insurance Act 2007: ( complying health insurance policy ( dependent child ( fringe benefit ( general treatment ( health insurance business ( hospital cover ( incentive amount. (2) In this regulation: policy holder, in relation to a complying health insurance policy, means the person who is named as the holder of the policy in the records of the health insurance business that issued the policy. premium means a premium, or an amount in respect of a premium. (3) For Subdivision 61-G of the Act, a health insurance business must, before 15 July in each income year, issue a written statement for the previous income year to each individual (other than a dependent child) who is the policy holder of a complying health insurance policy at any time in the previous income year. Penalty: 5 penalty units. (4) An offence against subregulation (3) is an offence of strict liability. Note For strict liability, see section 6.1 of the Criminal Code. (5) The statement must include the following information in relation to the premium amounts paid under the complying health insurance policy to the health insurance business for the income year to which the statement relates: (a) the policy holder's name and postal address; (b) the health insurance business membership number of the policy; (c) the health insurance business identification given to the health insurance business by the Chief Executive Officer of Medicare Australia; (d) the date when the statement was prepared; (e) the total of premiums paid; (f) the private health insurance tax offset amount worked out under section 61-210 of the Act; (g) an amount representing the premiums reduction amount; (h) an amount representing the incentive amount if: (i) the individual was eligible for a reduction of premiums under the Private Health Insurance Act 2007; and (ii) the incentive amount for the individual is greater than the premiums reduction amount; (i) an amount worked out by subtracting the premiums reduction amount from the amount in paragraph (f); (j) an amount worked out by subtracting the premiums reduction amount from the incentive amount; (k) the number of days in the income year that the individual was entitled to: (i) private patient hospital cover from the health insurance business; or (ii) general treatment cover from the health insurance business. (6) The health insurance business must take all reasonable care to produce an accurate statement. Penalty: 5 penalty units. (7) An offence against subregulation (6) is an offence of strict liability. Note For strict liability, see section 6.1 of the Criminal Code. Division 70 Trading stock 70-55.01 Cost of natural increase of live stock - paragraph 70- 55 (1) (b) of Act For paragraph 70-55 (1) (b) of the Act, the cost prescribed for each animal in a class of live stock set out in column 1 of the following table is the amount applicable to that class in column 2 of the table. |Column 1 |Column 2 | |Class of live stock |Cost | | |$ | |cattle |20.00 | |deer |20.00 | |emus |8.00 | |goats |4.00 | |horses |20.00 | |pigs |12.00 | |poultry |0.35 | |sheep |4.00 | Note For the cost prescribed for natural increase occurring before the 1997-98 year of income, see subregulation 10 (3) of the Income Tax Regulations. Division 290 Contributions to superannuation funds Subdivision 290-C Deducting personal contributions 290-170.01 Notice of intent to deduct contributions - contributions- splitting applications For subparagraph 290-170 (2) (d) (i) of the Act, each of the following is a contributions-splitting application: (a) an application under regulation 6.44 of the SIS Regulations; (b) an application under regulation 4.41 of the RSA Regulations; (c) an application to deal with an amount in a way that would result in the amount becoming a contributions-splitting superannuation benefit in accordance with the SIS Regulations or the RSA Regulations. Division 292 Excess contributions tax Subdivision 292-B Excess concessional contributions tax 292-25.01 Concessional contributions for a financial year (1) For subsection 292-25 (3) of the Act, this regulation sets out conditions for the purpose of allocating an amount in a complying superannuation plan. Note The effect of subsection 292-25 (3) of the Act is that an amount in a complying superannuation plan is covered under that subsection if it is allocated by the superannuation provider in relation to the plan for the year in accordance with conditions specified in the Regulations. (2) Subject to subregulation (3), an amount that is: (a) allocated under Division 7.2 of the SIS Regulations; and (b) an assessable contribution under Subdivision 295-C of the Act; is to be treated as having been allocated by the superannuation provider in a way that is covered by subsection 292-25 (3) of the Act. (3) Each of the following amounts is to be treated as not having been allocated by the superannuation provider in a way that is covered by subsection 292-25 (3) of the Act, even if subregulation (2) would also apply to the amount: (a) an amount mentioned in item 2 of the table in subsection 295- 190 (1) of the Act; (b) an amount mentioned in subsection 295-200 (2) of the Act; (c) a contribution made to a constitutionally protected fund. (4) An amount that is allocated from a reserve, other than an amount that is covered by subregulation (2), is to be treated as having been allocated by the superannuation provider in a way that is covered by subsection 292-25 (3) of the Act: (a) unless: (i) the amount is allocated, in a fair and reasonable manner: (A) to an account for every member of the complying superannuation plan; or (B) if the member is a member of a class of members of the complying superannuation plan, and the amount in the reserve relates only to that class of members - to an account for every member of the class; and (ii) the amount that is allocated for the financial year is less than 5% of the value of the member's interest in the complying superannuation plan at the time of allocation; or (b) unless: (i) the amount is allocated from a reserve used solely for the purpose of enabling the fund to discharge all or part of its liabilities (contingent or not), as soon as they become due, in respect of superannuation income stream benefits that are payable by the fund at that time; and (ii) any of the following applies: (A) the amount has been allocated to satisfy a pension liability of the plan paid during the financial year; (B) on the commutation of the income stream, except as a result of the death of the primary beneficiary, the amount is allocated to the recipient of the income stream, to commence another income stream, as soon as practicable; (C) on the commutation of the income stream as a result of the death of the primary beneficiary, the amount: (I) is allocated to a death benefits dependant to discharge liabilities in respect of a superannuation income stream benefit that is payable by the plan as a result of the death; or (II) if sub-sub-subparagraph (I) does not apply - is paid as a superannuation lump sum and as a superannuation death benefit; as soon as practicable. (5) Paragraph (4) (a) does not apply to an amount that: (a) is required to be allocated under subregulation (2); or (b) would be assessable income of the plan if it were made as a contribution. (6) If the amount has been allocated from a reserve in lieu of a contribution to the fund (less any allowance for tax) which would have been assessable income of the fund, the amount that is allocated is to be multiplied by 1.176. Example An employer has an obligation to make a $1 000 contribution. Instead of the employer making a contribution to the fund, the trustee allocates $850 to the member's account (which is an amount equivalent to the amount that would be credited to the account after tax was paid). For subregulation (6), the amount of $850 is to be multiplied by 1.176 to work out the amount that is taken to be allocated. Subdivision 292-C Excess non-concessional contributions tax 292-90.01 Non-concessional contributions for a financial year (1) For paragraph 292-90 (4) (a) of the Act, this regulation sets out conditions for the purpose of allocating an amount in a complying superannuation plan. Note The effect of paragraph 292-90 (4) (a) of the Act is that an amount is covered under that subsection if it is an amount in a complying superannuation plan that is allocated by the superannuation provider in relation to the plan for the year in accordance with conditions specified in the Regulations. (2) Subject to subregulation (3), an amount that: (a) is allocated under Division 7.2 of the SIS Regulations; and (b) is not assessable contributions under Subdivision 295-C of the Act; is to be treated as having been allocated by the superannuation provider in a way that is covered by paragraph 292-90 (4) (a) of the Act. (3) Each of the following amounts is to be treated as not having been allocated by the superannuation provider in a way that is covered by paragraph 292-90 (4) (a) of the Act, even if subregulation (2) would also apply to the amount: (a) a Government co-contribution made under the Superannuation (Government Co-contribution for Low Income Earners) Act 2003; (b) a contribution covered under section 292-95 of the Act; (c) a contribution covered under section 292-100 of the Act, to the extent that it does not exceed the CGT cap amount when it is made; (d) a contribution made to a constitutionally protected fund (other than a contribution included in the contributions segment of the member's superannuation interest in the fund); (e) contributions not included in the assessable income of the superannuation provider in relation to the superannuation plan because of a choice made under section 295-180 of the Act; (f) a contribution that is a roll-over superannuation benefit; (g) the tax free component of a directed termination payment (within the meaning of section 82-10F of the Income Tax (Transitional Provisions) Act 1997) made in the financial year on behalf of the member. Subdivision 292-D Modifications for defined benefit interests 292-170.01 Definitions In this Subdivision: employer-sponsor has the meaning given by subsection 16 (1) of the SIS Act. RSE licensee has the same meaning as in the SIS Act. sub-fund, in relation to a defined benefit member of a superannuation fund, means an arrangement in the fund which satisfies the following conditions: (a) there are separately identifiable assets and separately identifiable beneficiaries; (b) the interest of each beneficiary is determined by reference only to the conditions governing that arrangement; (c) all defined benefit members have the same employer- sponsor; (d) the employer-sponsor deals with each of the defined benefit members at arm's length. superannuation fund includes a reference to a sub-fund relating to a defined benefit member or defined benefit members of the fund. 292-170.02 Notional taxed contributions - contributions for funds with 5 or more defined benefit members (1) For subsection 292-170 (1) of the Act, this regulation explains the meaning of notional taxed contributions for a financial year in respect of the defined benefit interest of a member of a superannuation fund: (a) that has 5 or more defined benefit members; or (b) to which subregulation (3), (4), (5) or (6) applies. (2) The notional taxed contributions are the contributions that are determined by the trustee to be notional taxed contributions, using the method set out in Schedule 1A. (3) If a superannuation fund has 5 or more defined benefit members on 1 July 2007, subregulation (2) is taken to continue to apply in relation to the fund even if the number of defined benefit members of the fund becomes less than 5 at any time on or after 1 July 2007. (4) If: (a) a superannuation fund had 5 or more defined benefit members at any time before 1 July 2007; and (b) the fund had fewer than 5 defined benefit members on 1 July 2007; and (c) the fund had been in existence for 5 or more years at 1 July 2007; and (d) the trustee of the fund is an RSE licensee; and (e) the employer-sponsor deals with each of the defined benefit members at arm's length; subregulation (2) is taken to apply in relation to the fund. (5) If: (a) a superannuation fund (fund 1) satisfies the conditions in subregulation (3) or (4); and (b) the defined benefit members of the fund are transferred to another fund (fund 2) on or after 1 July 2007 (whether directly or through a series of transfers between superannuation funds); and (c) the trustee of fund 2 is an RSE licensee; and (d) the employer-sponsor deals with each of the defined benefit members of fund 2 at arm's length; subregulation (2) is taken to apply in relation to fund 2. (6) If: (a) a superannuation fund has no defined benefit members on 30 June 2007; and (b) a person becomes a defined benefit member of the fund after that date; subregulation (2) is taken not to apply in relation to the fund unless the number of defined benefit members (including the person) is at least 50 and the employer-sponsor of the fund deals with each of the defined benefit members at arm's length. 292-170.03 Notional taxed contributions - contributions for funds where regulation 292-170.02 does not apply (1) For subsection 292-170 (1) of the Act, this regulation explains the meaning of notional taxed contributions for a financial year in respect of the defined benefit interest of a member of a superannuation fund if regulation 292-170.02 does not apply. (2) If the trustee receives a contribution in a month, the trustee must allocate the contribution to a member of the fund: (a) within 28 days after the end of the month; or (b) if it is not reasonably practicable to comply with paragraph (a) - within a longer period that is reasonable in the circumstances. (3) For subregulation (2), the trustee must allocate the contribution having regard to the present and prospective liabilities of the fund to its members. (4) The notional taxed contributions are the amounts of assessable contributions under Subdivision 295-C of the Act which have been allocated to the member in the financial year. (5) An amount that is allocated from a reserve is to be treated as having been allocated by the superannuation provider in a way that is covered by subsection 292-25 (3) of the Act unless: (a) the amount is allocated from a reserve used solely for the purpose of enabling the fund to discharge all or part of its liabilities (contingent or not), as soon as they become due, in respect of superannuation income stream benefits that are payable by the fund at that time; and (b) any of the following applies: (i) the amount has been allocated to satisfy a pension liability of the plan paid during the financial year; (ii) on the commutation of the income stream, except as a result of the death of the primary beneficiary, the amount is allocated to the recipient of the income stream, to commence another income stream, as soon as practicable; (iii) on the commutation of the income stream as a result of the death of the primary beneficiary, the amount: (A) is allocated to a death benefits dependant to discharge liabilities in respect of a superannuation income stream benefit that is payable by the plan as a result of the death; or (B) if sub-subparagraph (A) does not apply - is paid as a superannuation lump sum and as a superannuation death benefit; as soon as practicable. (6) If the amount has been allocated from a reserve in lieu of a contribution to the fund (less any allowance for tax) which would have been assessable income of the fund, the amount that is allocated is to be multiplied by 1.176. Example An employer has an obligation to make a $1 000 contribution. Instead of the employer making a contribution to the fund, the trustee allocates $850 to the member's account (which is an amount equivalent to the amount that would be credited to the account after tax was paid). For subregulation (6), the amount of $850 is to be multiplied by 1.176 to work out the amount that is taken to be allocated. 292-170.04 Notional taxed contributions - nil amount (1) For subsection 292-170 (4) of the Act, this regulation sets out circumstances in which the amount of the notional taxed contributions for a financial year in respect of the defined benefit interest of a member of a superannuation fund is nil. (2) 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 1 or more roll-over superannuation benefits. (3) A circumstance is that: (a) subregulation 292-170.02 (2) applies, or is taken to apply, in relation to the superannuation fund; and (b) the member is a non-accruing member of the fund, in accordance with subregulations (4), (5) and (6), for the whole of the financial year. (4) For paragraph (3) (b), a defined benefit member of a superannuation fund is a non-accruing member of the fund for the whole of a financial year if, for the whole of the financial year: (a) the member's membership of the fund consists only of the member receiving pension payments from the superannuation fund; and (b) any of the following applies: (i) the pension payments are always the same amount; (ii) the pension payments are paid from an account that relates only to the member, and no employer contributions are paid to the account for the benefit of the member; (iii) the pension payments increase at rates that are consistent with the rates prescribed under the rules of the fund that applied when the pension commenced to be paid. (5) For paragraph (3) (b), a defined benefit member of a superannuation fund is a non-accruing member of the fund for the whole of a financial year if, for the whole of the financial year: (a) the member has a benefit entitlement in the fund, but no employer-provided benefits have accrued to the member; and (b) the rules of the fund provide that the benefit: (i) is not to increase in nominal terms; or (ii) is to increase at a rate that reflects general price increases (for example, in accordance with the Consumer Price Index); or (iii) is 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) is to increase at the rate (if any) at which the salary on which the member's benefit is based increases; or (v) is 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 belongs; or (vi) in the case of a deferred benefit - is to increase at a rate that reflects any reduction in the expected period in which pension payments are to be made and any deferral of the date when payments will start; or (vii) is to increase at a regular rate, or a rate worked out using a formula, that an actuary considers will not result in an increase that is more than the greatest of the increases mentioned in subparagraphs (i) to (vi). (6) For the purposes of determining whether a defined benefit member is a non-accruing member of the fund for a period, any employer contributions paid to the fund for the period to meet partially, or wholly, unfunded benefit liabilities of the fund are not to be treated as employer contributions for the benefit of the member for the period. 292-170.05 Notional taxed contributions - other conditions (paragraph 292- 170 (6) (d) of the Act) (1) For paragraph 292-170 (6) (d) of the Act, this regulation: (a) applies in relation to a superannuation fund in relation to which subregulation 292-170.02 (2) applies, or is taken to apply; and (b) sets out the conditions that are to be satisfied in relation to establishing whether notional taxed contributions for a financial year in respect of a defined benefit interest are equal to the concessional contributions cap for the financial year. Note Subsection 292-170 (6) of the Act explains when a member's notional taxed contributions for the financial year in respect of a defined benefit interest are equal to the concessional contributions cap for the financial year. This includes satisfying conditions specified in the Regulations. (2) A condition is that between 5 September 2006 and the time at which the new entrant rate for the defined benefit member is worked out using Schedule 1A: (a) the rules of the superannuation fund have not changed to improve the member's benefit; and (b) either: (i) the member has not moved to a new benefit category; or (ii) if the member has moved to a new benefit category, the new benefit category does not provide the member with an improved level of benefit. (3) A condition is that the new entrant rate for the defined benefit member, as worked out using Schedule 1A: (a) has not increased since it was first worked out using Schedule 1A; or (b) has increased since it was first worked out using Schedule 1A only as a result of a change to the rules of the superannuation fund that increases a benefit as a result of a change that is made to satisfy the requirements of the Superannuation Guarantee (Administration) Act 1992. (4) A condition is that the method of calculating superannuation salary: (a) has not been changed, in a way that would increase the salary, since 5 September 2006; or (b) has changed since 5 September 2006 only as a result of a change to the rules of the superannuation fund that increases a benefit as a result of a change that is made to satisfy the requirements of the Superannuation Guarantee (Administration) Act 1992. (5) If the rate of superannuation salary has increased, since 5 September 2006, by: (a) more than 50% in 1 year; or (b) more than 75% over 3 years; a condition is that the employer-sponsor advises the trustee that the increase in the rate is on an arm's length basis. (6) A condition is that the trustee or employer-sponsor of the superannuation fund has not exercised a discretion to pay a benefit that is greater than the benefit that was assumed for the purpose of calculating the new entrant rate since 5 September 2006. (7) For subregulation (5), a trustee must notify the Commissioner, in writing, of an increase in the rate of superannuation salary that exceeds the rate specified in paragraph (5) (a) or (b) as soon as practicable after the increase occurs. (8) If: (a) a condition mentioned in paragraph (2) (b) or subregulation (3) is not satisfied; and (b) the condition was not satisfied only because: (i) the defined benefit member moved to a new benefit category; and (ii) the move was caused by the necessary application of the rules of the superannuation fund that were, or of legislation that was, in force on 5 September 2006; and (iii) the member had no control over the application of the rules or legislation; the failure to satisfy the condition is to be disregarded in determining if the conditions of this regulation have been satisfied. 292-170.06 Notional taxed contributions - other conditions (subparagraph 292-170 (7) (e) (ii) of the Act) (1) For subparagraph 292-170 (7) (e) (ii) of the Act, this regulation: (a) applies in relation to a superannuation fund in relation to which subregulation 292-170.02 (2) applies, or is taken to apply; and (b) sets out the conditions that are to be satisfied in relation to establishing whether notional taxed contributions for a financial year in respect of a defined benefit interest are equal to the concessional contributions cap for the financial year. Note Subsection 292-170 (7) of the Act explains when a member's notional taxed contributions for the financial year in respect of a defined benefit interest that has been transferred to another fund are equal to the concessional contributions cap for the financial year. This includes satisfying conditions specified in the Regulations. (2) A condition is that between 5 September 2006 and the time at which the new entrant rate for the defined benefit member is worked out using Schedule 1A: (a) the rules of the superannuation fund have not changed to improve the member's benefit; and (b) either: (i) the member has not moved to a new benefit category; or (ii) if the member has moved to a new benefit category, the new benefit category does not provide the member with an improved level of benefit. (3) A condition is that the new entrant rate for the defined benefit member, as worked out using Schedule 1A: (a) has not increased since it was first worked out using Schedule 1A; or (b) has increased since it was first worked out using Schedule 1A only as a result of a change to the rules of the superannuation fund that increases a benefit as a result of a change that is made to satisfy the requirements of the Superannuation Guarantee (Administration) Act 1992. (4) A condition is that the method of calculating superannuation salary: (a) has not been changed, in a way that would increase the salary, since 5 September 2006; or (b) has changed since 5 September 2006 only as a result of a change to the rules of the superannuation fund that increases a benefit as a result of a change that is made to satisfy the requirements of the Superannuation Guarantee (Administration) Act 1992. (5) If the rate of superannuation salary has increased, since 5 September 2006, by: (a) more than 50% in 1 year; or (b) more than 75% over 3 years; a condition is that the employer-sponsor advises the trustee that the increase in the rate is on an arm's length basis. (6) A condition is that the trustee or employer-sponsor of the superannuation fund has not exercised a discretion to pay a benefit that is greater than the benefit that was assumed for the purpose of calculating the new entrant rate since 5 September 2006. (7) For subregulation (5), a trustee must notify the Commissioner, in writing, of an increase in the rate of superannuation salary that exceeds the rate specified in paragraph (5) (a) or (b) as soon as practicable after the increase occurs. (8) If: (a) a condition mentioned in paragraph (2) b) or subregulation (3) is not satisfied; and (b) the condition was not satisfied only because: (i) the defined benefit member moved to a new benefit category; and (ii) the move was caused by the necessary application of the rules of the superannuation fund that were, or of legislation that was, in force on 5 September 2006; and (iii) the member had no control over the application of the rules or legislation; the failure to satisfy the condition is to be disregarded in determining if the conditions of this regulation have been satisfied. 292-170.07 Notional taxed contributions - other conditions (paragraph 292- 170 (8) (d) of the Act) (1) For paragraph 292-170 (8) (d) of the Act, this regulation: (a) applies to a superannuation fund if a defined benefit member of the fund is a person to whom subregulation 292-170.02 (2) applies, or is taken to apply; and (b) sets out the conditions that are to be satisfied in relation to establishing whether the defined benefit member's notional taxed contributions for a financial year for a defined benefit interest are equal to the concessional contributions cap for the financial year. Note Subsection 292-170 (8) of the Act explains when a member's notional taxed contributions for the financial year, in respect of a defined benefit interest, are equal to the concessional contributions cap for the financial year. This includes satisfying conditions specified in the Regulations. (2) A condition is that the new entrant rate for the defined benefit member, as worked out using Schedule 1A: (a) has not increased since 12 May 2009; or (b) has increased since 12 May 2009 only as a result of a change to the rules of the superannuation fund that increases a benefit as a result of a change made to satisfy the requirements of the Superannuation Guarantee (Administration) Act 1992. (3) A condition is that the method of calculating superannuation salary: (a) has not been changed, in a way that would increase the member's salary, since 12 May 2009; or (b) has changed since 12 May 2009 only as a result of a change to the rules of the superannuation fund that increases a benefit as a result of a change made to satisfy the requirements of the Superannuation Guarantee (Administration) Act 1992. (4) If the rate of superannuation salary has increased, since 12 May 2009, by: (a) more than 50% in 1 year; or (b) more than 75% over 3 years; a condition is that the employer-sponsor advises the trustee that the increase in the rate is on an arm's length basis. (5) A condition is that the trustee or employer-sponsor of the superannuation fund has not exercised a discretion to pay a benefit that is greater than the benefit that was assumed for the purpose of calculating the new entrant rate since 12 May 2009. (6) For subregulation (4), a trustee must notify the Commissioner, in writing, of an increase in the rate of superannuation salary that exceeds the rate specified in paragraph (4) (a) or (b) as soon as practicable after the increase occurs. (7) If: (a) a condition mentioned in subregulation (2) is not satisfied; and (b) the condition was not satisfied only because: (i) the defined benefit member moved to a new benefit category; and (ii) the move was caused by the necessary application of the rules of the superannuation fund that were, or of legislation that was, in force on 5 September 2006; and (iii) the member had no control over the application of the rules or legislation; the failure to satisfy the condition is to be disregarded in determining if the conditions of this regulation have been satisfied for the 2009-2010 financial year and subsequent financial years. 292-170.08 Notional taxed contributions - other conditions (subparagraph 292-170 (9) (e) (ii) of the Act) (1) For subparagraph 292-170 (9) (e) (ii) of the Act, this regulation: (a) applies to a superannuation fund if a defined benefit member of the fund is a person to whom subregulation 292-170.02 (2) applies, or is taken to apply; and (b) sets out the conditions that are to be satisfied in relation to establishing whether notional taxed contributions for a financial year for a defined benefit interest are equal to the concessional contributions cap for the financial year. Note Subsection 292-170 (9) of the Act explains when a member's notional taxed contributions for the financial year, in respect of a defined benefit interest that has been transferred to another fund, are equal to the concessional contributions cap for the financial year. This includes satisfying conditions specified in the Regulations. (2) A condition is that the new entrant rate for the defined benefit member, as worked out using Schedule 1A: (a) has not increased since 12 May 2009; or (b) has increased since 12 May 2009 only as a result of a change to the rules of the superannuation fund that increases a benefit as a result of a change made to satisfy the requirements of the Superannuation Guarantee (Administration) Act 1992. (3) A condition is that the method of calculating superannuation salary: (a) has not been changed, in a way that would increase the salary, since 12 May 2009 or (b) has changed since 12 May 2009 only as a result of a change to the rules of the superannuation fund that increases a benefit as a result of a change made to satisfy the requirements of the Superannuation Guarantee (Administration) Act 1992. (4) If the rate of superannuation salary has increased, since 12 May 2009, by: (a) more than 50% in 1 year; or (b) more than 75% over 3 years; a condition is that the employer-sponsor advises the trustee that the increase in the rate is on an arm's length basis. (5) A condition is that the trustee or employer-sponsor of the superannuation fund has not exercised a discretion to pay a benefit that is greater than the benefit that was assumed for the purpose of calculating the new entrant rate since 12 May 2009. (6) For subregulation (4), a trustee must notify the Commissioner, in writing, of an increase in the rate of superannuation salary that exceeds the rate specified in paragraph (4) (a) or (b) as soon as practicable after the increase occurs. (7) If: (a) a condition mentioned in subregulation (2) is not satisfied; and (b) the condition was not satisfied only because: (i) the defined benefit member moved to a new benefit category; and (ii) the move was caused by the necessary application of the rules of the superannuation fund that were, or of legislation that was, in force on 5 September 2006; and (iii) the member had no control over the application of the rules or legislation; the failure to satisfy the condition is to be disregarded in determining if the conditions of this regulation have been satisfied for the 2009-2010 financial year and subsequent financial years. Division 302 Superannuation death benefits paid from complying plans etc 302-195 Circumstances in which a person died in the line of duty (1) For subsection 302-195 (3) of the Act, this regulation sets out circumstances in which a deceased person mentioned in subsection 302- 195 (2) of the Act (a military or police person) died in the line of duty: (a) in Australia or on overseas service - subregulations (2), (3), (4), (5), (9) or (10); and (b) on overseas service - subregulations (6), (7) and (8). Note When this regulation was made, subsection 302-195 (2) of the Act mentioned the following persons: (a) a member of the Defence Force; (b) a member of the Australian Federal Police; (c) a protective service officer within the meaning of the Australian Federal Police Act 1979; (d) a member of a State or Territory police force. Performance of duties (2) A circumstance is that the military or police person died while performing the duties of a military or police person. (3) A circumstance is that: (a) the military or police person was off-duty at the time of his or her death; and (b) his or her death occurred: (i) in the course of an attempt to arrest a suspected offender; or (ii) in the course of an attempt to prevent an offence; or (iii) in the course of an attempt to rescue a person; or (iv) while he or she was travelling to a place of work as a result of being recalled to duty. Injury (4) A circumstance is that the military or police person: (a) died within 12 months after sustaining an injury; and (b) died as a result of sustaining the injury; and (c) sustained the injury while performing the duties of a military or police person. (5) A circumstance is that the military or police person: (a) was off-duty at the time of sustaining an injury; and (b) sustained the injury: (i) in the course of an attempt to arrest a suspected offender; or (ii) in the course of an attempt to prevent an offence; or (iii) in the course of an attempt to rescue a person; or (iv) while he or she was travelling to a place of work as a result of being recalled to duty; and (c) died within 12 months after sustaining the injury; and (d) died as a result of sustaining the injury. Overseas service (6) A circumstance is that the military or police person: (a) was a member of the Defence Force; and (b) died while serving overseas, if the service was: (i) warlike service mentioned in paragraph 6 (1) (a) of the Military Rehabilitation and Compensation Act 2004; or (ii) non-warlike service mentioned in paragraph 6 (1) (b) of the Military Rehabilitation and Compensation Act 2004. (7) A circumstance is that the military or police person: (a) was a member of the Australian Federal Police or a protective service officer within the meaning of the Australian Federal Police Act 1979; and (b) died while serving overseas, if the service was: (i) at a place specified in a determination under subsection 40H (1) of the Australian Federal Police Act 1979; and (ii) on a peace-keeping or capacity-building mission. (8) A circumstance is that the military or police person: (a) was a member of a State or Territory police force; and (b) died while serving overseas, if the service was: (i) undertaken as a special member of the Australian Federal Police under section 40E of the Australian Federal Police Act 1979; and (ii) on a peace-keeping or capacity-building mission. Consequences of duties (9) A circumstance is that, as a result of action taken because the person was a military or police person, the military or police person sustained an injury from which he or she died: (a) immediately; or (b) within 12 months after sustaining the injury. Example The person was killed in retaliation for an action taken in the capacity of a military or police person. Uncertainty about circumstances of death (10) A circumstance is that: (a) the military or police person has died; and (b) it is not certain, after reasonable inquiry, whether the person died in a circumstance described in regulation 302-195A. Note If it is uncertain whether the death falls within regulation 302-195A, the person will be taken to have died in the line of duty. Interpretation (11) For this regulation, the time when a military or police person is off-duty includes a time when he or she is: (a) travelling to or from his or her place of work; or (b) on a rostered day off work; or (c) on leave from work. 302-195A Circumstances in which a person is taken not to have died in the line of duty (1) This regulation sets out circumstances in which a person mentioned in subsection 302-195 (2) of the Act (a military or police person) is taken not to have died in the line of duty. Note When this regulation was made, subsection 302-195 (2) of the Act mentioned the following persons: (a) a member of the Defence Force; (b) a member of the Australian Federal Police; (c) a protective service officer within the meaning of the Australian Federal Police Act 1979; (d) a member of a State or Territory police force. Off-duty (2) A circumstance is that: (a) the military or police person was off-duty at the time of his or her death; and (b) none of subregulations 302-195 (3), (6), (7), (8) and (9) applies. (3) A circumstance is that: (a) the military or police person died as a result of sustaining an injury; and (b) the military or police person was off-duty at the time of sustaining the injury; and (c) none of subregulations 302-195 (5), (6), (7), (8) and (9) applies. Incidental activity (4) A circumstance is that: (a) the military or police person's death related to an activity that was not directly related to the performance of his or her duties; and (b) none of subregulations 302-195 (6), (7) and (8) applies. Example Undertaking a sporting activity. Death after retirement (5) A circumstance is that: (a) the military or police person died after he or she retired as a military or police person; and (b) none of subregulations 302-195 (4), (5) and (9) applies. Suicide (6) A circumstance is that the military or police person died as a result of committing suicide. Natural causes or disease (7) A circumstance is that: (a) the military or police person died as a result of: (i) natural causes; or (ii) an illness or disease; and (b) none of subregulations 302-195 (6), (7) and (8) applies. Interpretation (8) For this regulation, the time when a military or police person is off-duty includes a time when he or she is: (a) travelling to or from his or her place of work; or (b) on a rostered day off work; or (c) on leave from work. Division 295 Taxation of superannuation entities Subdivision 295-D Contributions excluded 295-265.01 Application of pre-1 July 1988 funding credits - limit on choice (1) For paragraph 295-265 (7) (a) of the Act, this regulation prescribes the manner in which a superannuation provider in relation to a superannuation fund is to work out the amount applicable to the fund, under subsection 295-265 (6) of the Act, for an income year where the superannuation provider chooses, after 9 May 2006, to specify an amount for the purposes of subsection 295-265 (1) of the Act. Method 1 - Funding credit valuation process (2) Method 1 must be used for an income year, unless: (a) the conditions mentioned in subregulation (7) for the use of method 2 are met; and (b) the actuary decides that the use of method 2 is appropriate. (3) The amount applicable to the fund for an income year is the least of the following amounts: (a) the amount of pre-1 July 1988 funding credits unused at the end of the previous income year; (b) the value of unfunded pre-1 July 1988 liabilities at the first day of the income year, determined by an actuary in accordance with step 3 of method 1 or method 2; (c) the pre-1 July 1988 taxable contributions for the income year, worked out in accordance with step 4 of method 1 or method 2; (d) for an income year that ended before 9 May 2006 - the amount that the superannuation provider could specify under subsection 295-265 (1) of the Act under the legislation that applied to the income year. (4) The amount identified in accordance with subregulation (3) must then be adjusted for all transfers of funding credits and relevant liabilities into or out of the fund. (5) The procedure in method 1 for determining an amount applicable to a fund is referred to in this regulation as a funding credit valuation process. (6) The amounts mentioned in paragraphs (3) (a), (b), (c) and (d), and the amount as adjusted under subregulation (4), must be certified by an actuary. Method 2 - Notionally updated funding credit valuation process (7) The actuary may use method 2 for an income year if: (a) the actuary can identify, at the start of the income year, that the value of unfunded pre-1 July 1988 liabilities exceeds the amount that the superannuation provider wishes to specify for subsection 295-265 (1) of the Act; and (b) the income year is the first year after, or the second year after, an income year for which method 1 was used to calculate the amount applicable to the fund. (8) The procedure in method 2 for calculating an amount applicable to a fund is referred to in this regulation as a notionally updated funding credit valuation process. Method 1 Funding credit valuation process |Step 1 |1.1 For any income year in which funding | |(value |credits are claimed, calculate the | |liabilities)|discounted present value of liabilities as | | |at the first day of that income year that | | |relates to membership completed. | | |1.2 The basis for the calculations in item | | |1.1 must be the actuarial valuation basis | | |relevant to the income year in question | | |which the superannuation fund's actuary | | |would consider appropriate for a valuation | | |under Part 9 of the SIS Regulations. | | |1.3 In making the calculation in item 1.1 | | |exclude the following liabilities that are | | |not provided from taxable contributions: | | |(a) liabilities representing benefits | | |financed by undeducted contributions; | | |(b) liabilities representing benefits or | | |components that are expected to be treated | | |as paid from an untaxed source; | | |Example | | |Pensions provided on an emerging cost or | | |pay as you go basis, with corresponding | | |elections being made under subsection | | |295-180 (1) of the Act. | | |(c) liabilities for entitlements relating | | |to membership and for which corresponding | | |assets can be identified; | | |Example | | |Fully funded productivity, superannuation | | |guarantee or salary sacrifice account | | |balances. | | |(d) liabilities representing death and | | |disability benefits for which costs are | | |claimed as deductible under section 295-465| | |or 295-470 of the Act. | | |1.4 Apportion the discounted present value | | |of the liabilities, between: | | |(a) the period of superannuation fund | | |membership completed before 1 July 1988; | | |and | | | (b) the period of superannuation fund | | |membership completed on and after | | |1 July 1988; | | |for each superannuation fund member or | | |former member for whom a liability is being| | |valued. | | |1.5 The apportionment in item 1.4 must be | | |made having regard to the following | | |requirements and principles: | | |(a) superannuation fund membership must be | | |consistent with the definition used by the | | |fund to determine the benefit being valued;| | | (b) the actuary of the superannuation fund| | |may use an alternative method for | | |apportioning the discounted present value | | |of liabilities only if the actuary | | |certifies that the method will provide a | | |reasonable approximation of the | | |apportionment; | | |(c) the actuary will generally use a linear| | |apportionment method, but may use an | | |apportionment method that reflects | | |non-linear accrual of entitlements, | | |provided the actuary considers that such an| | |approach achieves an outcome that is | | |consistent with the principle | | |that funding credits can only be used | | |against contributions intended to provide | | |for entitlements relating to membership | | |completed before 1 July 1988. | | |1.6 The actuary must retain documentation | | |of the liability and valuation | | |apportionment calculations for not less | | |than 5 years. | | |1.7 The discounted present value of | | |liabilities for all members apportioned to | | |pre-1 July 1988 membership is the value of | | |pre-1 July 1988 liabilities. | |Step 2 |2.1 Calculate the total amount of | |(apportion |superannuation fund assets at their market | |assets) |value at the start of the income year, on | | |the basis on which the superannuation | | |fund's actuary would consider appropriate | | |for a valuation under Part 9 of the SIS | | |Regulations. | | |2.2 Allow deductions for realisation costs | | |and charges incurred in the normal course | | |of operation of the superannuation fund. | | |2.3 Deduct the amount of assets that relate| | |to excluded liabilities mentioned in item | | |1.3 of step 1 of this method. | | |2.4 All remaining assets should be treated | | |as available to provide for the value of | | |pre-1 July 1988 liabilities unless the | | |superannuation provider can provide the | | |actuary with written evidence to support | | |exclusion of both an amount of assets and a| | |corresponding value of liabilities. | | |2.5 The actuary must retain documentation | | |to support calculations made for the asset | | |apportionment for not less than 5 years. | | |2.6 The result is the assets available to | | |fund pre-1 July 1988 liabilities for the | | |income year. | |Step 3 |3.1 Deduct the assets available to fund | |(unfunded |pre-1 July 1988 liabilities from the value | |pre-1 July 1|of pre-1 July 1988 liabilities. | |988 |3.2 The result is the value of unfunded | |liabilities)|pre-1 July 1988 liabilities. | |Step 4 |4.1 The superannuation provider must notify| |(pre-1 July |to the actuary the amount of taxable | |1988 taxable|contributions that are used to fund | |contribution|pre-1 July 1988 liabilities for the income | |s) |year. | | |4.2 The superannuation provider must retain| | |documentation to support calculations of | | |pre-1 July 1988 taxable contributions for | | |not less than 5 years. | | |4.3 The result is the pre-1 July 1988 | | |taxable contributions. | Method 2 Notionally updated funding credit valuation process |Step 1 |1.1 The actuary must notionally adjust the | |(notionally |value of pre- | |update value|1 July 1988 liabilities from the start of | |of |the previous year to the start of the | |liabilities)|current income year, taking into account | | |any factors likely to affect the value of | | |the pre-1 July 1988 liabilities. | | |1.2 In making a calculation under item 1.1 | | |the actuary must have regard to the | | |valuation basis that would be used by the | | |fund if method 1 were being used. | | |1.3 In making a calculation under item 1.1 | | |the actuary must have regard to actual | | |experience gained from the operation of the| | |fund if the experience is materially | | |different from valuation assumptions used | | |in the calculation of the previous | | |pre-1 July 1988 liabilities. | | |1.4 The actuary must retain documentation | | |of the notional updating of the pre-1 July | | |1988 liability valuation calculations for | | |not less than 5 years. | | |1.5 The result is the notionally updated | | |value of pre-1 July 1988 liabilities for | | |the income year. | |Step 2 |2.1 The actuary must notionally adjust the | |(notionally |amount of the assets available to fund | |update |pre-1 July 1988 liabilities, from the start| |apportionmen|of the previous year to the start of the | |t of assets)|current income year, taking into account | | |any factors likely to affect the amount of | | |the assets available to fund pre- | | |1 July 1988 liabilities. | | |2.2 Add taxable contributions allocated to | | |fund pre-1 July 1988 taxed liabilities in | | |the previous income year. | | |2.3 Deduct the employer financed component | | |of pre-1 July 1988 taxed benefits paid out | | |during the previous income year. | | |2.4 Add actual investment earnings net of | | |the tax and expenses relating to investment| | |income for the previous income year using a| | |basis that is consistent with the | | |underlying investment earnings achieved and| | |normal practices of the superannuation | | |fund. | | |2.5 The actuary must retain documentation | | |to support notional updating of the amount | | |of assets available to fund pre-1 July 1988| | |liabilities for not less than 5 years. | | |2.6 The result is the notionally updated | | |amount of assets available to fund | | |pre-1 July 1988 liabilities. | |Step 3 |3.1 Deduct the notionally updated amount of| |(unfunded |assets available to fund pre-1 July 1988 | |pre-1 July 1|liabilities from the notionally updated | |988 |value of pre-1 July 1988 liabilities. | |liabilities)|3.2 The result is the value of unfunded | | |pre-1 July 1988 liabilities for the income | | |year. | |Step 4 |4.1 The superannuation provider must notify| |(pre-1 July |to the actuary the amount of taxable | |1988 taxable|contributions that are allocated to fund | |contribution|pre-1 July 1988 liabilities for the income | |s) |year. | | |4.2 The superannuation provider must retain| | |documentation to support calculations of | | |pre-1 July 1988 taxable contributions for | | |not less than 5 years. | | |4.3 The result is the pre-1 July 1988 | | |taxable contributions. | (9) If an actuary certifies an amount under subregulation (6) the actuary must, if requested by a superannuation provider, provide sufficient information to enable another actuary to check the certification. (10) An actuary must, in making a calculation under or applying method 1 or 2: (a) follow any professional standards prepared by the Institute of Actuaries of Australia; and (b) have regard to any professional guidance notes prepared by the Institute of Actuaries of Australia; that relate to the determination of accrued benefits mentioned in method 1 or 2. (11) A superannuation provider must, if requested to do so, provide sufficient information to support a funding credit claim under subsection 295-265 (1) of the Act, including any relevant information that relates to an income year for which a claim was not made. (12) In this regulation: method 1 means the method described in the table, Method 1 - Funding credit valuation process. method 2 means the method described in the table, Method 2 - Notionally updated funding credit valuation process. Note actuary is defined in section 995-1 of the Act. Subdivision 295-F Exempt income 295-385.01 Segregated current pension assets - prescribed superannuation income stream benefits For section 295-385 of the Act, the following superannuation income stream benefits are prescribed: (a) an allocated pension within the meaning of the SIS Regulations; (b) a market linked pension within the meaning of the SIS Regulations; (c) an account-based pension within the meaning of the SIS Regulations. Note This regulation is also mentioned in regulation 307-205.02 to identify superannuation income stream benefits to which the method set out in that regulation does not apply. Part 3 Superannuation benefits paid from complying plans etc Division 301 Superannuation member benefits paid from complying plans etc Subdivision 301-D Departing Australia superannuation payments 301-170.01 Departing Australia superannuation payments For subparagraph (b) (i) of the definition of departing Australia superannuation payment in section 301-170 of the Act, the following regulations are prescribed: (a) regulations 6.20A, 6.20B and 6.24A of the SIS Regulations; (b) regulation 4.23A of the RSA Regulations. Subdivision 301-E Superannuation lump sum member benefits less than $200 301-225.01 Superannuation lump sum member benefits less than $200 are tax free (1) For paragraph 301-225 (d) of the Act, this regulation sets out requirements in relation to a superannuation member benefit. Note The effect of section 301-225 of the Act is that a superannuation member benefit is not assessable income and is not exempt income in specified circumstances. One of the circumstances is that the requirements (if any) specified in the Regulations in relation to the benefit are satisfied. (2) A requirement is that the member's benefit must be released under: (a) item 104 or 111 of Part 1 of Schedule 1 to the SIS Regulations; or (b) item 211 of Part 2 of Schedule 1 to the SIS Regulations; or (c) item 111 of Schedule 2 to the RSA Regulations. Division 302 Superannuation death benefits paid from complying plans etc Subdivision 302-D Definitions relating to dependants 302-200.01 What is an interdependency relationship - matters to be taken into account (1) For paragraph 302-200 (3) (a) of the Act, this regulation sets out matters that are to be taken into account in determining whether 2 persons have an interdependency relationship. (2) The matters are: (a) all of the circumstances of the relationship between the persons, including (where relevant): (i) the duration of the relationship; and (ii) whether or not a sexual relationship exists; and (iii) the ownership, use and acquisition of property; and (iv) the degree of mutual commitment to a shared life; and (v) the care and support of children; and (vi) the reputation and public aspects of the relationship; and (vii) the degree of emotional support; and (viii) the extent to which the relationship is one of mere convenience; and (ix) any evidence suggesting that the parties intend the relationship to be permanent; and (b) the existence of a statutory declaration signed by 1 of the persons to the effect that the person is, or (in the case of a statutory declaration made after the end of the relationship) was, in an interdependency relationship with the other person. 302-200.02 What is an interdependency relationship - existence of relationship (1) For paragraph 302-200 (3) (b) of the Act, this regulation sets out circumstances in which 2 persons have, or do not have, an interdependency relationship under section 302-200 of the Act. Interdependency relationship (2) 2 persons have an interdependency relationship if: (a) they satisfy the requirements of paragraphs 302-200 (1) (a) to (c) of the Act; and (b) 1 or each of them provides the other with support and care of a type and quality normally provided in a close personal relationship, rather than by a mere friend or flatmate. Examples of care normally provided in a close personal relationship rather than by a friend or flatmate 1. Significant care provided for the other person when he or she is unwell. 2. Significant care provided for the other person when he or she is suffering emotionally. (3) 2 persons have an interdependency relationship if: (a) they have a close personal relationship; and (b) they do not satisfy the other requirements set out in subsection 302-200 (1) of the Act; and (c) the reason they do not satisfy the other requirements is that they are temporarily living apart. Example for paragraph (3) (c) One of the persons is temporarily working overseas or is in gaol. (4) 2 persons have an interdependency relationship if: (a) they have a close personal relationship; and (b) they do not satisfy the other requirements set out in subsection 302-200 (1) of the Act; and (c) the reason they do not satisfy the other requirements is that either or both of them suffer from a disability. No interdependency relationship (5) 2 persons do not have an interdependency relationship if 1 of them provides domestic support and personal care to the other: (a) under an employment contract or a contract for services; or (b) on behalf of another person or organisation such as a government agency, a body corporate or a benevolent or charitable organisation. Division 303 Superannuation benefits paid in special circumstances 303-10.01 Meaning of terminal medical condition For section 303-10 of the Act, a terminal medical condition exists in relation to a person at a particular time if the following circumstances exist: (a) two registered medical practitioners have certified, jointly or separately, that the person suffers from an illness, or has incurred an injury, that is likely to result in the death of the person within a period (the certification period) that ends not more than 12 months after the date of the certification; (b) at least one of the registered medical practitioners is a specialist practising in an area related to the illness or injury suffered by the person; (c) for each of the certificates, the certification period has not ended. Division 306 Roll-overs etc 306-10.01 Roll-over superannuation benefit For paragraph 306-10 (b) of the Act, a kind of superannuation benefit is: (a) a benefit to which the following requirements exist: (i) the benefit arises from the commutation of a superannuation income stream paid to a person (person 1) because of the death of another person (person 2); and (ii) person 1 was not the spouse of person 2 at the time of person 2's death; or (b) a benefit to which section 303-10 of the Act, or section 303-10 of the Income Tax (Transitional Provisions) Act 1997, applies. Note Under section 306-10 of the Act, a superannuation benefit is a roll-over superannuation benefit if it meets the requirements specified in the section. One of the requirements is that the benefit is not a superannuation benefit of a kind specified in the Regulations. Division 307 Key concepts relating to superannuation benefits Subdivision 307-C Components of a superannuation benefit 307-125.01 Components of member benefits accruing before 1 July 1999 paid from the Military Superannuation and Benefits Scheme (1) For paragraph 307-125 (4) (a) of the Act, a member of the Military Superannuation and Benefits Scheme who is below preservation age may, subject to subregulation (2), determine the amount of the components of his or her member benefits accruing before 1 July 1999 paid from the Military Superannuation and Benefits Scheme in respect of the member. (2) For subregulation (1), the maximum amount that a member may determine as a component of his or her member benefits accruing before 1 July 1999, whether by a single choice or cumulatively, may not exceed: (a) for the tax free component of his or her member benefits accruing before 1 July 1999 - the amount worked out under section 307-210 of the Act for the interest; and (b) for the taxable component of his or her member benefits accruing before 1 July 1999 - the amount worked out under section 307-215 of the Act for the interest. Example A member of the Military Superannuation and Benefits Scheme has an amount of his or her member benefits accruing before 1 July 1999 of $1 000. Just before the benefit is paid, the value of the tax free component is $800 and the taxable component is $200. Before reaching preservation age, the member takes a lump sum benefit of $900. Under subregulation (1), the member is able to determine the amount of the benefit that will be the tax free component and the amount that will be the taxable component of the benefit. However, subregulation (2) prevents the member from treating more than $800 of the superannuation benefit as tax free. Note A preserved superannuation benefit paid in respect of a member of the Military Superannuation and Benefits Scheme is paid in accordance with subsection 307-125 (2) of the Act. (3) This regulation applies to a superannuation benefit paid from the Military Superannuation and Benefits Scheme on or after 1 July 2007. (4) In this regulation: Military Superannuation and Benefits Scheme is the scheme that is established by clause 2 of the Military Superannuation and Benefits Trust Deed. Subdivision 307-D Superannuation interests 307-200.01 Application of Subdivision 307-D to Subdivision 292-D of the Act For the purposes of calculating an amount of contributions under Subdivision 292-D of the Act, this Subdivision does not apply. 307-200.02 Meaning of superannuation interests For subsection 307-200 (2) of the Act, every amount, benefit or entitlement that a member holds in a self-managed superannuation fund is to be treated as 1 superannuation interest in the superannuation fund unless the amount, benefit or entitlement is to be treated as 2 or more superannuation interests in accordance with 1 of the other arrangements in this Subdivision. 307-200.03 Meaning of superannuation interests - treating a superannuation interest as 2 or more superannuation interests (public sector schemes) (1) For subsection 307-200 (1) of the Act, this regulation explains how to treat a superannuation interest in a public sector superannuation scheme as 2 or more superannuation interests. (2) The interest is to be treated as 2 interests if: (a) the superannuation benefit that is to be paid from the scheme is sourced: (i) partly from contributions made into the scheme or earnings on those contributions; and (ii) partly from 1 or more other sources; or (b) the superannuation benefits that are to be paid from the scheme are sourced: (i) partly from contributions made into the scheme or earnings on those contributions; and (ii) partly from 1 or more other sources. (3) For subregulation (2), the interests are: (a) an interest that consists of the contributions made into the scheme and the earnings on those contributions; and (b) an interest that consists of the remainder of the amount sourced from the other source or sources. (4) For this regulation, an amount specified in a notice given under subsection 307-285 (1) of the Act by the trustee of a scheme is not included as contributions made into the scheme or earnings on those contributions. 307-200.05 Meaning of superannuation interests - treating a superannuation interest as 2 or more superannuation interests (superannuation income streams) If a superannuation income stream commences, an amount that supports the superannuation income stream is always to be treated as a separate superannuation interest. 307-205.01 Value of superannuation interest for calculating pre-July 1983 amount for members in the contributions and investment phase (1) For paragraph 307-205 (a) of the Act, this regulation specifies methods for determining the value of a superannuation interest at a particular time for the purposes of calculating the pre- July 1983 amount of the crystallised segment of a tax-free component under section 307-225 of the Act. Note Calculating the pre-July 1983 amount of the crystallised segment of the tax-free component will require the superannuation interest to be valued before 1 July 2007. This calculation will only be performed for a superannuation interest in the accumulation phase, and only for a superannuation interest in which part of the taxable component is comprised of an element taxed in the fund. Defined benefit interest (2) For a defined benefit interest, the method is as follows. |Step 1 |1 Calculate the value of the retirement | | |benefit that would have been payable if the| | |member: | | |(a) had been eligible to retire immediately| | |before 1 July 2007; and | | |(b) had elected to do so. | | |Note If a member is no longer in the | | |employment which gave rise to the interest,| | |but the interest is preserved in the | | |scheme, retirement is taken to be the point| | |at which the benefit is payable without | | |penalty to the member. | | |2 If the retirement benefit depends upon | | |the member's age, service or salary, or | | |upon the employer's consent, the value is | | |to be calculated on the assumption that: | | |(a) the member's service was his or her | | |actual service immediately before 1 July | | |2007; and | | |(b) the member's age was the greater of: | | |(i) the minimum age at which a retirement | | |benefit could be taken without requiring | | |the employer's consent; and | | |(ii) the member's actual age immediately | | |before 1 July 2007; and | | |(c) the member's salary was his or her | | |salary | | |for superannuation purposes immediately | | |before | | |1 July 2007; and | | |(d) the employer consents to the | | |retirement. | | |3 If part or all of the retirement benefit | | |can be paid as a superannuation income | | |stream, then the value of that income | | |stream is determined as the product of: | | |(a) the annual rate of the superannuation | | |income stream that would have been paid had| | |the maximum proportion of the benefit | | |possible been taken as an income stream; | | |and | | |(b) the applicable factor set out in clause| | |1 of Schedule 1B. | | |The total value of the retirement benefit | | |is the sum of the value of the | | |superannuation income stream so determined | | |and any lump sum that would have been | | |payable under the assumptions described | | |above had the member taken the maximum | | |possible proportion of his or her benefit | | |as an income stream. | | |4 If the superannuation benefit can only be| | |paid as a lump sum then the value of the | | |retirement benefit is the amount of that | | |lump sum. | |Step 2 |If a superannuation lump sum benefit, | | |including a roll-over superannuation | | |benefit, would have been payable had the | | |member resigned, or withdrawn his or her | | |benefit, immediately before 1 July 2007, | | |calculate the amount of that benefit. | |Step 3 |1 The value of the superannuation interest | | |is the greater of the values worked out | | |using steps 1 and 2. | | |2 If no value can be determined under step | | |2, the value of the superannuation interest| | |is the value determined under step 1. | Interest other than defined benefit interest (3) For a superannuation interest that is not a defined benefit interest, the method is as follows. |Step 1 |Assume that the member was eligible to | | |retire immediately before 1 July 2007, and | | |work out the total amount of all the | | |superannuation lump sums that could be | | |payable from the interest at that time. | |Step 2 |If the total amount worked out under step 1| | |is less | | |than the total amount actually or | | |notionally allocated to the member (other | | |than because of superannuation | | |contributions surcharge liabilities, | | |insurance costs or other fees, taxes and | | |charges), the value of the interest is the | | |amount actually or notionally allocated to | | |the member. | 307-205.02 Value of superannuation interest (1) For paragraph 307-205 (a) of the Act, this regulation: (a) applies to a superannuation income stream or a superannuation annuity, other than: (i) a superannuation income stream of a type prescribed by regulation 295-385.01; or (ii) a superannuation income stream or a superannuation annuity for which the rules providing for the income stream or annuity are based on: (A) an identifiable lump sum amount; or (B) the amount available in the member's account; or (iii) a superannuation income stream that is supported by a superannuation interest that can be valued under paragraph 307-205.02B (a); and (b) specifies a method for determining the value of a superannuation interest at a particular time if the interest supports a superannuation income stream to which this regulation applies. Note The proportioning rule requires the tax-free and taxable components of superannuation to be paid out as benefits in the same proportion as they make up of the underlying interest. A value of a superannuation interest is required to ensure that the proportioning rule operates appropriately. (2) The value of the interest at a particular time is the sum of: (a) the product of: (i) the annual amount of the superannuation income stream payable in respect of the superannuation interest at that time; and (ii) the applicable factor 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 set out in clause 2 of Schedule 1B. 307-205.02A Superannuation income streams or superannuation annuities based on identifiable amounts - value of an interest For a superannuation income stream or a superannuation annuity mentioned in subparagraph 307-205.02 (1) (a) (ii), the value of the superannuation interest that supports the income stream or annuity is: (a) the identifiable lump sum amount; or (b) the amount available in the member's account. 307-205.02B Public sector superannuation schemes - value of an interest 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 subparagraph 307-205.02 (1) (a) (i)) 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 subregulation 307-205.02 (2). Part 4 International aspects of income tax Subdivision 775-B Realisation of forex gains or losses 775-145.01 Application of forex events to currency and fungible rights and obligations (1) For subsection 775-145 (2) of the Act, forex realisation event 1 applies to foreign currency, on a weighted average basis, in the circumstances that an election to use a weighted average basis: (a) has been made in writing; and (b) complies with subregulation (4); and (c) has not been withdrawn in accordance with subregulation (6). (2) For subsection 775-145 (2) of the Act, both of forex realisation events 1 and 2 apply to a fungible right, or a part of a fungible right, to receive foreign currency, on a weighted average basis, in the circumstances that an election to use a weighted average basis: (a) has been made in writing; and (b) complies with subregulation (4); and (c) has not been withdrawn in accordance with subregulation (6). (3) For subsection 775-145 (2) of the Act, forex realisation event 4 applies to a fungible obligation, or a part of a fungible obligation, to pay foreign currency, on a weighted average basis, in the circumstances that an election to use a weighted average basis: (a) has been made in writing; and (b) complies with subregulation (4); and (c) has not been withdrawn in accordance with subregulation (6). (4) An election complies with this subregulation if it includes: (a) a commencement date of: (i) the date on which it is made; or (ii) if the election is made not later than 90 days after the day on which the Income Tax Assessment Amendment Regulations 2005 (No. 2) are registered in accordance with the Legislative Instruments Act 2003 - the applicable commencement date mentioned in section 775-155 of the Act; or (iii) 1 July 2004; and (b) a statement that the election is for all of the forex realisation events that are applicable to the fungible thing to which the election relates to apply, on a weighted average basis, to: (i) all fungible things (other than a fungible thing in relation to which a choice under Subdivision 775-E of the Act is in effect); or (ii) 1 or more specified classes of fungible things, other than a fungible thing in relation to which a choice under Subdivision 775-E of the Act is in effect, in circumstances (explained in the statement) in which the effect of the election would reasonably be expected to be the reduction of the costs of compliance with the income tax law; or (iii) 1 or more specified fungible things in circumstances (explained in the statement) in which the effect of the election would be consistent with the treatment of those fungible things in the accounting records of the entity making the election, if those records were prepared in accordance with generally accepted accounting principles. Note The applicable commencement date is explained in section 775- 155 of the Act. (5) An election that complies with subregulation (4) takes effect in accordance with subregulation (4). (6) An entity may withdraw an election only if: (a) it does not appear on reasonable grounds that the election is being withdrawn for a principal purpose of obtaining a tax benefit; and Note A tax benefit may be an incidental consequence of the withdrawal of an election. (b) either: (i) if accounting records in relation to the treatment of fungible things to which the election applies are being kept by the entity and prepared in accordance with generally accepted accounting principles - the election is being withdrawn because there has been a change to the entity's accounting practices; or (ii) if: (A) accounting records in relation to the treatment of fungible things to which the election applies by the entity are not being kept by the entity and prepared in accordance with generally accepted accounting principles; and (B) the election includes the statement mentioned in subparagraph (4) (b) (ii); there has been a change in the entity's circumstances that makes the statement mentioned in subparagraph (4) (b) (ii) incorrect. Note A weighted average basis, which is mentioned in section 775- 145 of the Act, is used to allow: . the cost of a fungible amount; or . the cost of a part of a fungible amount; or . in the case of a fungible obligation, or a part of a fungible obligation - the proceeds of assuming the obligation or the part of the fungible obligation; at a particular time to be determined by the weighted average cost of the amounts that were previously added to the fungible amount. Example demonstrating the use of the weighted average basis to a foreign currency bank account John deposits amounts of US dollars (US$) into his bank account at times T1, T2, T3 and T7. At times T4, T5 and T6, John either withdraws some of the US dollars or draws on the account's credit facility. In this example, a weighted average calculation is made at the time of each transaction, where applicable. An alternative method would be to make 1 calculation for the entire income year (although this alternative method is not appropriate in this example because the account balance changes from credit to debit). Generally, either method is suitable as long as it is used consistently. The weighted average cost (WAC) of the US$ which John holds from times T1 to T7 is shown in the table. |Time|US$ |Exchang|Exchang|A$ |US$ |A$ |WAC | | |deposit|e rate |e rate |amount|balanc|equival|per | | |or |US$ : |A$ : | |e |ent |US$ | | |withdra|A$ |US$ | | |balance| | | |wal | | | | | | | | | | | | | |(WAC) | | |T1 |1 000 |1.3889 |0.7200 |1 388.|1 000 |1 388.8|1.3889| | | | | |89 | |9 | | |T2 |2 500 |1.4286 |0.7000 |3 571.|3 500 |4 960.3|1.4172| | | | | |43 | |2 | | |T3 |1 750 |1.3699 |0.7300 |2 397.|5 250 |7 357.5|1.4014| | | | | |26 | |8 | | |T4 |-2 800 |1.3333 |0.7500 |-3 733|2 450 |3 433.5|1.4014| | | | | |.33 | |4 | | |T5 |-4 000 |1.2821 |0.7800 |-5 128|-1 550|-1 987.|1.2821| | | | | |.21 | |18 | | |T6 |-1 000 |1.3158 |0.7600 |-1 315|-2 550|-3 302.|1.2953| | | | | |.79 | |97 | | |T7 |1 200 |1.3699 |0.7300 |1 643.|-1 350|-1 748.|1.2953| | | | | |84 | |63 | | Note The WAC per US$ does not change upon a withdrawal while (and to the extent that) the account balance remains in credit. Also, when a deposit is made, the WAC per $US does not change while (and to the extent that) the account remains in debit. Subdivision 830-A Meaning of foreign hybrid 830-15.01 Foreign hybrid company For paragraph 830-15 (3) (c) of the Act, it is a requirement for a company in relation to an income year, that the company be a limited liability partnership for the purposes of the Limited Liability Partnerships Act 2000 (UK). Part 6 The Dictionary Division 960 General Subdivision 960-C Foreign currency 960-50.01 Translation of foreign currency amounts into Australian currency - modification of special translation rules (1) The table in subsection 960-50 (6) of the Act is modified by adding after item 11 the following items: |11A |an amount (other |the amount is to be | | |than an amount of a |translated into Australian | | |receipt or a |currency at an exchange rate | | |payment) to which |that is reasonable having | | |none of the above |regard to the circumstances. | | |items applies | | |12 |an amount to which |as an alternative to the | | |any of items 1 to |result mentioned in the item,| | |11A (inclusive) |the amount may be translated | | |applies |into Australian currency | | | |using any of the rules set | | | |out in Schedule 2 to the | | | |Income Tax Assessment | | | |Regulations 1997. | (2) For subsection 960-50 (8) of the Act, Schedule 2 sets out requirements in relation to the translation of amounts into Australian currency. (3) For subsection 960-50 (7) of the Act, the table in subsection 960-50 (6) of the Act is modified by omitting item 8 and substituting the following items: |8 |an amount that you |(a) if the amount is paid at | | |deduct (other than |or before the time when it | | |under section 25-35 |became deductible - the amount| | |or Division 40) |is to be translated to | | | |Australian currency at the | | | |exchange rate applicable at | | | |the time of payment; or | | | |(b) in any other case - the | | | |amount is to be translated to | | | |Australian currency at the | | | |exchange rate applicable at | | | |the time when it became | | | |deductible. | |8A |an amount that you |(a) if the debt was included | | |deduct under section|in your assessable income - | | |25-35 |the amount is to be translated| | | |to Australian currency at the | | | |exchange rate applicable at | | | |the time of translating the | | | |income; or | | | |(b) if the debt was in respect| | | |of money that you lent - the | | | |amount is to be translated to | | | |Australian currency at the | | | |exchange rate applicable at | | | |the time of translating the | | | |money that was lent; or | | | |(c) if you bought the debt - | | | |the amount is to be translated| | | |to Australian currency at the | | | |exchange rate applicable at | | | |the time of translating the | | | |debt that you bought. | |8B |the value of an |the value of the amount to | | |amount to which a |which the contract relates is | | |contract (a spot |to be translated to Australian| | |foreign exchange |currency at the exchange rate | | |contract) for the |applicable at the tax | | |exchange of amounts |recognition time (within the | | |in different |meaning of Division 775) | | |currencies relates |referred to in the forex | | |if: |realisation event that happens| | |(a) the spot foreign|on payment or receipt of that | | |exchange contract |amount, unless the entity's | | |includes a |usual business practice is not| | |requirement that |to translate the amount at the| | |consideration be |exchange rate applicable at | | |provided within |the tax recognition time for | | |2 business days |the purpose of recording the | | |after the contract |transaction in the entity's | | |is entered into; and|accounting records. | | | |Note An entity's usual | | |(b) that requirement|business practice may be to | | |is satisfied |translate amounts into | | | |Australian currency at a | | | |different exchange rate | | | |because the entity recognises | | | |gains and losses under spot | | | |foreign exchange contracts in | | | |the entity's accounting | | | |records. | |8C |the value of an |the value of the amount to | | |amount to which a |which the contract relates is | | |contract (a spot |to be translated to Australian| | |contract) for the |currency at the exchange rate | | |exchange of an |applicable at the tax | | |amount in a foreign |recognition time (within the | | |currency and a |meaning of Division 775) | | |security relates if:|referred to in the forex | | | |realisation event that happens| | |(a) the spot |on payment or receipt of that | | |contract includes a |amount, unless the entity's | | |requirement that |usual business practice is not| | |consideration be |to translate the amount at the| | |provided within |exchange rate applicable at | | |2 business days |the tax recognition time for | | |after the contract |the purpose of recording the | | |is entered into; and|transaction in the entity's | | | |accounting records. | | |(b) that requirement|Note An entity's usual | | |is satisfied |business practice may be to | | | |translate amounts into | | | |Australian currency at a | | | |different exchange rate | | | |because the entity recognises | | | |gains and losses under spot | | | |contracts in the entity's | | | |accounting records. | Subdivision 960-D Functional currency 960-80.01 Translation rules - translation into applicable functional currency For subsection 960-80 (7) of the Act, the requirements set out in Schedule 2 in relation to the translation of amounts into Australian currency have effect in relation to the translation of amounts into the applicable functional currency as if: (a) each reference in that Schedule to Australian currency were a reference to the applicable functional currency; and (b) the modifications set out in the following table were made: |Item |Provision|After |Insert | |1 |Subclause|year |(or, if the entity is an | | |1.2 (2) | |attributable taxpayer in | | | | |relation to a CFC (within the | | | | |meaning of Part X of the Income | | | | |Tax Assessment Act 1936) - each | | | | |subsequent day in the CFC's | | | | |statutory accounting period | | | | |(within the meaning of that | | | | |Part)) | |2 |Paragraph|activit|(or, if the entity is an | | |1.2 (3) (|ies |attributable taxpayer in | | |a) | |relation to a CFC (within the | | | | |meaning of Part X of the Income | | | | |Tax Assessment Act 1936), the | | | | |use of the rate would not be | | | | |appropriate having regard to the| | | | |CFC's business or activities) | 960-80.02 Translation rules for an attributable taxpayer of a CFC - translation into applicable functional currency (1) For subsection 960-80 (7) of the Act, if: (a) an entity is an attributable taxpayer in relation to a CFC; and (b) the CFC has prepared financial accounts in accordance with standards to which subsection 820-960 (1C) or (1D) of the Act relates; and (c) those financial accounts translate amounts into the applicable functional currency using particular exchange rates; and (d) the entity wishes to translate an amount into the applicable functional currency, using the exchange rate used to translate a corresponding amount in the financial accounts; the entity must translate all amounts into the applicable functional currency using the exchange rates that were used in the financial accounts to translate corresponding amounts. (2) In this regulation: CFC has the meaning given by Part X of the Income Tax Assessment Act 1936. 960-80.03 Translation rules - translation from applicable functional currency into Australian currency (1) For subsection 960-80 (7) of the Act, if, before the day on which the Income Tax Assessment Amendment Regulations 2005 (No. 2) are registered, an entity translates an amount that is not the attributable income of a CFC from the applicable functional currency into Australian currency on a day in accordance with an item of the table in subsection 960-80 (1) of the Act, the entity may translate the amount using: (a) an exchange rate that is an average of all of the exchange rates during the period, not exceeding 12 months, in which the entity carries on the relevant business or other activity; or (b) the exchange rate applicable on the last day of the entity's income year. (2) For subsection 960-80 (7) of the Act, if, before the day on which the Income Tax Assessment Amendment Regulations 2005 (No. 2) are registered, an entity that is an attributable taxpayer in relation to a CFC translates an amount that is the attributable income of a CFC from the applicable functional currency into Australian currency on a day in accordance with an item of the table in subsection 960-80 (1) of the Act, the entity may translate the amount using: (a) an exchange rate that is an average of all of the exchange rates during the period, not exceeding 12 months, in which the CFC carries on the relevant business or other activity; or (b) the exchange rate applicable on the last day of the CFC's statutory accounting period. (3) For subsection 960-80 (7) of the Act, if, on or after the day on which the Income Tax Assessment Amendment Regulations 2005 (No. 2) are registered, an entity translates an amount that is not the attributable income of a CFC from the applicable functional currency into Australian currency on a day in accordance with an item of the table in subsection 960-80 (1) of the Act, the entity must translate the amount using: (a) an exchange rate that is an average of all of the exchange rates during the period, not exceeding 12 months, in which the entity carries on the relevant business or other activity; or (b) if the entity makes an election in writing to use the exchange rate applicable on the last day of the entity's income year - that exchange rate. (4) For subsection 960-80 (7) of the Act, if, on or after the day on which the Income Tax Assessment Amendment Regulations 2005 (No. 2) are registered, an entity that is an attributable taxpayer in relation to a CFC translates an amount that is the attributable income of a CFC from the applicable functional currency into Australian currency on a day in accordance with an item of the table in subsection 960-80 (1) of the Act, the entity must translate the amount using: (a) an exchange rate that is an average of all of the exchange rates during the period, not exceeding 12 months, in which the CFC carries on the relevant business or other activity; or (b) if the entity makes an election in writing to use the exchange rate applicable on the last day of the CFC's statutory accounting period - that exchange rate. (5) An election under paragraph (3) (b) or (4) (b) is irrevocable. (6) In this regulation: CFC has the meaning given by Part X of the Income Tax Assessment Act 1936. registered means registered in accordance with the Legislative Instruments Act 2003. statutory accounting period has the meaning given by Part X of the Income Tax Assessment Act 1936. Division 974 Debt and equity interests Subdivision 974-F Related concepts 974-135A Non-cumulative redeemable preference shares issued by credit union For paragraph 974-135 (8) (d) of the Act, the obligation in respect of the return of investment on the redemption of a non- cumulative redeemable preference share issued by a credit union is not an effectively non-contingent obligation if: (a) the share is issued on or after 4 March 2003; and (b) the share satisfies, at the time it is issued, the criteria set out in section 7 of Guidance Note AGN 111.2 - Tier 2 Capital, published by APRA in September 2000; and (c) the share is issued subject to the following terms and conditions: (i) the share has a minimum term of 5 years; (ii) dividend payments for the share are to be paid only: (A) out of operating profits from the current year or the immediately previous year; and (B) to the extent that payment is permitted by law and by relevant regulatory authorities; (iii) dividend payments for the share are not cumulative; (iv) any payments made in relation to the share out of net profits or net assets have preferential rights over payments made in relation to ordinary shares (if any) from the same sources; (v) if the share is to be redeemed - the redemption cannot be carried out without the approval of the board of the credit union; (vi) if the share is to be redeemed, but the redemption of the share would place the credit union in breach of a prudential standard made under the Banking Act 1959 - the redemption cannot be carried out without the approval of APRA; and (d) the redemption is carried out on or after 4 March 2003; and (e) the share is issued only to a member of the credit union; and (f) a member of the credit union and its connected entities (within the meaning of subsection 995-1 (1) of the Act) can together hold not more than 10% by value of the shares of that kind issued by the credit union. 974-135B Non-cumulative redeemable preference shares issued by mutual building society For paragraph 974-135 (8) (d) of the Act, the obligation in respect of the return of investment on the redemption of a non- cumulative redeemable preference share issued by a mutual building society is not an effectively non-contingent obligation if: (a) the mutual building society is an ADI; and (b) the share is issued on or after 4 March 2003; and (c) the share satisfies, at the time it is issued, the criteria set out in section 7 of Guidance Note AGN 111.2 - Tier 2 Capital, published by APRA in September 2000; and (d) the share is issued subject to the following terms and conditions: (i) the share has a minimum term of 5 years; (ii) dividend payments for the share are to be paid only: (A) out of operating profits from the current year or the immediately previous year; and (B) to the extent that payment is permitted by law and by relevant regulatory authorities; (iii) dividend payments for the share are not cumulative; (iv) any payments made in relation to the share out of net profits or net assets have preferential rights over payments made in relation to ordinary shares (if any) from the same sources; (v) if the share is to be redeemed - the redemption cannot be carried out without the approval of the board of the mutual building society; (vi) if the share is to be redeemed, but the redemption of the share would place the mutual building society in breach of a prudential standard made under the Banking Act 1959 - the redemption cannot be carried out without the approval of APRA; and (e) the redemption is carried out on or after 4 March 2003; and (f) the share is issued only to a member of the mutual building society; and (g) a member of the mutual building society and its connected entities (within the meaning of subsection 995-1 (1) of the Act) can together hold not more than 10% by value of the shares of that kind issued by the mutual building society. 974-135C Redeemable preference shares For paragraph 974-135 (8) (a) of the Act, an obligation to redeem or buy back a preference share in relation to a company is not a contingent obligation merely because a requirement exists, under a law, to the effect that: (a) the redemption or buy back must not prejudice the company's ability to pay its creditors; or (b) the redemption or buy back must not cause the company's remaining assets to become insufficient to pay any of the company's debts for which provision for payment has not otherwise been made. Division 995 Definitions 995-1.01 Definitions In these Regulations, unless the contrary intention appears: Act means the Income Tax Assessment Act 1997. defined benefit member: (a) means a member of a superannuation fund whose entitlements to superannuation benefits (other than benefits payable on death or disability) are defined by reference to 1 or more of the following matters: (i) the member's salary, or allowance in the nature of salary, at a particular date or averaged over a period; (ii) another individual's salary, or allowance in the nature of salary, at a particular date or averaged over a period; (iii) a specified amount; (iv) specified conversion factors; but (b) does not include a member of a superannuation fund whose entitlements to superannuation are defined solely by reference to 1 or more of the following matters: (i) the member's disability superannuation benefits; (ii) the member's superannuation death benefits; (iii) payments of amounts mentioned in paragraph 307-10 (a) of the Act (which relates to temporary disability payments). new entrant rate means the rate of that kind worked out using Schedule 1A. RSA Act means the Retirement Savings Accounts Act 1997. RSA Regulations means the Retirement Savings Accounts Regulations 1997. SIS Act means the Superannuation Industry (Supervision) Act 1993. SIS Regulations means the Superannuation Industry (Supervision) Regulations 1994. superannuation annuity means: (a) an income stream: (i) that is issued by a life insurance company or registered organisation; and (ii) that commenced before 20 September 2007; and (iii) that is an annuity within the meaning of: (A) subsection 10 (1) of the SIS Act; or (B) subregulation 1.07 (1A) of the RSA Regulations; or (b) an income stream that: (i) is issued by a life insurance company or registered organisation; and (ii) meets the standards set out in subregulation 1.05 (1) of the SIS Regulations. superannuation income stream means: (a) an income stream that is taken to be: (i) an annuity for the purposes of the SIS Act in accordance with subregulation 1.05 (1) of the SIS Regulations; or (ii) a pension for the purposes of the SIS Act in accordance with subregulation 1.06 (1) of the SIS Regulations; or (iii) a pension for the purposes of the RSA Act in accordance with regulation 1.07 of the RSA Regulations; or (b) an income stream that: (i) is an annuity or pension within the meaning of the SIS Act; and (ii) commenced before 20 September 2007. superannuation income stream benefit means a payment from an interest that supports a superannuation income stream, other than a payment to which regulation 995-1.03 applies. superannuation salary means the salary used to determine a person's entitlement to superannuation benefits. terminal medical condition has the meaning given by regulation 303- 10.01. 995-1.02 Prescribed private fund For the definition of prescribed private fund in section 995-1 of the Act, each fund specified in an item in Schedule 3 is taken to be a prescribed private fund: (a) on and from the date specified in that item; or (b) for the period specified in that item. 995-1.03 Payments that are not superannuation income stream benefits A payment from an interest that supports a superannuation income stream is not a superannuation income stream benefit if: (a) the conditions to which the superannuation income stream is subject allow for the variation of the amount of the payments of benefit in a year in circumstances other than: (i) the indexation of the benefit under the rules of the product; or (ii) the application of the family law splitting provisions; or (iii) the commutation of the benefit (including commutation to pay a surcharge liability); or (iv) the payment of an assessment of excess contributions tax; and (b) the person to whom the payment is made elects, before a particular payment is made, that that payment is not to be treated as a superannuation income stream benefit. 995-1.04 Constitutionally protected funds For the definition of constitutionally protected fund in subsection 995-1 (1) of the Act, a fund: (a) of the kind to which, in the absence of item 5.3 of section 50- 25 of the Act, Division 295 of the Act would apply; and (b) established by: (i) a State Act mentioned in Schedule 4; or (ii) a specified provision of a State Act mentioned in Schedule 4; is a constitutionally protected fund. Schedule 1 Cents per kilometre (regulation 28-25.01) Part 1 Definitions In this Schedule: small car means a car that is powered by: (a) an engine (other than a rotary engine) with a capacity that does not exceed 1600 cm3; or (b) a rotary engine with a capacity that does not exceed 800 cm3. medium car means a car that is powered by: (a) an engine (other than a rotary engine) with a capacity that exceeds 1600 cm3 but does not exceed 2600 cm3; or (b) a rotary engine with a capacity that exceeds 800 cm3 but does not exceed 1300 cm3. large car means a car that is powered by: (a) an engine (other than a rotary engine) with a capacity that exceeds 2600 cm3; or (b) a rotary engine with a capacity that exceeds 1300 cm3. Part 2 Cents |Item |Year of |Small car |Medium car|Large car | | |income | | | | |1 |1997-98 |45.7 |51.9 |53.8 | |2 |1998-99 |45.7 |51.9 |53.8 | |3 |1999-00 |45.9 |54.9 |55.8 | |4 |2000-01 |48.9 |58.5 |59.5 | |5 |2001-02 |49.30 |59.00 |60.00 | |6 |2002-03 |50.00 |60.00 |61.00 | |7 |2003-04 |51.00 |61.00 |62.00 | |8 |2004-05 |52.00 |62.00 |63.00 | |9 |2005-06 |55.00 |66.00 |67.00 | |10 |2006-07 |58.00 |69.00 |70.00 | |11 |2007-08 |58.00 |69.00 |70.00 | |12 |2008-09 |63.00 |74.00 |75.00 | Note For the rate prescribed for earlier income years, see r 147 of the Income Tax Regulations 1936. Schedule 1A Method of working out amount of notional taxed contributions (subregulations 292-170.02 (2), 292-170.05 (2) and (3) and 292-170.06 (2) and (3)) Part 1 Preliminary Meaning of accruing member 1.1 An accruing member in a financial year is a defined benefit member who is not a non-accruing member for at least some part of the financial year. Meaning of benefit category 1.2 A benefit category is a category of membership of a defined benefit fund as certified by an actuary. 1.3 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. Example A defined benefit fund provides a benefit accrual of 10% plus twice member contribution rate of final average salary for each year of membership. Members can contribute at either 4% or 6% of salary. Member A contributes at 4% and member B contributes at 6%. An actuary must not certify that A and B are in the same benefit category unless the new entrant rates, as calculated under this Schedule, for members who contribute at 4% and 6%, are equal. Note A member would not be expected to move from one benefit category to another unless 1 of the following relevant external events occurs: (a) the member ceases accruing benefits under one section of the fund rules but commences accruing benefits under another section of the fund rules as a result of a change in employment status, eg promotion; (b) the member continues accruing benefits under one section of the fund rules and commences accruing benefits under another section of the fund rules as a result of a change in employment status, eg promotion; (c) the member ceases accruing benefits under one section of the fund rules and commences or continues accruing benefits under another section of the fund rules as a result of reaching maximum accrual or a change in employment status, eg demotion; (d) the exercise of a member option which results in a material change in the level of employer support; (e) a change in fund rules which directly affected the member's rate of accrual of retirement benefits in respect of future membership after 1 July 2007. Example for paragraph (d) If the new entrant rates calculated for members with different member contribution rates are not equal, and, as a result, there are a number of benefit categories corresponding to the different member contribution rates, then a change in contribution rate would result in a move between benefit categories Accruing member must not belong to more than one benefit category at the same time unless certified by an actuary 1.4 (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. Meaning of fund benefit 1.5 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 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. Standard method for working out amount of notional taxed contributions in respect of a benefit category for an accruing member of the benefit category if the fund benefit is wholly sourced from an accumulation of contributions made in respect of the member 1.6 If the fund benefit is wholly sourced from an accumulation of concessional contributions made to a superannuation fund in respect of a member or earnings on such contributions, or an accumulation of member contributions or earnings on such contributions, the amount of notional taxed contributions for an accruing member for a financial year is the amount of concessional contributions made to the superannuation fund in respect of the member during the financial year. Standard method for working out amount of notional taxed contributions in respect of a benefit category for an accruing member of the benefit category if the fund benefit is not wholly sourced from an accumulation of contributions made in respect of the member 1.7 If section 1.6 does not apply, the standard method for working out the amount of notional taxed contributions for an accruing member of a benefit category of a defined benefit fund for a financial year is: [pic] where, for the financial year: new entrant rate is the new entrant rate for the benefit category worked out by an actuary under Parts 2 and 3. S 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 scheme. D is the number of days during the financial year that the member was an accruing member of the benefit category. M is the amount of member contributions 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 which are not assessable income of the fund. Standard method of working out total amount of notional taxed contributions for an accruing member of a defined benefit fund for a financial year 1.8 The standard method for working out the total amount of notional taxed contributions for an accruing member of a defined benefit fund for a financial year is: [pic] where, for the financial year: T is the sum of the amounts of notional taxed contributions for each benefit category that the member belongs to during the financial year calculated under sections 1.6 and 1.7. W is an amount worked out on advice from an actuary under Part 4. X is an amount worked out on advice from an actuary under Part 5. Y is an amount worked out on advice from an actuary under Part 6. Z is an amount worked out on advice from an actuary under Part 7. Part 2 New entrant rate Method of working out new entrant rate for a benefit category 2.1 (1) The new entrant rate for a benefit category is the rate calculated under this Part and using the assumptions set out in Part 3. (2) The new entrant rate for a benefit category is the rate that represents the long-term cost, expressed as a percentage of superannuation salary, of providing as much of the fund benefit as is payable on a voluntary exit to a hypothetical new entrant to the benefit category. (3) The new entrant rate is calculated as the present value of the fund benefit payable on voluntary exit (resignation, early retirement, or retirement) under the rules of the defined benefit fund which are applicable to a new entrant to the benefit category divided by the present value of future superannuation salaries payable to the new entrant. (4) To put the matter beyond doubt, the new entrant rate is calculated assuming that the fund benefit is to be wholly sourced from concessional contributions made into the fund at the new entrant rate and earnings on those contributions. (5) The present value of the fund benefit is to be calculated having regard to the rules and practice of the defined benefit fund including benefit structure, caps, member options, reasonably expected discretions and member contributions, and using the economic, decrement and other assumptions set out in Part 3. New entrant rate to be based on period of membership needed to reach maximum benefit accrual 2.2 (1) If the rules of the defined benefit fund applicable to the benefit category provide for a maximum benefit accrual, the new entrant rate is to be calculated on the basis that the benefit is funded over the period to when maximum accrual is attained. (2) For practical purposes this means that, for the purpose of calculating the present value of future salaries payable to the new entrant, the superannuation salary is to be assumed to be zero at those ages after reaching maximum benefit accrual. Example If maximum accrual is attained after 20 years of membership, the superannuation salary for a 30-year-old new entrant will be assumed to be zero at age 50 and above for the purpose of calculating the present value of future salaries payable to the new entrant. New entrant rate to be rounded down 2.3 The new entrant rate is to be rounded down to the lower 1 percentage point. Example 10.6% would be rounded down to 10%. No allowance for administration expenses or income tax on assessable contributions 2.4 The new entrant rate is to be calculated ignoring: (a) administration expenses; and (b) income tax on assessable contributions. Note These items are allowed for in the formula in section 1.7 by multiplying by 1.2. Certain discretions to be allowed for 2.5 (1) The new entrant rate is to be calculated assuming that certain discretions are always exercised. (2) Subject to subsection (2A), if the fund rules provide a discretion to pay, on voluntary exit, a benefit that is higher than the standard benefit, the actuary must assume that a higher benefit is always paid on voluntary exit on or after age 55. (2A) If the higher benefit mentioned in subsection (2) exceeds the accrued retirement benefit, the actuary may assume that the benefit is an amount: (a) greater than or equal to the accrued retirement benefit; and (b) less than or equal to the higher benefit. (3) If the actuary believes that there is a reasonable expectation that a higher benefit than either the standard benefit or the accrued retirement benefit will be paid, then the actuary should assume that the benefit paid on voluntary exit on or after age 55 is always equal to the benefit reasonably expected to be paid. Note In considering whether there is a reasonable expectation that a higher benefit will be paid, it would generally not be appropriate to assume payment unless such an assumption was adopted in the most recent actuarial review. Method of working out new entrant rate for a member 2.6 (1) If a member belongs to exactly one benefit category at a particular time, the new entrant rate for the member at that time is the new entrant rate for that benefit category. (2) If a member belongs to more than one benefit category at a particular time, the new entrant rate for the member at that time is the sum of the new entrant rates for each benefit category to which the member belongs. Note The new entrant rate for a member is relevant to regulations 292-170.05 and 292-170.06. Part 3 Valuation parameters Application of economic, decrement and other parameters 3.1 For the purpose of working out the new entrant rate for a benefit category mentioned in Part 1 or 2, the actuary is to apply the economic, decrement and other parameters set out in this Part. Discount rate 3.2 (1) The discount rate to be used to discount projected future benefits and salaries is 8% per year. (2) The discount rate is not to be adjusted for investment expenses or investment-related taxation or for any other reason. Fund earning rate and crediting rate 3.3 (1) If necessary, the fund earning rate to be assumed is 8% per year. (2) If necessary, the assumed crediting rate is to be based on the assumed fund earning rate. Rate of future salary or wages growth 3.4 (1) The rate of salary or wages growth to be applied is 4.5% per year. (2) This rate is to be used: (a) to project the value of future salary or wages; and (b) to project benefits that increase in accordance with a general wage index (for example, average weekly earnings). Rate of increase in price indices 3.5 If a benefit is linked to an increase in a price index (for example, the Consumer Price Index), the rate of increase in the price index to be applied is 2.5% per year. New entrant age 3.6 (1) The age of new entrants to be assumed is based on the average age of entry to the fund of the persons who were defined benefit members of the fund at 1 July 2007. (2) The table sets out the age of new entrants that is to be assumed. |Average age last |New entrant age to be| |birthday at |assumed | |commencement in fund| | |of defined benefit | | |members of the fund | | |at 1 July 2007 | | |<30 |25 | |30-34 |30 | |35-39 |35 | |40-44 |40 | |45-49 |45 | |50+ |50 | (2A) If: (a) there has been a transfer of defined benefit members from a predecessor fund into the fund, or a sub-fund of the fund; and (b) the actuary considers it reasonable to do so; the actuary may determine a new entrant age for the fund or sub-fund taking account of the average age of entry used for or relevant for those members in the predecessor fund. (2B) For this section: defined benefit member does not include a person who: (a) is receiving only a pension benefit from the fund; or (b) has deferred his or her benefit entitlement in the fund. (3) If the actuary believes that there is insufficient information available to calculate the average age of entry, the actuary is to assume that the age of a new entrant is 40. Exit rates 3.7 (1) The table sets out the rates of voluntary exit from the fund that are to be assumed. |Age Band |Exit rate | |<40 |0.05 | |40-44 |0.04 | |45-49 |0.04 | |50-54 |0.04 | |55-59 |0.08 | |60 |0.12 | |61-64 |0.10 | |65 |1.00 | (2) The rate of involuntary exit (including by redundancy, death or invalidity) to be assumed is zero. Pensions 3.8 (1) If the fund benefit is a single life pension, the pension is to be valued using the assumptions set out in this Part. (2) If the fund benefit is a reversionary pension, the value of the pension is to be taken as the value of the pension assuming it is a single life pension, increased by 10 %. Mortality of pensioners 3.9 The table sets out the rates of pensioner mortality (qx) that are to be assumed. |Age |qx | |35-49 |0.003 | |50-54 |0.004 | |55 |0.005 | |56 |0.006 | |57 |0.006 | |58 |0.007 | |59 |0.008 | |60 |0.008 | |61 |0.009 | |62 |0.010 | |63 |0.012 | |64 |0.013 | |65 |0.014 | |66 |0.016 | |67 |0.017 | |68 |0.019 | |69 |0.021 | |70 |0.023 | |71 |0.026 | |72 |0.029 | |73 |0.032 | |74 |0.035 | |75 |0.039 | |76 |0.043 | |77 |0.048 | |78 |0.053 | |79 |0.059 | |80 |0.064 | |81 |0.070 | |82 |0.077 | |83 |0.085 | |84 |0.095 | |85 |0.106 | |86 |0.116 | |87 |0.128 | |88 |0.139 | |89 |0.149 | |90 |0.159 | |91 |0.168 | |92 |0.176 | |93 |0.184 | |94 |0.193 | |95 |0.202 | |96 |0.211 | |97 |0.219 | |98 |0.228 | |99 |0.236 | |100 |1.000 | Taxed and untaxed benefits 3.10 If the rules of the fund provide for benefits to be paid on either a taxed or an untaxed basis, the actuary is to assume that the employer component of the fund benefit is paid as a taxed benefit. Note This situation applies to a small number of funds where the employer component of the fund benefit is generally met by a last minute contribution to the superannuation fund. Other assumptions to be set by the actuary 3.11 (1) Any other assumptions which may be necessary are to be set by the actuary responsible for calculating the new entrant rate. (2) The assumptions are to be based on the assumptions used in the most recent actuarial valuation of the fund, unless the actuary believes, having regard to the expected future experience of the fund, that they are no longer appropriate. (3) If the actuary believes that the assumptions used in the most recent actuarial valuation are no longer appropriate, the assumptions should be set on a best estimate basis. Part 4 Exercise of discretion to pay a benefit greater than the benefit assumed in calculating the new entrant rate Method of working out W in the formula in section 1.8 4.1 (1) If a discretion is exercised to pay a benefit upon: (a) voluntary exit; or (b) redundancy that is not bona fide; which is greater than the benefit assumed in calculating the new entrant rate, the excess of the actual benefit paid over the amount of the assumed benefit at the time the actual benefit is paid (W) forms part of the amount of notional taxed contributions for the member for the financial year in which the benefit is paid. (2) For the formula in section 1.8: (a) in a financial year in which the trustee does not exercise a discretion to pay a benefit to the member which is greater than the assumed benefit, W equals zero; and (b) in any other financial year, W equals an amount worked out on advice from an actuary that represents the excess of the actual benefit paid to the member over the amount of the assumed benefit at the time the actual benefit is paid. Note If the trustee decides to pay an untaxed benefit rather than a taxed benefit, any excess of the amount of the untaxed benefit over the amount of the taxed benefit that would otherwise have been payable is not to be included in W. Part 5 Member has changed benefit category Method of working out X in the formula in section 1.8 5.1 (1) If a member's accrued retirement benefit increases during a financial year as a result of a change of benefit category or as a result of an exercise of discretion, an additional amount (X) may need to be included in the amount of notional taxed contributions for the financial year. (2) For the formula in section 1.8: (a) in a financial year in which the member's accrued retirement benefit does not increase as a result of a change in benefit category or as a result of an exercise of discretion, X equals zero; and (b) in any other financial year, X equals an amount worked out on advice from an actuary that represents the increase in the value of the accrued retirement benefit, if any, that accrued to the member as a result of the change in benefit category or as a result of the exercise of the discretion. 5.2 The economic and other assumptions to be used are set out in Part 3. Part 6 Governing rules have changed Method of working out Y in the formula in section 1.8 6.1 (1) If: (a) the governing rules of the defined benefit fund are amended in a way that may result in an increase in a member's benefit; and (b) the amendment is made for a reason other than to satisfy a legislative requirement; an additional amount (Y) may need to be included in the amount of notional taxed contributions for the financial year. (2) For the formula in section 1.8: (a) in a financial year in which the fund rules are not changed in a way that may result in an increase in a member's benefit, Y equals zero; and (b) in any other financial year: (i) if the reason for the change in fund rules is to satisfy a legislative requirement, Y equals zero; and (ii) if the change is for any other reason, Y equals an amount worked out on advice from an actuary that represents the increase in the value of the accrued retirement benefit, if any, that accrued to the member as a result of the change in fund rules. 6.2 The economic and other assumptions to be used are set out in Part 3. Part 7 Non-arm's length increase in superannuation salary Method of working out Z in the formula in section 1.8 7.1 (1) If a member's superannuation salary is increased in a non-arm's length way with the primary purpose being to achieve an increase in superannuation benefit, an additional amount (Z) may need to be included in the amount of notional taxed contributions for the financial year. (2) For the formula in section 1.8: (a) in a financial year where the member's superannuation salary is not increased in a non-arm's length way, Z equals zero; and (b) in any other financial year, Z equals an amount worked out on advice from an actuary that represents the increase in the value of the accrued retirement benefit, if any, that accrued to the member as a result of the change in superannuation salary. 7.2 The economic and other assumptions to be used are set out in Part 3. Schedule 1B Valuation factors (regulations 307-205.01 and 307-205.02) 1 Income stream valuation factors (1) For subregulation 307-205.01 (2), the applicable factor is the factor given in Table 1 at the age which is the greater of: (a) the minimum age at which a retirement benefit can be taken without requiring the consent of the employer; and (b) the member's actual age as at his or her last birthday before 1 July 2007. (2) For subregulation 307-205.02 (2), if the superannuation income stream in respect of the interest is payable for the life of the member, the applicable factor is the factor given in Table 1 for the age of the member at his or her last birthday before the day after the date on which the superannuation income stream is to be valued. (3) For subregulation 307-205.02 (2), if the superannuation income stream in respect of the interest is payable for a fixed term, the applicable factor is the factor given in Table 2 for the number of complete years remaining in the term of the superannuation income stream on the day preceding the date on which the superannuation income stream is to be valued. Table 1 | |Factor |Factor for | |Age |for |non-indexed| | |indexed |lifetime | | |lifetime|income | | |income |stream | | |stream | | |18 |23.238 |15.405 | |19 |23.158 |15.385 | |20 |23.084 |15.366 | |21 |23.016 |15.349 | |22 |22.956 |15.334 | |23 |22.906 |15.322 | |24 |22.862 |15.312 | |25 |22.816 |15.302 | |26 |22.763 |15.289 | |27 |22.694 |15.271 | |28 |22.612 |15.248 | |29 |22.523 |15.223 | |30 |22.422 |15.194 | |31 |22.310 |15.160 | |32 |22.193 |15.124 | |33 |22.076 |15.086 | |34 |21.950 |15.045 | |35 |21.821 |15.002 | |36 |21.691 |14.958 | |37 |21.553 |14.911 | |38 |21.410 |14.861 | |39 |21.266 |14.809 | |40 |21.113 |14.754 | |41 |20.956 |14.695 | |42 |20.790 |14.632 | |43 |20.609 |14.562 | |44 |20.421 |14.487 | |45 |20.229 |14.409 | |46 |20.030 |14.326 | |47 |19.823 |14.239 | |48 |19.610 |14.148 | |49 |19.391 |14.052 | |50 |19.164 |13.950 | |51 |18.931 |13.844 | |52 |18.691 |13.732 | |53 |18.443 |13.615 | |54 |18.189 |13.492 | |55 |17.927 |13.364 | |56 |17.659 |13.230 | |57 |17.383 |13.089 | |58 |17.100 |12.943 | |59 |16.810 |12.790 | |60 |16.513 |12.631 | |61 |16.209 |12.465 | |62 |15.891 |12.287 | |63 |15.558 |12.099 | |64 |15.213 |11.900 | |65 |14.861 |11.693 | |66 |14.506 |11.480 | |67 |14.144 |11.260 | |68 |13.775 |11.032 | |69 |13.396 |10.794 | |70 |13.011 |10.548 | |71 |12.627 |10.297 | |72 |12.230 |10.035 | |73 |11.815 |9.756 | |74 |11.398 |9.471 | |75 |10.983 |9.183 | |76 |10.566 |8.889 | |77 |10.144 |8.587 | |78 |9.723 |8.282 | |79 |9.314 |7.980 | |80 |8.898 |7.669 | |81 |8.486 |7.357 | |82 |8.087 |7.051 | |83 |7.697 |6.748 | |84 |7.323 |6.455 | |85 |6.966 |6.172 | |86 |6.627 |5.901 | |87 |6.311 |5.647 | |88 |6.010 |5.402 | |89 |5.728 |5.171 | |90 |5.465 |4.954 | |91 |5.218 |4.750 | |92 |4.991 |4.561 | |93 |4.773 |4.379 | |94 |4.566 |4.205 | |95 |4.360 |4.031 | Table 2 |Number|Factor |Factor | |of |for |for | |years |indexed |non-index| | |fixed-te|ed | | |rm |fixed-ter| | |income |m income | | |stream |stream | |0 |0.000 |0.000 | |1 |0.981 |0.969 | |2 |1.925 |1.879 | |3 |2.834 |2.734 | |4 |3.709 |3.536 | |5 |4.550 |4.289 | |6 |5.360 |4.996 | |7 |6.140 |5.661 | |8 |6.891 |6.284 | |9 |7.613 |6.870 | |10 |8.308 |7.420 | |11 |8.977 |7.936 | |12 |9.621 |8.421 | |13 |10.241 |8.876 | |14 |10.837 |9.303 | |15 |11.411 |9.705 | |16 |11.963 |10.081 | |17 |12.495 |10.435 | |18 |13.007 |10.768 | |19 |13.499 |11.079 | |20 |13.973 |11.372 | |21 |14.430 |11.647 | |22 |14.869 |11.906 | |23 |15.291 |12.148 | |24 |15.698 |12.376 | |25 |16.090 |12.590 | |26 |16.466 |12.790 | |27 |16.829 |12.979 | |28 |17.178 |13.156 | |29 |17.514 |13.322 | |30 |17.837 |13.478 | 2 Lump sum valuation factors (1) For subregulation 307-205.02 (2), the applicable factor is the discount valuation factor mentioned in subclause (3) that applies for the minimum deferral period. (2) For the purposes of this clause, the minimum deferral period in relation to a lump sum that is to be paid at a time after the date on which an interest is to be valued is the number of complete years between the day before the date on which the interest is to be valued and the earliest date at which the lump sum can be paid. (3) This subclause sets out the discount valuation factors, in accordance with the following principles: (a) the factors in column 2 of table 3 apply if the lump sum is not indexed; (b) the factors in column 3 of table 3 apply if the lump sum is indexed in accordance with the consumer price index; (c) the factors in column 4 of table 3 apply if the lump sum is indexed in accordance with a general wage index (for example, average weekly earnings, or average weekly ordinary time earnings, published by the Australian Bureau of Statistics); (d) if the lump sum is indexed in accordance with a fund crediting rate, the factor is 1. Table 3 |Minimum |Lump sum not |CPI indexed |Wage indexed | |deferral |indexed |lump sum |lump sum | |period | | | | |0 |1.000 |1.000 |1.000 | |1 |0.939 |0.963 |0.977 | |2 |0.882 |0.927 |0.954 | |3 |0.829 |0.892 |0.932 | |4 |0.779 |0.859 |0.910 | |5 |0.732 |0.827 |0.889 | |6 |0.689 |0.797 |0.869 | |7 |0.648 |0.768 |0.849 | |8 |0.610 |0.740 |0.830 | |9 |0.575 |0.714 |0.811 | |10 |0.542 |0.688 |0.793 | |11 |0.511 |0.664 |0.776 | |12 |0.483 |0.641 |0.759 | |13 |0.456 |0.619 |0.742 | |14 |0.431 |0.598 |0.727 | |15 |0.409 |0.579 |0.711 | |16 |0.387 |0.560 |0.697 | |17 |0.368 |0.542 |0.683 | |18 |0.350 |0.525 |0.669 | |19 |0.333 |0.509 |0.656 | |20 |0.318 |0.494 |0.644 | |21 |0.304 |0.480 |0.632 | |22 |0.291 |0.467 |0.621 | |23 |0.279 |0.454 |0.610 | |24 |0.269 |0.443 |0.600 | |25 |0.259 |0.432 |0.590 | |26 |0.250 |0.422 |0.582 | |27 |0.243 |0.413 |0.573 | |28 |0.236 |0.404 |0.565 | |29 |0.229 |0.397 |0.558 | |30 |0.224 |0.390 |0.552 | Schedule 2 Translation of currency amounts - rules and other requirements (item 12 of the table in subsection 960-50 (6) of the Act, as modified, and subregulation 960-50.01 (2)) Part 1 Rules and requirements for item 12 of the table in subsection 960-50 (6) of the Act 1.1 Exchange rate - consistency with accounting standards used by entity For item 12 of the table in subsection 960-50 (6) of the Act, as modified, if: (a) a financial report (within the meaning of the Corporations Act 2001) prepared by an entity: (i) complies with the accounting standards under the Corporations Act 2001; and (ii) translates amounts into Australian currency using particular exchange rates; and (iii) has been audited in accordance with the Corporations Act 2001; and (b) the entity, or another entity, wishes to translate an amount into Australian currency in accordance with that item, using the exchange rate used in that financial report to translate a corresponding amount; the entity mentioned in paragraph (b) must translate all amounts into Australian currency using the exchange rates that were used in that financial report to translate corresponding amounts. 1.2 Choice of daily exchange rate (1) For item 12 of the table in subsection 960-50 (6) of the Act, as modified, an entity may translate all amounts of a particular currency, relating to a particular day, into Australian currency using an exchange rate that is applicable at a time, on that day, chosen by the entity (a daily exchange rate). (2) If the entity chooses a daily exchange rate relating to a particular day, the entity must choose a daily exchange rate relating to each subsequent day in the income year using the same time of the day as the time to which the first daily exchange rate related. (3) However: (a) the entity is not permitted to translate amounts using a daily exchange rate if the use of the rate would not be appropriate having regard to the entity's business or activities; and (b) the entity must obtain the rate from a source that is not an associate of the entity, and not the entity itself, unless the Commissioner notifies the entity that it may obtain the rate from 1 or more specified sources; and (c) the entity must translate amounts relating to the relevant day using that rate. Example If an entity is a trader that takes currency positions as part of its business, the use of a single exchange rate for its activities on a day would not be appropriate having regard to its business. Note Associate is defined in subsection 995-1 (1) of the Act. 1.3 Choice of average exchange rate (1) For item 12 of the table in subsection 960-50 (6) of the Act, as modified, an entity may, in a period, translate an amount into Australian currency using an exchange rate that is an average of all of the exchange rates that are applicable during a period, not exceeding 12 months, that is chosen by the entity (an average exchange rate). (2) However: (a) the entity is not permitted to translate an amount using an average exchange rate unless it appears to the entity on reasonable grounds that the rate would be a reasonable approximation of the exchange rate or rates that the entity would have used if the entity had used the exchange rate required by another appropriate item of the table in subsection 960-50 (6) of the Act; and (b) the entity must obtain: (i) all of the exchange rates that it will use to work out the average exchange rate; or (ii) an average exchange rate that has been worked out for a particular period; from 1 or more sources that are not associates of the entity, and not the entity itself, unless the Commissioner notifies the entity that it may obtain the rate or rates from 1 or more specified sources; and (c) the entity must translate amounts relating to the relevant period using the rate. Note 1 Item 12 of the table in subsection 960-50 (6) of the Act is available as an alternative to the special translation rules in items 1 to 11A (inclusive) in that table. Therefore, subclause (2) requires the entity to consider whether using the translation rules in item 12 would lead to a reasonable approximation with the translation rules in another appropriate item of the table. Note 2 Associate is defined in subsection 995-1 (1) of the Act. Part 2 Translation of foreign currency amounts into Australian currency - rules and requirements for item 11A of the table in subsection 960-50 (6) of the Act 2.1 Exchange rate - consistency with an entity's financial records For item 11A of the table in subsection 960-50 (6) of the Act, as modified, if: (a) an entity keeps financial records (within the meaning of the Corporations Act 2001) of the exchange rates that the entity uses to translate amounts into Australian currency; and (b) the entity, or another entity, translates an amount to which the records correspond into Australian currency in accordance with item 11A; the exchange rate that the entity mentioned in paragraph (b) uses must be the same as the exchange rate specified in those records for translating the amount into Australian currency. Schedule 3 Prescribed private funds |Item |Name of Fund |Date, or period,| | | |of effect | |1 |Nelson Meers Foundation |21 June 2001 | |2 |Sargents Foundation Sub-Fund |21 June 2001 | |3 |The Andersen Foundation |21 June 2001 | | | | | |4 |Scanlon Foundation |22 June 2001 | | |Note Formerly known as the | | | |Brencorp Foundation | | |5 |Gandel Foundation |22 June 2001 | |6 |Gonski Foundation |22 June 2001 | |7 |Humanity Trust |22 June 2001 | |8 |Levy Foundation |22 June 2001 | |9 |The CINS Foundation |22 June 2001 | |10 |The Cuthbert Foundation |22 June 2001 | |11 |The F&J Ryan Foundation |22 June 2001 | |12 |The Joan & Peter Clemenger Trust|22 June 2001 | |13 |The Parncutt Family Foundation |22 June 2001 | |14 |The Pratt Family Foundation |22 June 2001 | |15 |The Rodney & Judith ONeil |22 June 2001 | | |Foundation | | |16 |The Sentinel Foundation |22 June 2001 | | | | | |17 |The Charitable Foundation |25 June 2001 | | | | | |18 |The Noble Foundation |27 June 2001 to | | | |7 September 2006| |19 |The Yulgilbar Foundation |27 June 2001 | | |Note Formerly known as the | | | |Sarah and Baillieu Myer Family | | | |Foundation | | |20 |Wind Over Water Foundation |27 June 2001 | | | | | |21 |The Aranday Foundation |28 June 2001 | | | | | |22 |The Mill House Foundation |11 July 2001 | | | | | |23 |Hunter Hall Charitable Fund |16 August 2001 | | | | | |24 |The International Children's |23 August 2001 | | |Foundation | | | | | | |25 |The Brian and Maxine Newell |17 September | | |Prostate Cancer Research |2001 | | |Foundation | | | | | | |26 |Barrie Bailey Foundation |3 October 2001 | |27 |The Rotary Club of Hillarys |3 October 2001 | | |Community Foundation | | |28 |The Western Australian Club |3 October 2001 | | |Foundation | | | | | | |29 |Yeast Foundation |20 December 2001| | | | | |30 |The A & E Finkel Foundation |14 February 2002| |31 |The Caledonia Foundation |14 February 2002| | | | | |32 |The Clipsal Fund |25 March 2002 to| | | |24 November 2003| | | | | |33 |AB's Trek for Kids Foundation |26 March 2002 to| | | |30 June 2004 | |34 |Booze Brothers Staff Charitable |26 March 2002 | | |Fund | | |35 |Dubler Family Foundation |26 March 2002 | | | | | |36 |AACFE Charitable Foundation |22 April 2002 | |37 |Collection House Foundation |22 April 2002 to| | | |15 August 2005 | |38 |John Collier Foundation |22 April 2002 to| | | | | | | |25 May 2009 | |39 |The Coca-Cola Australia |22 April 2002 | | |Foundation | | |40 |The Dawson Family Foundation |22 April 2002 | |41 |The Dianne Kemp Foundation |22 April 2002 | |42 |The Margaret Lawrence Bequest |22 April 2002 | |43 |The Mount Scopus College |22 April 2002 | | |Foundation Trust | | | | | | |44 |Paul Ainsworth Charitable |5 June 2002 | | |Foundation | | |45 |Philandron Foundation |5 June 2002 | |46 |Philip and Vivien Brass |5 June 2002 | | |Charitable Foundation | | |47 |The Albrecht Foundation Trust |5 June 2002 | |48 |The Berg Family Foundation |5 June 2002 | |49 |The Michael & Andrew Buxton |5 June 2002 | | |Foundation | | |50 |The Samuel Nissen Charitable |5 June 2002 | | |Foundation | | | | | | |51 |R & M Champion de Crespigny |11 June 2002 | | |Foundation | | |52 |The Flew Foundation |11 June 2002 | | | | | |53 |Accenture Australia Foundation |14 June 2002 | |54 |Andyinc Foundation |14 June 2002 | |55 |Bennelong Foundation |14 June 2002 | |56 |Glencoe Foundation |14 June 2002 | |57 |Guthrie Family Memorial Fund |14 June 2002 | |58 |Hill Charitable Foundation |14 June 2002 | |59 |Goldman Sachs JBWere Foundation |14 June 2002 | | |Note Formerly known as the | | | |JBWere Foundation | | |60 |Jewish Holocaust Centre |14 June 2002 | | |Foundation | | |61 |John Lamble Foundation |14 June 2002 | |62 |Key Foundation |14 June 2002 | |63 |Leeuwin Estate Charitable |14 June 2002 | | |Foundation | | | |Note Formerly known as the | | | |Leeuwin Estate Foundation | | |64 |Lifework Foundation |14 June 2002 | |65 |Mannkal Economic Education |14 June 2002 | | |Foundation | | |66 |New Start Foundation |14 June 2002 | |67 |Schaffer Foundation |14 June 2002 | |68 |The Angel Fund |14 June 2002 | |69 |The Bamford Family Foundation |14 June 2002 | |70 |The Isabel and John Gilbertson |14 June 2002 | | |Charitable Trust | | |71 |The Jackson Family Foundation |14 June 2002 | |72 |The Teen Spirit Charitable |14 June 2002 | | |Foundation | | |73 |The Thomas Foundation |14 June 2002 | |74 |The William & Rita Rogers |14 June 2002 | | |Charitable Foundation | | |75 |Trust for Nature Foundation |14 June 2002 | |76 |Wilson Foundation |14 June 2002 | | | | | |77 |The Manildra Foundation |26 June 2002 | |78 |The McVay Foundation |26 June 2002 | |79 |The Rainbow Charitable |26 June 2002 | | |Foundation | | | | | | |80 |Onbass Foundation |5 August 2002 | |81 |Schools' Canteen Education |5 August 2002 | | |Foundation of Australia | | |82 |The Perini Family Foundation |5 August 2002 | | | | | |83 |The Global Community Foundation |3 September 2002| | | | | | | |to 25 May 2009 | | | | | |84 |The Jessie Salmond Foundation |10 September | | |Fund |2002 | |85 |The Vodafone Australia |10 September | | |Foundation |2002 | | | | | |86 |Nola Criddle Foundation |11 September | | |Note Formerly known as the |2002 | | |Jackson McDonald Community | | | |Foundation | | | | | | |87 |Pickard Foundation |9 October 2002 | | | |to 25 May 2009 | | | | | |88 |Cassandra Ganter Foundation |14 October 2002 | |89 |Four Winds Foundation |14 October 2002 | | | | | |90 |The Keith Murton Foundation |21 October 2002 | | | | | |91 |The Jreissati Foundation Trust |29 October 2002 | | | | | |92 |Diversicon Environmental |11 November 2002| | |Foundation | | | |Note Formerly known as the | | | |R.M. Brown Environmental | | | |Foundation | | | | | | |93 |The Greatorex Foundation |20 December 2002| |94 |The Mount Scopus Memorial |20 December 2002| | |College B'Nei Mitzvah Foundation| | |95 |The Robert and Jennifer Ferguson|20 December 2002| | |Charitable Trust | | |96 |VM Romano Foundation |20 December 2002| | |Note Formerly known as The | | | |Vittorio Romano 1 Foundation | | | | | | |97 |James N Kirby Foundation |7 May 2003 | |98 |The Minimbah Foundation for |7 May 2003 to | | |Youth |19 May 2003 | | | | | |99 |The Peters Family Foundation |20 May 2003 | | | | | |100 |Abey Foundation |24 June 2003 | |101 |A Celebration of Life Foundation|24 June 2003 | |102 |Five Talents Foundation |24 June 2003 | |103 |Hillcrest Foundation |24 June 2003 | |104 |Janina and Bill Amiet Foundation|24 June 2003 | |105 |Josef Reisinger Foundation |24 June 2003 | |106 |McLean Perpetual Children's |24 June 2003 | | |Foundation | | |107 |N.J. Innis Charitable Foundation|24 June 2003 | |108 |Peter Isaacson Foundation |24 June 2003 | |109 |Taranto Cultural Foundation |24 June 2003 to | | | |3 July 2007 | |110 |The Alfred and Jean Dickson |24 June 2003 | | |Charitable Foundation | | |111 |The Bell Shakespeare Development|24 June 2003 | | |Trust | | | |Note Formerly known as The | | | |Bell Shakespeare Company | | | |Foundation | | |112 |The Clitheroe Foundation |24 June 2003 | |113 |The George Lewin Foundation |24 June 2003 | |114 |The Harvard Club of Australia |24 June 2003 | | |Foundation | | |115 |The Himalayan Foundation of |24 June 2003 to | | |Australia Trust |25 May 2009 | |116 |The Johanna Sewell Memorial Fund|24 June 2003 | |117 |The Lidia Perin Foundation |24 June 2003 | |118 |The Maccabi Victorian Sports |24 June 2003 | | |Foundation | | |119 |The O'Neill Foundation |24 June 2003 | |120 |The Orcadia Foundation |24 June 2003 | |121 |The Peggy Charitable Foundation |24 June 2003 | |122 |The Reym Fund |24 June 2003 | |123 |The Werled Foundation |24 June 2003 | |124 |The William and Georgena |24 June 2003 | | |Bradshaw Foundation | | |125 |Thornhill Foundation |24 June 2003 | | | | | |126 |Dalcorp Foundation |30 June 2003 | |127 |John and Marie Hill World Scout |30 June 2003 | | |Jamboree Trust Fund | | |128 |PricewaterhouseCoopers |30 June 2003 | | |Foundation | | |129 |Schapper Family Foundation |30 June 2003 | |130 |Selim Foundation |30 June 2003 to | | | |3 October 2006 | | | | | |132 |The Arcus Foundation |8 September 2003| | | | | |133 |Clayton Utz Foundation |23 October 2003 | |134 |Dibben Family Charitable Trust |23 October 2003 | |135 |The Fair Go Foundation |23 October 2003 | |136 |The Josephine Ulrick and Win |23 October 2003 | | |Schubert Diversity Foundation | | |137 |The Judith Jane Mason and Harold|23 October 2003 | | |Stannett Williams Memorial | | | |Foundation | | |138 |The Phileo Foundation |23 October 2003 | |139 |The Reed Charity Trust |23 October 2003 | |140 |The Sid and Fiona Myer Family |23 October 2003 | | |Foundation | | | |Note Formerly known as The Sid| | | |Myer Family Foundation | | | | | | |141 |The Gerard Fund |25 November 2003| | | | | |143 |Greenlight Foundation |3 February 2004 | |144 |Horwath Charitable Trust |3 February 2004 | | | |to 25 June 2008 | |145 |Maple-Brown Family Charitable |3 February 2004 | | |Trust | | |146 |Matana Foundation for Young |3 February 2004 | | |People | | |147 |McGrath Family Foundation |3 February 2004 | |148 |Sabemo Foundation |3 February 2004 | |149 |Southern Paradise Foundation |3 February 2004 | |150 |The JEM Foundation |3 February 2004 | |151 |The Persephone Foundation |3 February 2004 | | | | | |152 |Annieandjohnpaterson Foundation |10 February 2004| |153 |Neil & Norma Hill Foundation |10 February 2004| |154 |Pierce Armstrong Trust |10 February 2004| |155 |The S'Team Foundation |10 February 2004| | |Note Formerly known as the | | | |Rosella Foundation | | |156 |Sherman Foundation |10 February 2004| |157 |The Ernst & Young Foundation |10 February 2004| |158 |The MJFS Foundation |10 February 2004| |159 |The Shane Warne Foundation |10 February 2004| | | | | | | |to 25 June 2008 | | | | | |161 |Count Charitable Foundation |24 April 2004 | |162 |Ilhan Foundation |24 April 2004 to| | | |23 January 2006 | |163 |Kids and Families Foundation |24 April 2004 | |164 |Purves Private Fund |24 April 2004 | |165 |Rees Jones Foundation |24 April 2004 | |166 |The ACCA Foundation |24 April 2004 | |167 |The Allison Foundation |24 April 2004 | |168 |The Besen Family Foundation |24 April 2004 | |169 |The Boyd Group Foundation |24 April 2004 | | | | | |170 |Acuity Evangelical Foundation |16 June 2004 | | |Prescribed Fund | | |171 |Bamaga Foundation |16 June 2004 | |172 |Becher Foundation |16 June 2004 | |173 |Belalberi Foundation |16 June 2004 | |174 |Bradley McKnight Foundation |16 June 2004 | |175 |Donkey Wheel Fund |16 June 2004 | |176 |Efron Family Foundation |16 June 2004 | |177 |Fay Fuller Foundation |16 June 2004 | |178 |Fouress Foundation |16 June 2004 | |179 |Goodman Family Foundation |16 June 2004 | |180 |Grosman Family Foundation |16 June 2004 | |181 |H & K Johnston Family Foundation|16 June 2004 | |182 |Heymanson Family Foundation |16 June 2004 | |183 |Kel & Rosie Day Foundation |16 June 2004 | |184 |Liangrove Foundation |16 June 2004 | |185 |Mark Francis Butler Charity |16 June 2004 | | |Foundation | | |186 |McLeod Family Foundation |16 June 2004 | |187 |RobMeree Foundation |16 June 2004 | |188 |Schudmak Family Foundation |16 June 2004 | |189 |Steven Moss Foundation |16 June 2004 | |190 |The Agape Charitable Fund |16 June 2004 | |191 |The Brenda Shanahan Charitable |16 June 2004 | | |Foundation | | |192 |The David Harold Tribe |16 June 2004 | | |Charitable Foundation | | |193 |The Helen Lyons Foundation |16 June 2004 | |194 |The Keir Foundation |16 June 2004 | |195 |The Macintosh Foundation |16 June 2004 | |196 |The Malcolm Robertson Foundation|16 June 2004 | |197 |The Moore Family Philanthropic |16 June 2004 | | |Foundation | | |198 |The Muffin Foundation |16 June 2004 | |199 |The Neilson Foundation |16 June 2004 | |200 |The Ray and Margaret Wilson |16 June 2004 | | |Foundation | | |201 |The White Foundation |16 June 2004 | |202 |Vernon Foundation |16 June 2004 | |203 |Wolanski Foundation |16 June 2004 | | | | | |204 |Aarons Foundation |17 June 2004 | |205 |Costa Family Foundation |17 June 2004 | |206 |Debbie Stach Memorial Fund |17 June 2004 | |207 |Gleeson/O'Keefe Foundation |17 June 2004 | |208 |Hear & Say Foundation |17 June 2004 | |209 |Herbert And Valmae Freilich |17 June 2004 | | |Prescribed Private Fund | | |210 |Molloy Family Foundation |17 June 2004 | |211 |Montgomery Foundation |17 June 2004 | |212 |Newcastle Permanent Charitable |17 June 2004 | | |Foundation | | |213 |Next Generation Prescribed |17 June 2004 | | |Private Fund | | |214 |Phil Little Design Foundation |17 June 2004 to | | | |5 March 2009 | |215 |Pixifoto Foundation |17 June 2004 to | | | |25 June 2008 | |216 |Skipper-Jacobs Charitable Trust |17 June 2004 | |217 |Spotlight Charitable Foundation |17 June 2004 | |218 |The Bill & Patricia Ritchie |17 June 2004 | | |Foundation | | |219 |The Horizon Foundation |17 June 2004 | |220 |The Nicol Foundation |17 June 2004 | |221 |The Orica Community Foundation |17 June 2004 to | | | |3 July 2007 | |222 |The Skellern Family Foundation |17 June 2004 | |223 |The Springett Family Foundation |17 June 2004 | |224 |Vincent Fairfax Ethics in |17 June 2004 | | |Leadership Foundation | | |225 |WJ & MS Hughes Foundation |17 June 2004 | |226 |Wythenshawe Foundation |17 June 2004 | | | | | |228 |Aboriginal Benefits Foundation |20 December 2004| |229 |Clubs Smile for a Child |20 December 2004| | |Foundation | | |230 |Shaddock Foundation |20 December 2004| |231 |Spinifex Trust |20 December 2004| |232 |The Corio Foundation |20 December 2004| |233 |The Jordan Family Charitable |20 December 2004| | |Trust | | |234 |The Morgan & Banks Foundation |20 December 2004| |235 |The Trawalla Foundation |20 December 2004| | | | | |237 |AirRoad Foundation |4 February 2005 | |238 |Tattersall's George Adams |4 February 2005 | | |Foundation | | | | | | |239 |Isador and Rebecca Magid |12 April 2005 | | |Foundation | | |240 |The API Trust Fund |12 April 2005 | |241 |The Carnegie Foundation |12 April 2005 | |242 |The Gourlay Charitable Trust |12 April 2005 | |243 |The Lindsay & Heather Payne |12 April 2005 | | |Medical Research Charitable | | | |Foundation | | |244 |The Lochtenberg Foundation |12 April 2005 | |245 |The Pace Foundation |12 April 2005 | |246 |The Restoration Foundation |12 April 2005 | |247 |The Rix Foundation |12 April 2005 | | | | | |249 |ABD Foundation |10 June 2005 | | |Note Formerly known as the ABD| | | |Foundation Barr Family | | | |Foundation | | |250 |Adam Scott Foundation |10 June 2005 | |251 |Aon Charitable Foundation |10 June 2005 | |252 |Australand Foundation |10 June 2005 | |253 |Barr Family Foundation |10 June 2005 | |254 |Bendat Family Foundation |10 June 2005 | |255 |Cochrane-Schofield Charitable |10 June 2005 | | |Fund | | |256 |Ferris Family Foundation |10 June 2005 | |257 |Gaunt Family Foundation |10 June 2005 | |258 |Gilmour Foundation |10 June 2005 | |259 |Gordon Brothers Charitable |10 June 2005 | | |Foundation | | |260 |Harry Triguboff Foundation |10 June 2005 | |261 |Henry Pollack Foundation |10 June 2005 | |262 |Indigo Community Aid Foundation |10 June 2005 | |263 |Jack & Ethel Goldin Foundation |10 June 2005 | |264 |Just Enough Faith Foundation |10 June 2005 | |265 |Kazacos Foundation |10 June 2005 | |266 |Kopke Family Foundation |10 June 2005 | |267 |Lew Foundation |10 June 2005 | |268 |Limb Family Foundation |10 June 2005 | |269 |Michael Craft Memorial Fund |10 June 2005 | |270 |Michael & Dellarose Baevski |10 June 2005 | | |Foundation | | |271 |O'Donohue Family Foundaton |10 June 2005 | |272 |Prescott Family Foundation |10 June 2005 | |273 |Seidler Architectural Foundation|10 June 2005 | |274 |SG Foundation |10 June 2005 | |275 |Shirley Greathead Foundation |10 June 2005 | |276 |Sisyphus Foundation |10 June 2005 | |277 |Skar Foundation |10 June 2005 | |278 |Telstra Foundation Community |10 June 2005 | | |Development Fund | | |279 |The Beeren Foundation |10 June 2005 | |280 |The Bluesand Foundation |10 June 2005 | |281 |The Byrnes Foundation |10 June 2005 | |282 |The Deloitte Foundation |10 June 2005 | |283 |The George and Janet Parker |10 June 2005 | | |Memorial Trust | | |284 |The Kirk Foundation |10 June 2005 | |285 |The Lightfoot Foundation |10 June 2005 | |286 |The Nelson Foundation |10 June 2005 | |287 |The Penn Foundation |10 June 2005 | |288 |The Sunjoto Foundation - The |10 June 2005 | | |Spirit of Giving | | |289 |The Wood Foundation |10 June 2005 | |290 |William McIlrath Charitable |10 June 2005 | | |Foundation | | |291 |Willowtree Foundation |10 June 2005 | |292 |Woollahra Colleagues Rugby Union|10 June 2005 | | |Football Club Foundation | | | | | | |293 |Alter Family Foundation |23 June 2005 | |294 |Bennetts Family Foundation |23 June 2005 | |295 |Burton Taylor PPF Foundation |23 June 2005 | |296 |ERM Foundation |23 June 2005 | |297 |Fielding Foundation |23 June 2005 | |298 |Franz Loibner Foundation |23 June 2005 | |299 |George Jones Family Foundation |23 June 2005 | |300 |Hart Charitable Trust |23 June 2005 | |301 |The Hunt Family Foundation |23 June 2005 | | |Note Formerly known as the | | | |Hunt Foundation | | |302 |Ivany Foundation |23 June 2005 | |303 |Kahn Friedlander Family |23 June 2005 | | |Foundation | | |304 |Laver Family Foundation |23 June 2005 | |305 |Lee Liberman Charitable |23 June 2005 | | |Foundation | | |306 |Matsarol Foundation |23 June 2005 | |307 |R P Medical Fund |23 June 2005 | |308 |The Annemarie & Arturo Gandioli |23 June 2005 | | |Fumagalli Foundation | | |309 |The Blackley Foundation |23 June 2005 | |310 |The Cubit Family Foundation |23 June 2005 | |311 |The Freedman Foundation |23 June 2005 | |312 |The Ian Watson Foundation |23 June 2005 | |313 |The Hunter 5 Foundation |23 June 2005 | |314 |The Margaret Miller Foundation |23 June 2005 | |315 |The Mavis & Bill Jennings |23 June 2005 | | |Foundation | | |316 |The Steed Family Foundation |23 June 2005 | |317 |The Shine On Foundation |23 June 2005 | | |Note Formerly known as The | | | |Waterham Family Foundation | | |318 |The Zimmerman Family Foundation |23 June 2005 | |319 |Turnbull Foundation |23 June 2005 | |320 |Wood Family Foundation |23 June 2005 | | | | | |321 |Sherry-Hogan Foundation |30 June 2005 | |322 |Simpson Family Foundation |30 June 2005 | | | | | |323 |Luca and Anita Belgiorno-Nettis |2 December 2005 | | |Foundation | | |324 |Macquarie Goodman Foundation |2 December 2005 | |325 |The Kevin Bailey Charitable |2 December 2005 | | |Trust | | | |Note Formerly known as the | | | |Money Managers Charitable Trust | | |326 |Sachdev Foundation |2 December 2005 | |327 |The Chestnut Tree Foundation |2 December 2005 | |328 |The Cruthers Art Foundation |2 December 2005 | |329 |The Grenda Foundation |2 December 2005 | |330 |The Heartfelt Foundation |2 December 2005 | |331 |The Katharina Elizabeth |2 December 2005 | | |Foundation | | |332 |The Paul Griffin Charitable |2 December 2005 | | |Trust | | |333 |The Regal Foundation |2 December 2005 | |334 |The Tall Foundation |2 December 2005 | |335 |The V V Marshman Charitable |2 December 2005 | | |Trust | | |336 |The Wandin Heritage Foundation |2 December 2005 | |337 |The Winter-Pauwels Foundation |2 December 2005 | |338 |Youth Enterprise Trust |2 December 2005 | | |Foundation | | |339 |Zunahme Prosperity Fund |2 December 2005 | | | | | |340 |Anglicare Victoria Childrens |4 April 2006 | | |Foundation | | |341 |CAMYRIS Foundation |4 April 2006 | |342 |Feilman Family Foundation |4 April 2006 | |343 |Goodridge Foundation |4 April 2006 | |344 |Hunt Foundation |4 April 2006 | |345 |K and MV Topliss Charitable |4 April 2006 | | |Foundation | | |346 |Paul Ramsay Foundation |4 April 2006 | |347 |The Balnaves Foundation |4 April 2006 | |348 |The Douglas & Phillip Young |4 April 2006 | | |Charitable Trust | | |349 |The Hargrove Foundation |4 April 2006 | |350 |The Kailis Foundation |4 April 2006 | |351 |The Kinghorn Foundation |4 April 2006 | | | | | |352 |Bagôt Gjergja Foundation |25 May 2006 | |353 |Carlo & Roslyn Salteri |25 May 2006 | | |Foundation | | |354 |G P Harris Foundation |25 May 2006 | |355 |Hanlon Foundation |25 May 2006 | |356 |Holmes à Court Family Foundation|25 May 2006 | |357 |Isobel & David Jones Family |25 May 2006 | | |Foundation | | |358 |Jill Landsberg Trust Fund |25 May 2006 | |359 |Justin McCuaig Foundation |25 May 2006 | |360 |Lewin Foundation |25 May 2006 | |361 |Margaret Pemberton Foundation |25 May 2006 | |362 |Naphtali Family Foundation |25 May 2006 | |363 |Noah Foundation |25 May 2006 | |364 |O'Brien Charitable Trust |25 May 2006 | |365 |Paget Sayers Buddhist Trust |25 May 2006 | |366 |Renee Pollack Foundation |25 May 2006 | |367 |Renshaw Foundation |25 May 2006 | |368 |Sara Halvedene Foundation |25 May 2006 | |369 |Teele Family Foundation |25 May 2006 | |370 |The Anne Cranston Charitable |25 May 2006 | | |Trust | | |371 |The Bloomfield Group Foundation |25 May 2006 | |372 |The Bob and Emma House |25 May 2006 | | |Foundation | | |373 |The Dowling Family Foundation |25 May 2006 | |374 |The Elizabeth and Barry Davies |25 May 2006 | | |Charitable Foundation | | |375 |The FSJS Jubilee Charitable |25 May 2006 | | |Foundation | | |376 |The Graeme Wood Foundation |25 May 2006 | |377 |The Harry Secomb Foundation |25 May 2006 | |378 |The Ian Landon Smith Foundation |25 May 2006 | |379 |The Ken and Wilma Strickland |25 May 2006 | | |Education Foundation | | |380 |The Miriam Raju Foundation |25 May 2006 | |381 |The Siganto Foundation |25 May 2006 | |382 |The Sunland Foundation |25 May 2006 | |383 |The Tauber-Troeth Foundation |25 May 2006 | |384 |The Wallace & Jessica Hore |25 May 2006 | | |Foundation | | |385 |UBS Australia Foundation |25 May 2006 | |386 |W & A Johnson Family Foundation |25 May 2006 | | | | | |387 |Andrew McNaughtan Foundation |15 June 2006 | |388 |Australian Unity Foundation |15 June 2006 | |389 |CEDE Foundation |15 June 2006 | |390 |Crommelin Family Foundation |15 June 2006 | |391 |Frances Jane Edwards Foundation |15 June 2006 | | |Fund | | |392 |Gras Foundation |15 June 2006 | |393 |Greenspring Foundation |15 June 2006 | |394 |Kausman Mann Family Foundation |15 June 2006 | |395 |Patricia McIntyre Foundation |15 June 2006 | |396 |Ross Knowles Foundation |15 June 2006 | |397 |Sunrise Foundation |15 June 2006 | |398 |Tenix Foundation |15 June 2006 | |399 |The Crawbuck Foundation |15 June 2006 | |400 |The Curran Family Foundation |15 June 2006 | |401 |The Eric & Elizabeth Gross |15 June 2006 | | |Foundation | | |402 |The Geneva Foundation |15 June 2006 | |403 |The Hartley Estate Trust |15 June 2006 | |404 |The Kariba Foundation |15 June 2006 | |405 |The Maddocks Foundation |15 June 2006 | |406 |The Playking Foundation |15 June 2006 | |407 |The Orgill Family Foundation |15 June 2006 | |408 |The Sun Foundation |15 June 2006 | |409 |Towards A Better Future |15 June 2006 | | |Foundation | | | | | | |410 |AJKM Charity Foundation |26 June 2006 | |411 |Bell Family Foundation |26 June 2006 | |412 |Carlton Family Foundation |26 June 2006 | |413 |Handbury Family Foundation |26 June 2006 | |414 |Merchant Charitable Foundation |26 June 2006 | |415 |Owen Miller Foundation |26 June 2006 | |416 |Stack Family Foundation |26 June 2006 | |417 |The Hartley Foundation |26 June 2006 | |418 |The Helpful Foundation |26 June 2006 | |419 |The Ian & Linda Martin |26 June 2006 | | |Charitable Foundation | | |420 |The John and Beryl May Henderson|26 June 2006 | | |Foundation | | |421 |The Johnson Family Foundation |26 June 2006 | |422 |The Peter Weiss Foundation |26 June 2006 | |423 |The Schwinghammer Foundation |26 June 2006 | |424 |The Sky Foundation |26 June 2006 | |425 |The Sonshine Foundation |26 June 2006 | |426 |The Stan & Maureen Duke |26 June 2006 | | |Foundation | | | | | | |427 |David Henning Memorial |27 June 2006 | | |Foundation | | |428 |Hutt Family Foundation |27 June 2006 | |429 |Robert Christie Foundation |27 June 2006 | |430 |The De Haan Foundation |27 June 2006 | |431 |The Dubiety Foundation |27 June 2006 | |432 |The Graham and Pam Nock |27 June 2006 | | |Foundation | | |433 |The Murphy Foundation |27 June 2006 | |434 |The Patronax Foundation |27 June 2006 | |435 |The Ravine Foundation |27 June 2006 | |436 |The Robertson Foundation |27 June 2006 | |437 |The Sheehan Birrell Foundation |27 June 2006 | |438 |The Tony & Gwenyth Lennon Family|27 June 2006 | | |Foundation | | | | | | |440 |Bruce Bain Foundation |10 August 2006 | | | | | |441 |Bandalup Foundation |3 October 2006 | |442 |Blackmore Foundation |3 October 2006 | |443 |Christopher Cuffe Foundation |3 October 2006 | |444 |Gandevia Foundation |3 October 2006 | |445 |JB Davros Family Foundation |3 October 2006 | |446 |Peter & Lyndy White Foundation |3 October 2006 | |447 |R.A. Gale Foundation |3 October 2006 | |448 |The Katherine Bourke Foundation |3 October 2006 | | | |to 2 September | | | |2009 | |449 |The Leith Hope Memorial |3 October 2006 | | |Foundation | | |450 |The Lionel Gell Foundation |3 October 2006 | |451 |The LTN Foundation |3 October 2006 | |452 |Values Education Foundation |3 October 2006 | | | | | |453 |The Select Foundation |5 December 2006 | | | | | |454 |Abundant Life Foundation |20 December 2006| |455 |Bagnall Foundation |20 December 2006| |456 |Freeman Fox Foundation |20 December 2006| |457 |Kloeden Foundation |20 December 2006| |458 |Many Hands Foundation |20 December 2006| |459 |Nigel & Patricia Peck Foundation|20 December 2006| |460 |Richmond Mortgage Fund |20 December 2006| | |Foundation | | |461 |Summers Family Stewardship Trust|20 December 2006| |462 |The Goodeve Foundation |20 December 2006| | | | | |463 |CMV Staff Charitable Foundation |29 May 2007 | |464 |Fraser Foundation |29 May 2007 | |465 |Grollo Ruzzene Foundation |29 May 2007 | |466 |Kain C+C Charitable Foundation |29 May 2007 | |467 |Kerman Charitable Foundation |29 May 2007 | |468 |Logan Family Foundation |29 May 2007 | |469 |Neilson Foundation |29 May 2007 | |470 |Ngeringa Farm Arts Foundation |29 May 2007 | |471 |Raindrop Foundation |29 May 2007 | |472 |River Capital Foundation |29 May 2007 | |473 |Robert C. Bulley Charitable Fund|29 May 2007 | |474 |The Garrett Riggleman Trust |29 May 2007 | |475 |The Hawker Foundation |29 May 2007 | |476 |The John & Mary McAlister Howden|29 May 2007 | | |Charitable Trust | | |477 |The Joy and Reg Nicolson |29 May 2007 | | |Charitable Trust | | |478 |The Nora Truce Foundation |29 May 2007 | | | | | |479 |Aurelius Foundation |5 June 2007 | |480 |Benmark Fund |5 June 2007 | |481 |Brougham Family Foundation |5 June 2007 | |482 |Caloundra RSL Little Diggers |5 June 2007 | | |Foundation | | |483 |Cowled Foundation |5 June 2007 | |484 |Dalara Foundation |5 June 2007 | |485 |Eureka Benevolent Foundation |5 June 2007 | |486 |Euroz Charitable Foundation |5 June 2007 | | |Trust | | |487 |Ex Voto Foundation |5 June 2007 | |488 |Fonda Family Charitable |5 June 2007 | | |Foundation | | |489 |Fraser Foundation |5 June 2007 | |490 |Harbig Family Foundation |5 June 2007 | |491 |Judith Musgrave Family |5 June 2007 | | |Foundation | | |492 |M & J Rockman Foundation |5 June 2007 | |493 |McKinnon Family Foundation |5 June 2007 | |494 |Pharmacy 777 Community |5 June 2007 | | |Foundation | | |495 |Price Family Foundation |5 June 2007 | |496 |Renner Family Foundation |5 June 2007 | |497 |Sangamitha Foundation |5 June 2007 | |498 |Shirley McLeod Foundation |5 June 2007 | |499 |St Vincent de Paul Society |5 June 2007 | | |Victoria Endowment Fund | | |500 |The Alexan Foundation |5 June 2007 | |501 |The Elsie Cameron Foundation |5 June 2007 | |502 |The Hoffman Foundation |5 June 2007 | |503 |The James and Linda Wang |5 June 2007 | | |Foundation | | |504 |The John & Helen Kentish Family |5 June 2007 to | | |Foundation |25 May 2009 | |505 |The Laidlaw Foundation |5 June 2007 | |506 |The Olsen Foundation |5 June 2007 | |507 |The Pearce Family Foundation |5 June 2007 | |508 |The Robert and Mem Kirby |5 June 2007 | | |Foundation | | |509 |The Russell Foundation |5 June 2007 | |510 |The Serpentine Foundation |5 June 2007 | |511 |The Shirley Ward Foundation |5 June 2007 | |512 |The Smidt Foundation |5 June 2007 | |513 |The Tradewind Foundation |5 June 2007 | |514 |The Tuite Family Foundation |5 June 2007 | |515 |Tom Davis Foundation |5 June 2007 | |516 |Tracker Foundation |5 June 2007 | | | | | |517 |Cox Family Foundation |14 June 2007 | |518 |Davies Family Foundation |14 June 2007 | |519 |De Lambert Largesse Foundation |14 June 2007 | |520 |Fletcher and Rena Jones |14 June 2007 | | |Foundation | | |521 |J & B Jackson Foundation |14 June 2007 | |522 |Jean Thyne Reid Foundation |14 June 2007 | |523 |Jenkins Family Foundation |14 June 2007 | |524 |Kane Community Foundation |14 June 2007 | |525 |Liv-Better Foundation |14 June 2007 | |526 |McMeckan Family Foundation |14 June 2007 | |527 |Moran Family Foundation |14 June 2007 | |528 |The Barbara Alice Fund |14 June 2007 | |529 |The Crivelli Family Foundation |14 June 2007 | |530 |The Independent Property Group |14 June 2007 | | |Foundation | | |531 |The Isobella Foundation |14 June 2007 | |532 |The Jack and Hedy Brent |14 June 2007 | | |Foundation | | | | | | |533 |AG Alexander Foundation |27 June 2007 | |534 |Baly Douglass Foundation |27 June 2007 | |535 |Beverley Jackson Foundation |27 June 2007 | |536 |Bill Burcher Foundation |27 June 2007 | |537 |Bird Holcomb Foundation |27 June 2007 | |538 |Brennan Lynch Foundation |27 June 2007 | |539 |Coorparoo Foundation |27 June 2007 | |540 |Dimmick Charitable Trust |27 June 2007 | |541 |Dunmoore Foundation |27 June 2007 | |542 |Fairbrother Foundation |27 June 2007 | |543 |GKB Foundation |27 June 2007 | |544 |Hareda Foundation |27 June 2007 | |545 |Herro Foundation |27 June 2007 | |546 |Jack Little Melanoma Bursary |27 June 2007 | |547 |John & Elaine King Foundation |27 June 2007 | |548 |Luan & Yoong Foundation |27 June 2007 | |549 |Lyn Storey Foundation |27 June 2007 | |550 |Magid Foundation |27 June 2007 | |551 |Marich Foundation |27 June 2007 | |552 |McCorry Family Foundation |27 June 2007 | |553 |Merwe Laws Foundation |27 June 2007 | |554 |Michaela Arnott Foundation |27 June 2007 | |555 |Phillips Family Foundation |27 June 2007 | |556 |Rosey Kids Foundation |27 June 2007 | |557 |Sandhaven Foundation |27 June 2007 | |558 |TAG Family Foundation |27 June 2007 | |559 |The Archer Foundation |27 June 2007 | |560 |The Architecture Foundation |27 June 2007 | |561 |The Bellinger Foundation |27 June 2007 | |562 |The Brazil Family Foundation |27 June 2007 | |563 |The Broinowski Foundation |27 June 2007 | |564 |The Clark Family Foundation |27 June 2007 | |565 |The Fargher Foundation |27 June 2007 | |566 |The Fixler Family Private |27 June 2007 | | |Tzedaka Fund | | |567 |The Gill Family Foundation |27 June 2007 | | |Note Formerly known as The | | | |Gill Foundation | | |568 |The Goding Foundation |27 June 2007 | |569 |The Grant Foundation |27 June 2007 | |570 |The Haggarty Foundation |27 June 2007 | |571 |The Hart Family Foundation |27 June 2007 | |572 |The Ian and Nell Clark |27 June 2007 | | |Encouragement Fund | | |573 |The Jeanetta Winkless Foundation|27 June 2007 | |574 |The Ken & Carol Klooger Family |27 June 2007 | | |Foundation | | |575 |The Lansdowne Foundation |27 June 2007 | |576 |The Mills Family Foundation |27 June 2007 | | |Note Formerly known as the | | | |Mills Family Foundation Pty Ltd | | |577 |The Moore Family Foundation |27 June 2007 | |578 |The O'Brien Foundation |27 June 2007 | |579 |The Petre Foundation |27 June 2007 | |580 |The Rainbow Foundation |27 June 2007 | |581 |The Reg Maher Family Foundation |27 June 2007 | |582 |The Rhonda Wyllie Foundation |27 June 2007 | |583 |The Rona Ellis Foundation |27 June 2007 | |584 |The Shulu Foundation |27 June 2007 | |585 |The Silberscher Family |27 June 2007 | | |Foundation | | |586 |The Sir James McNeill Trust |27 June 2007 | |587 |The Stockwell Webber Foundation |27 June 2007 | |588 |TJOTTDR Foundation |27 June 2007 | |589 |Une Parkinson Foundation |27 June 2007 | |590 |Willow Foundation |27 June 2007 | | | | | |591 |Comiskey Family Foundation |28 June 2007 | |592 |Greengib Foundation |28 June 2007 | |593 |Harvey Foundation |28 June 2007 | |594 |Highlands Foundation |28 June 2007 | |595 |The Adele Richardson Foundation |28 June 2007 | |596 |The Helyron Trust |28 June 2007 | |597 |The Kenneth and Peter Gibbs |28 June 2007 | | |Foundation | | |598 |The Kilfera Foundation |28 June 2007 | |599 |The Pat Cash Charity Foundation |28 June 2007 | |600 |The Shelley Foundation |28 June 2007 | |601 |The Sir Wilfred Brookes |28 June 2007 | | |Charitable Foundation | | |602 |University of Queensland |28 June 2007 | | |Endowment Fund | | | | | | |603 |The Kirk Family Foundation |29 June 2007 | | |Note Formerly known as The | | | |Queanbeyan Underprivileged | | | |Children Foundation | | | | | | |604 |Easts Leagues Foundation |11 September | | | |2007 | |605 |Jolimont Foundation |11 September | | | |2007 | |606 |The Daniel and Danielle Besen |11 September | | |Family Foundation |2007 | | | | | |607 |Philip Coombs Children's |1 October 2007 | | |Foundation | | |608 |Ron and Margaret Dobell |1 October 2007 | | |Foundation | | | | | | |609 |LSH Charitable Foundation |11 October 2007 | |610 |Open Kora Fund |11 October 2007 | |611 |The Backstop Foundation |11 October 2007 | |612 |The Lauro Breen Trust |11 October 2007 | |613 |The S.L. Bray Memorial |11 October 2007 | | |Foundation | | | | | | |614 |Clem Jones Foundation |18 December 2007| | | | | |615 |Allandale Foundation |5 March 2008 | |616 |Arnold Foundation |5 March 2008 | |617 |Brian K Whately Foundation |5 March 2008 | |618 |Cooper Foundation |5 March 2008 | |619 |Face 2 Face Foundation |5 March 2008 | |620 |Foundation for the Victor |5 March 2008 | | |Smorgon Institute for Education | | | |and Research at Epworth | | |621 |Jean Bladen Foundation |5 March 2008 | |622 |McLean Foundation |5 March 2008 | |623 |The Garry White Foundation |5 March 2008 | |624 |The Helene Jones Trust |5 March 2008 | |625 |The Lembas Foundation |5 March 2008 | |625A |M.S. Newman Family Foundation |6 May 2008 | | | | | |626 |Anton and Kadar Lucas |12 June 2008 | | |Foundation | | |627 |Catherine Gray Trust |12 June 2008 | |628 |Compass Foundation |12 June 2008 | |629 |Croxley Foundation |12 June 2008 | |630 |D'Arcy Slater Foundation |12 June 2008 | |631 |Donnelly Garner Foundation |12 June 2008 | |632 |Doreen Kennedy Foundation |12 June 2008 to | | | |25 May 2009 | |633 |Dumfries Foundation |12 June 2008 | |634 |Freda Briggs Foundation |12 June 2008 | |635 |Girgensohn Foundation |12 June 2008 | |636 |Glen Rocky Foundation |12 June 2008 | |637 |Grant Family Charitable Trust |12 June 2008 | |638 |Gray Private Fund |12 June 2008 | |639 |James & Diana Ramsay Foundation|12 June 2008 | |640 |Kellogg Australia Charitable |12 June 2008 | | |Foundation | | |641 |Leonardo's Education Assistance|12 June 2008 | | |Foundation | | |642 |Lewis Foundation |12 June 2008 | |643 |Peter & Maria Copulos |12 June 2008 | | |Foundation | | |644 |Planet Wheeler Foundation |12 June 2008 | |645 |Rees Family Foundation |12 June 2008 | |646 |Say Family Foundation |12 June 2008 | |647 |Sir Asher and Lady Joel |12 June 2008 | | |Foundation | | |648 |Start It Up Foundation |12 June 2008 | |649 |The Abercrombie Family |12 June 2008 | | |Foundation | | |650 |The David and Wilma Keath |12 June 2008 | | |Family Prescribed Private Fund | | |651 |The Ellen Louise Blakemore |12 June 2008 | | |Charitable Fund | | |652 |The Imelda and Geok Wong |12 June 2008 | | |Foundation | | |653 |The Lionel & Yvonne Spencer |12 June 2008 | | |Trust | | |654 |The Lowy Foundation |12 June 2008 | |655 |The Rossi Foundation |12 June 2008 | |656 |The Van Straten & Turley |12 June 2008 | | |Foundation | | |657 |Tom Efkarpidis Foundation |12 June 2008 | |658 |Tony Fini Foundation |12 June 2008 | |659 |Wright-Goodwin Family |12 June 2008 | | |Foundation | | | | | | |660 |Acme Foundation |25 June 2008 | |661 |Adservio Foundation |25 June 2008 | |662 |Andrew Cameron Family |25 June 2008 | | |Foundation | | |663 |Bailey Family Foundation |25 June 2008 | |664 |Brasher Family Foundation |25 June 2008 | |665 |Bryan & Rosemary Cutter |25 June 2008 | | |Foundation | | |666 |Carlton Football Club |25 June 2008 | | |Foundation | | |667 |Chronican Foundation |25 June 2008 | |668 |Circle of Silent Angels |25 June 2008 | | |Foundation | | |669 |Duchen Family Foundation |25 June 2008 | |670 |Earth Welfare Foundation |25 June 2008 | |671 |Eden Life Foundation |25 June 2008 | |672 |Edwards Foundation |25 June 2008 | |673 |Ephram Foundation |25 June 2008 | |674 |Family Frank Foundation |25 June 2008 | |675 |Flight Centre Foundation Trust |25 June 2008 | |676 |Gailey/Lazarus Charitable |25 June 2008 | | |Foundation | | |677 |George Janko & Karen Inge |25 June 2008 | | |Foundation | | |678 |Grantali Foundation |25 June 2008 | |679 |Grosset Gaia Fund |25 June 2008 | |680 |Handley Marks Family Foundation|25 June 2008 | |681 |Herbert Street Foundation |25 June 2008 | |682 |Howland-Rose Foundation |25 June 2008 | |683 |IMC Pacific Foundation |25 June 2008 | |684 |ISG Foundation |25 June 2008 | |685 |Izaak Wolf & Genia Auschwitz |25 June 2008 | | |54365 Szykman Charitable | | | |Foundation | | |686 |Jaramas Foundation |25 June 2008 | |687 |John and Barbara Hay |25 June 2008 | | |Philanthropic Foundation | | |688 |Joy Smith Family Foundation |25 June 2008 | |689 |Julian Zahara Memorial Fund |25 June 2008 | |690 |Katz Family Foundation |25 June 2008 | |691 |Kindred Spirits Foundation |25 June 2008 | |692 |Lorenzo and Pamela Galli |25 June 2008 | | |Charitable Trust | | |693 |Louise & Martyn Myer Foundation|25 June 2008 | |694 |Lynda Gardens Foundation |25 June 2008 | |695 |Maher Fisher Foundation |25 June 2008 | |696 |Maramingo Foundation |25 June 2008 | |697 |Margaret Dawbarn Foundation |25 June 2008 | |698 |Martin & Merinda Gallagher |25 June 2008 | | |Foundation | | |699 |More Life Foundation |25 June 2008 | |701 |Mulnot Foundation |25 June 2008 | |702 |Mundango Abroad |25 June 2008 | |703 |nib Foundation |25 June 2008 | |704 |Ocean Beach Foundation |25 June 2008 | |705 |Paul and Marie Duchen |25 June 2008 | | |Foundation | | |706 |Paulusz Family Foundation |25 June 2008 | |707 |Playoust Family Foundation |25 June 2008 | |708 |Rainbow Fish Foundation |25 June 2008 | |709 |Religious Education Endowment |25 June 2008 | | |Fund | | |710 |Rita Hogan Foundation |25 June 2008 | |711 |Sandi Foundation |25 June 2008 | |712 |Saraf Charitable Fund |25 June 2008 | |713 |SK and YY Cheung Family |25 June 2008 | | |Foundation | | |714 |Stephanie's Gift |25 June 2008 | |715 |Sunraysia Foundation |25 June 2008 | |716 |Sweetpea Peepee PPF |25 June 2008 | |717 |The Barnes Foundation |25 June 2008 | |718 |The Bass Family Foundation |25 June 2008 | |719 |The Brian J Sutton Charitable |25 June 2008 | | |Trust | | |720 |The Bridgewater Foundation |25 June 2008 | |721 |The Bruce And Betty Green |25 June 2008 | | |Foundation | | |722 |The CAGES Foundation |25 June 2008 | |723 |The Caroline Durré Foundation |25 June 2008 | |724 |The Cathar Charitable Trust |25 June 2008 | |725 |The Coleman Foundation |25 June 2008 | |726 |The Eden Foundation |25 June 2008 | |727 |The First Eddystone Foundation |25 June 2008 | |728 |The Formula Green Foundation |25 June 2008 | |729 |The Hardie Foundation |25 June 2008 | |730 |The Harrison Foundation |25 June 2008 | |731 |The Herd Foundation |25 June 2008 | |732 |The Justin Foundation |25 June 2008 | |733 |The Karen and John Kightley |25 June 2008 | | |Foundation | | |734 |The Killen Family Foundation |25 June 2008 | |735 |The L'Esperance Foundation |25 June 2008 | |736 |The P & S Bassat Family |25 June 2008 | | |Charitable Foundation | | |737 |The Rodwell Foundation |25 June 2008 | |738 |The Rosemary Pryor Foundation |25 June 2008 | |739 |The Teakle Foundation |25 June 2008 | |740 |The Vaux Family Education & |25 June 2008 | | |Learning Foundation | | |741 |The Wales Family Foundation |25 June 2008 | |742 |The Wilkinson Foundation |25 June 2008 | |743 |Three Flips Foundation |25 June 2008 | |744 |Tim Fairfax PPF |25 June 2008 | |745 |TRP Foundation |25 June 2008 | |746 |Tzedaka Foundation |25 June 2008 | |747 |XENIA Foundation |25 June 2008 | |748 |Yoga Aid Foundation |25 June 2008 | |749 |Young Family Foundation |25 June 2008 | |750 |Zeido Deitz Benevolent Fund |25 June 2008 | |751 |Zig Inge Foundation |25 June 2008 | | | | | |752 |Allsopp Family Foundation |30 June 2008 | |753 |Bizzell Foundation |30 June 2008 | |754 |David Merson Foundation |30 June 2008 | |755 |Desmond Prentice Charitable |30 June 2008 | | |Fund | | |756 |Dunstan Family Foundation |30 June 2008 | |757 |Goldburg Family Foundation |30 June 2008 | |758 |Gringlas Family Charitable Fund|30 June 2008 | |759 |J. Holden Family Foundation |30 June 2008 | |760 |MF Foundation |30 June 2008 | |761 |PMF Foundation |30 June 2008 | |762 |Salter Foundation |30 June 2008 | |763 |SMEC Foundation Australia Fund |30 June 2008 | |764 |The Burrabaroo Foundation |30 June 2008 | |765 |The Casey Foundation |30 June 2008 | |766 |The Frangipani Foundation |30 June 2008 | |767 |The James Trust |30 June 2008 | |768 |The Julie Anne Barrow |30 June 2008 | | |Charitable Trust | | |769 |The Rosemary Norman Foundation |30 June 2008 | |770 |The Wallwork Smith Foundation |30 June 2008 | |771 |Wheen Family Foundation |30 June 2008 | |772 |Yorke Family Foundation |30 June 2008 | | | | | |773 |Munday Family Foundation |14 October 2008 | | | | | |774 |Liangis Family Foundation |2 December 2008 | |775 |The Bryan Foundation |2 December 2008 | | | | | |776 |Atlassian Foundation |22 January 2009 | |777 |Nafsika Stamoulis Foundation |22 January 2009 | | | | | |778 |3rd Rock Foundation |5 April 2009 | |779 |Armstrong Trust |5 April 2009 | |780 |Athletics Australia Foundation |5 April 2009 | |781 |Big Hearts Foundation |5 April 2009 | |782 |Contract1 Foundation |5 April 2009 | |783 |Denis Langley Foundation |5 April 2009 | |784 |Emily's Wish Foundation |5 April 2009 | |785 |Open Pandora's Box Foundation |5 April 2009 | |786 |Orangutan Habitat Foundation |5 April 2009 | |787 |The Gill Foundation |5 April 2009 | |788 |The Iona Foundation |5 April 2009 | |789 |The Living Bread Foundation |5 April 2009 | |790 |The L & R Uechtritz Foundation |5 April 2009 | | | | | |791 |Ellis Shaw Foundation Limited |25 May 2009 | |792 |Kirsten Charity Trust |25 May 2009 | |793 |The John and Margaret Schneider|25 May 2009 | | |Charitable Trust | | |794 |The Jupiter Foundation |25 May 2009 | |795 |The Leslie Foundation |25 May 2009 | | | | | |796 |Attaway Foundation |29 June 2009 | |797 |Drummond Foundation |29 June 2009 | |798 |Emorgo Foundation |29 June 2009 | |799 |Evans Family Foundation |29 June 2009 | |800 |Ford Foundation |29 June 2009 | |801 |Geoff and Helen Handbury |29 June 2009 | | |Foundation | | |802 |Global Aid Foundation |29 June 2009 | |803 |Gwenneth Nancy Head Foundation |29 June 2009 | |804 |Hobart Friendly Society |29 June 2009 | | |Foundation | | |805 |Hogan Family Foundation |29 June 2009 | |806 |Jim Bruce Foundation |29 June 2009 | |807 |June Hanlon Charitable Trust |29 June 2009 | |808 |Minding Minds Foundation |29 June 2009 | |809 |Rae and Peter Gunn Family |29 June 2009 | | |Foundation | | |810 |Seary Lynch Foundation |29 June 2009 | |811 |St. Verena Foundation |29 June 2009 | |812 |Talbot Family Foundation |29 June 2009 | |813 |The Albers Foundation |29 June 2009 | |814 |The Bermeister Charitable Fund |29 June 2009 | |815 |The Bertalli Family Foundation |29 June 2009 | |816 |The Bettongia Environmental |29 June 2009 | | |Foundation | | |817 |The Fleurieu Philanthropy |29 June 2009 | | |Foundation | | |818 |The John Leslie Foundation |29 June 2009 | |819 |The Yellow Daisy Foundation |29 June 2009 | |820 |Yitpi Foundation |29 June 2009 | | | | | |821 |Elaine Attenborough Foundation |20 August 2009 | Schedule 4 Constitutionally protected superannuation funds - State legislation (regulation 995-1.04) |Item |Legislation | |Part 1 New South Wales | |101 |Judges' Pensions Act 1953 | |Part 2 Victoria | |201 |Attorney-General and Solicitor-General Act 1972 | |202 |Coal Mines (Pensions) Act 1958 | |203 |Constitution Act 1975 | |204 |County Court Act 1958 | |205 |County Court (Jurisdiction) Act 1968 | |206 |Justices Act 1958 | |207 |Magistrates Court Act 1989 | |208 |Magistrates (Summary Proceedings) Act 1975 | |209 |Mint Act 1958 | |210 |Ombudsman Act 1973 (subsection 9 (2)) | |211 |Public Prosecutions Act 1994 | |212 |Supreme Court Act 1986 | |Part 3 Queensland | |301 |Governor's Pension Act 1977 | |302 |Judges (Pensions and Long Leave) Act 1957 | |Part 4 Western Australia | |401 |Government Employees Superannuation Act 1987 | |402 |Judges' Salaries and Pensions Act 1950 | |403 |Parliamentary Superannuation Act 1970 | |404 |State Superannuation Act 2000 (section 29) | |405 |Superannuation and Family Benefits Act 1938 | |Part 5 South Australia | |501 |Governors' Pensions Act 1976 | |502 |Judges' Pensions Act 1971 | |503 |Parliamentary Superannuation Act 1974 | |504 |Police Superannuation Act 1990 (other than | | |sections 47 and 47A) | |505 |Southern State Superannuation Act 1994 (other than| | |sections 47B and 47C) | |506 |Superannuation Act 1988 (other than section 52 and| | |Schedule 3) | |Part 6 Tasmania | |601 |Governor of Tasmania Act 1982 | |602 |Judges' Contributory Pensions Act 1968 | |603 |Public Servants' Retiring and Death Allowances Act| | |1925 | |604 |Solicitor-General Act 1983 | Notes to the Income Tax Assessment Regulations 1997 Note 1 The Income Tax Assessment Regulations 1997 (in force under the Income Tax Assessment Act 1997) as shown in this compilation comprise Statutory Rules 1997 No. 198 amended as indicated in the Tables below. For all relevant information pertaining to application, saving or transitional provisions see Table A. Table of Instruments |Year and |Date of |Date of |Applicatio| |number |notification |commencement |n, saving | | | | |or | | |in Gazette or| |transition| | |FRLI | |al | | |registration | |provisions| |1997 No. |16 July 1997 |1 July 1997 | | |198 | | | | |1998 No. |14 May 1998 |14 May 1998 |- | |85 | | | | |1999 No. |11 Feb 1999 |11 Feb 1999 |- | |12 | | | | |1999 No. |19 May 1999 |1 July 1999 |- | |78 | | | | |1999 No. |30 June 1999 |1 July 1999 |- | |147 | | | | |2000 No. 1|7 Feb 2000 |7 Feb 2000 |- | |2000 No. |22 June 2000 |22 June 2000 |- | |128 | | | | |2001 No. |13 Feb 2001 |1 July 1997 (see r. |- | |18 | |2) | | |2001 No. |23 Feb 2001 |23 Feb 2001 |- | |26 | | | | |2001 No. |5 Oct 2001 |5 Oct 2001 |- | |288 | | | | |2001 No. |15 Oct 2001 |15 Dec 2001 |- | |321 | | | | |2002 No. |7 Mar 2002 |7 Mar 2002 |- | |46 | | | | |2002 No. |5 Apr 2002 |5 Apr 2002 |- | |65 | | | | |2002 No. |3 July 2002 |3 July 2002 |- | |170 | | | | |2002 No. |5 July 2002 |5 July 2002 |- | |172 | | | | |2003 No. |27 Mar 2003 |Rr. 1-3 and Schedule|- | |39 | |1: | | | | |1 July 2001 | | | | |Remainder: 6 July | | | | |2002 | | |2003 No. |27 Mar 2003 |27 Mar 2003 |- | |40 | | | | |2003 No. |4 June 2003 |4 June 2003 |- | |108 | | | | |2003 No. |23 Dec 2003 |23 Dec 2003 |- | |373 | | | | |2004 No. |30 Mar 2004 |30 Mar 2004 |- | |52 | | | | |2004 No. |26 Aug 2004 |26 Aug 2004 |- | |278 | | | | |2004 No. |7 Sept 2004 |7 Sept 2004 |R. 4 | |303 | | | | |2004 No. |25 Nov 2004 |25 Nov 2004 |- | |330 | | | | |2005 No. |28 Feb 2005 |1 Mar 2005 |- | |22 |(see | | | | |F2005L00314) | | | |2005 No. |27 Apr 2005 |Rr. 1-3 and Schedule|- | |75 |(see |1: 1 July 2003 | | | |F2005L00940) |Remainder: 28 Apr | | | | |2005 | | |2005 No. |26 May 2005 |Rr. 1-4 and Schedule|R. 4 | |102 |(see |1: 1 July 2001 | | | |F2005L01200) |Remainder: 27 May | | | | |2005 | | |2005 No. |19 Sept 2005 |1 Oct 2005 (see r. |- | |207 |(see |2) | | | |F2005L02673) | | | |2005 No. |19 Dec 2005 |20 Dec 2005 |- | |328 |(see | | | | |F2005L04023) | | | |2006 No. |22 Mar 2006 |23 Mar 2006 |- | |60 |(see | | | | |F2006L00800) | | | |2006 No. |22 Mar 2006 |23 Mar 2006 |- | |61 |(see | | | | |F2006L00821) | | | |2006 No. |14 Aug 2006 |Rr. 1-10 and |R. 12 | |216 |(see |Schedules 1-7: 14 | | | |F2006L02613) |Sept 2006 (see r. 2 | | | | |(a)) | | | | |Remainder: 1 Jan | | | | |2007 (see r. 2 (b)) | | |2006 No. |17 Nov 2006 |18 Nov 2006 |- | |306 |(see | | | | |F2006L03670) | | | |2006 No. |14 Dec 2006 |10 June 2005 |- | |367 |(see | | | | |F2006L03995) | | | |2006 No. |14 Dec 2006 |15 Dec 2006 |- | |368 |(see | | | | |F2006L04000) | | | |2007 No. |23 Mar 2007 |24 Mar 2007 |- | |44 |(see | | | | |F2007L00581) | | | |2007 No. |13 Apr 2007 |Rr. 1-3 and Schedule|R. 5 | |90 |(see |1: | | | |F2007L00956) |14 Apr 2007 | | | | |R. 4 and Schedule 2:| | | | |1 July 2007 | | | | |Remainder: (a) | | |2007 No. |27 Apr 2007 |1 July 2007 |R. 3 | |103 |(see | | | | |F2007L01126) | | | |2007 No. |26 June 2007 |27 June 2007 |- | |177 |(see | | | | |F2007L01757) | | | |2007 No. |26 June 2007 |27 June 2007 (see r.|R. 4 | |178 |(see |2) | | | |F2007L01735) | | | |2007. No. |29 June 2007 |1 July 2007 |- | |202 |(see | | | | |F2007L01893) | | | |2007 No. |2 Oct 2007 |3 Oct 2007 |R. 4 | |328 |(see | | | | |F2007L03775) | | | |2007 No. |2 Oct 2007 |3 Oct 2007 |- | |329 |(see | | | | |F2007L03793) | | | |2007 No. |2 Oct 2007 |3 Oct 2007 |- | |330 |(see | | | | |F2007L03803) | | | |2008 No. |25 Mar 2008 |26 Mar 2008 |- | |35 |(see | | | | |F2008L00923) | | | |2008 No. |16 May 2008 |17 May 2008 |- | |81 |(see | | | | |F2008L01434) | | | |2008 No. |29 June 2008 |1 July 2008 |- | |131 |(see | | | | |F2008L02183) | | | |2008 No. |29 June 2008 |Rr. 1-3 and Schedule|- | |144 |(see |1: | | | |F2008L02193) |1 July 2007 | | | | |Remainder: 30 June | | | | |2008 | | |2008 No. |29 June 2008 |24 June 2008 (see r.|R. 4 | |145 |(see |2) | | | |F2008L02266) | | | |2009 No. |6 Feb 2009 |7 Feb 2009 |- | |13 |(see | | | | |F2009L00235) | | | |2009 No. |30 Mar 2009 |31 Mar 2009 |- | |54 |(see | | | | |F2009L01191) | | | |2009 No. |10 July 2009 |11 July 2009 |R. 4 | |177 |(see | | | | |F2009L02714) | | | |2009 No. |21 Sept 2009 |22 Sept 2009 |- | |247 |(see | | | | |F2009L03523) | | | (a) Regulation 2 (c) of SLI 2007 No. 90 provides as follows: (c) immediately after the commencement of Schedule 2 - regulation 5 and Schedule 3. Table of Amendments |ad. = added or inserted am. = amended rep. = | |repealed rs. = repealed and substituted | |Provision affected |How affected | |Part 1 | | |Heading to Part 1 |ad. 2002 No. 172 | |R. 1 |rs. 1999 No. 12 | |Part 2 | | |Heading to Part 2 |ad. 2002 No. 172 | |Division 26 | | |Div. 26 of Part 2 |ad. 2007 No. 90 | |R. 26-85.01 |ad. 2007 No. 90 | |Division 28 | | |Heading to Div. 28 |ad. 2002 No. 172 | |of Part 2 | | |R. 28-25.01 |ad. 1998 No. 85 | | |am. 1999 No. 12 | | |rs. 2000 No. 1 | |Division 30 | | |Heading to Div. 30 |ad. 2002 No. 172 | |of Part 2 | | |R. 30-212.01 |ad. 2000 No. 128 | | |am. 2002 No. 172 | |R. 30-212.02 |ad. 2000 No. 128 | | |rs. 2002 No. 172 | |Rr. 30-212.03, |ad. 2000 No. 128 | |30-212.04 | | | |rep. 2002 No. 172 | |R. 30-212.05 |ad. 2000 No. 128 | |R. 30-212.06 |ad. 2000 No. 128 | |R. 30-212.07 |ad. 2000 No. 128 | |R. 30-212.08 |ad. 2000 No. 128 | |R. 30-212.09 |ad. 2000 No. 128 | |R. 30-212.10 |ad. 2000 No. 128 | | |am. 2002 No. 172 | |R. 30-212.11 |ad. 2000 No. 128 | | |am. 2002 No. 172 | |R. 30-212.12 |ad. 2000 No. 128 | |Division 31 | | |Div. 31 of Part 2 |ad. 2002 No. 172 | |R. 31-15.01 |ad. 2002 No. 172 | |R. 31-15.02 |ad. 2002 No. 172 | |R. 31-15.03 |ad. 2002 No. 172 | |R. 31-15.04 |ad. 2002 No. 172 | |R. 31-15.05 |ad. 2002 No. 172 | |R. 31-15.06 |ad. 2002 No. 172 | |R. 31-15.07 |ad. 2002 No. 172 | |R. 31-15.08 |ad. 2002 No. 172 | |R. 31-15.09 |ad. 2002 No. 172 | |Division 50 | | |Heading to Div. 50 |ad. 2002 No. 172 | |of Part 2 | | |R. 50-50.01 |ad. 1999 No. 78 | | |rs. 2001 No. 18; 2002 No. 170; 2003 | | |No. 108 | | |am. 2003 No. 373; 2006 No. 367 | |R. 50-50.02 |ad. 2003 No. 108 | |R. 50-55.01 |ad. 1999 No. 78 | | |rep. 2006 No. 216 | |R. 50-70.01 |ad. 1999 No. 78 | | |rep. 2006 No. 216 | |Division 51 | | |Heading to Div. 51 |ad. 2002 No. 172 | |of Part 2 | | |R. 51-5.01 |rs. 2004 No. 278; 2006 No. 368 | |R. 51-42.01 |ad. 2008 No. 145 | |Division 61 | | |Heading to Div. 61 |ad. 2002 No. 172 | |of Part 2 |rs. 2008 No. 131 | |R. 61-220.01 |ad. 2008 No. 131 | |R. 61-330.01 |ad. 1999 No. 147 | | |am. 2001 No. 321; 2005 No. 207; 2006| | |No. 60 | | |rep. 2008 No. 131 | |Division 70 | | |Heading to Div. 70 |ad. 2002 No. 172 | |of Part 2 | | |Division 290 | | |Div. 290 of Part 2 |ad. 2007 No. 90 | |Subdivision 290-C | | |R. 290-170.01 |ad. 2007 No. 90 | |Division 292 | | |Div. 292 of Part 2 |ad. 2007 No. 90 | |Subdivision 292-B | | |Subdiv. 292-B of Div. |ad. 2007 No. 103 | |292 | | |R. 292-25.01 |ad. 2007 No. 103 | | |am. 2007 No. 202 | |Subdivision 292-C | | |R. 292-90.01 |ad. 2007 No. 90 | |Subdivision 292-D | | |Subdiv. 292-D of Div. |ad. 2007 No. 103 | |292 | | |R. 292-170.01 |ad. 2007 No. 103 | |R. 292-170.02 |ad. 2007 No. 103 | |R. 292-170.03 |ad. 2007 No. 103 | |R. 292-170.04 |ad. 2007 No. 103 | |R. 292-170.05 |ad. 2007 No. 103 | | |am. 2007 No. 330; 2009 No. 177 | |Heading to r. |rs. 2009 No. 177 | |292-170.06 | | |R. 292-170.06 |ad. 2007 No. 103 | | |am. 2007 No. 330; 2009 No. 177 | |R. 292-170.07 |ad. 2009 No. 177 | |R. 292-170.08 |ad. 2009 No. 177 | |Division 302 (first | | |occurring) | | |Div. 302 of Part 2 |ad. 2007 No. 328 | |R. 302-195 |ad. 2007 No. 328 | |R. 302-195A |ad. 2007 No. 328 | |Division 295 | | |Div. 295 of Part 2 |ad. 2007 No. 90 | |Subdivision 295-D | | |R. 295-265.01 |ad. 2007 No. 90 | |Subdivision 295-F | | |R. 295-385.01 |ad. 2007 No. 90 | |Part 3 | | |Heading to Part 3 |ad. 2007 No. 103 | |Division 301 | | |Div. 301 of Part 2 |ad. 2007 No. 90 | |Subdivision 301-D | | |R. 301-170.01 |ad. 2007 No. 90 | |Subdivision 301-E | | |R. 301-225.01 |ad. 2007 No. 90 | | |am. 2007 No. 103 | |Division 302 (second | | |occurring) | | |Div. 302 of Part 2 |ad. 2007 No. 90 | |Subdivision 302-D | | |R. 302-200.01 |ad. 2007 No. 90 | |R. 302-200.02 |ad. 2007 No. 90 | |Division 303 | | |Div. 303 of Part 3 |ad. 2008 No. 144 | |R. 303-10.01 |ad. 2008 No. 144 | |Division 306 | | |Div. 306 of Part 3 |ad. 2007 No. 90 | |R. 306-10.01 |ad. 2007 No. 90 | | |rs. 2008 No. 144 | |Division 307 | | |Div. 307 of Part 3 |ad. 2007 No. 90 | |Subdivision 307-C | | |Subdiv. 307-C of Div. |ad. 2007 No. 329 | |307 | | |R. 307-125.01 |ad. 2007 No. 329 | |Subdivision 307-D | | |R. 307-200.01 |ad. 2007 No. 90 | |R. 307-200.02 |ad. 2007 No. 90 | | |am. 2007 No. 202 | |R. 307-200.03 |ad. 2007 No. 90 | | |am. 2007 No. 202 | |R. 307-200.04 |ad. 2007 No. 90 | | |rep. 2007 No. 202 | |R. 307-200.05 |ad. 2007 No. 90 | |R. 307-205.01 |ad. 2007 No. 90 | |R. 307-205.02 |ad. 2007 No. 90 | | |am. 2007 No. 202 | |R. 307-205.02A |ad. 2007 No. 202 | |R. 307-205.02B |ad. 2007 No. 202 | |Heading to Div. 328 |ad. 2003 No. 39 | |of Part 2 | | | |rep. 2007 No. 178 | |R. 328-375.01 |ad. 2003 No. 39 | | |am. 2006 No. 216 | | |rep. 2007 No. 178 | |Part 4 | | |Part 4 |ad. 2005 No. 75 | |Subdivision 775-B | | |R. 775-145.01 |ad. 2005 No. 75 | |Subdivision 830-A | | |R. 830-15.01 |ad. 2007 No. 177 | |Part 6 | | |Heading to Part 6 |ad. 2002 No. 172 | |Division 960 | | |Div. 960 of Part 6 |ad. 2005 No. 75 | |Subdivision 960-C | | |R. 960-50.01 |ad. 2005 No. 75 | | |am. 2005 No. 75 | |Subdivision 960-D | | |R. 960-80.01 |ad. 2005 No. 75 | |R. 960-80.02 |ad. 2005 No. 75 | |R. 960-80.03 |ad. 2005 No. 75 | |Division 974 | | |Subdivision 974-F | | |R. 974-135A |ad. 2004 No. 303 | |R. 974-135B |ad. 2004 No. 303 | |R. 974-135C |2005 No. 102 | |(formerly r. | | |974A-135C) | | |Div. 974A of Part 6 |ad. 2005 No. 102 | |Heading to Div. 974A |rep. 2005 No. 102 | |Heading to Subdiv. |rep. 2005 No. 102 | |974A-F | | |R. 974A-135C |ad. 2005 No. 102 | |Renumbered r. 974-135C|2005 No. 102 | |Division 995 | | |Heading to Div. 995 |ad. 2002 No. 172 | |of Part 6 | | |R. 995-1.01 |am. 2007 Nos. 90 and 103; 2008 No. | | |144 | |R. 995-1.02 |ad. 2001 No. 288 | | |am. 2002 No. 65; 2003 Nos. 108 and | | |373; 2004 No. 330 | | |rs. 2005 No. 328 | |R. 995-1.03 |ad. 2007 No. 90 | |R. 995-1.04 |ad. 2007 No. 90 | |Schedule 1 | | |Schedule 1 |ad. 2000 No. 1 | |Part 2 | | |Part 2 |am. 2001 No. 26; 2002 No. 46; 2003 | | |No. 40; 2004 No. 52; 2005 No. 22; | | |2006 No. 61; 2007 No. 44; 2008 No. | | |35; 2009 No. 54 | |Schedule 1A | | |Schedule 1A |ad. 2007 No. 103 | | |am. 2007 Nos. 202 and 330; 2009 No. | | |177 | |Schedule 1B | | |Schedule 1B |ad. 2007 No. 90 | | |am. 2007 No. 202 | |Schedule 2 | | |Schedule 2 |ad. 2005 No. 75 | |Part 1 | | |Part 1 |ad. 2005 No. 75 | |Part 2 | | |Part 2 |ad. 2005 No. 75 | |Schedule 3 | | |Schedule 3 |ad. 2005 No. 328 | | |am. 2006 No. 216 | | |rs. 2006 No. 306 | | |am. 2008 No. 81; 2009 Nos. 13 and | | |247 | |Schedule 4 | | |Schedule 4 |ad. 2007 No. 90 | Table A Application, saving or transitional provisions Statutory Rules 2004 No. 303 4 Application The amendment made by these Regulations does not apply to the extent that, in the period commencing on 4 March 2003 and ending immediately before the date of the notification of these Regulations in the Gazette: (a) the rights of a person (other than the Commonwealth or an authority of the Commonwealth) as at the date of notification would be affected so as to disadvantage that person; or (b) liabilities would be imposed on a person (other than the Commonwealth or an authority of the Commonwealth) in respect of anything done or omitted to be done before the date of notification. Select Legislative Instrument 2005 No. 102 4 Application of amendment The amendment made by Schedule 1 to these Regulations does not apply to the extent that, in the period commencing on 1 July 2001 and ending at the end of the day when these Regulations are registered: (a) the rights of a person (other than the Commonwealth or an authority of the Commonwealth) as at the date of notification would be affected so as to disadvantage that person; or (b) liabilities would be imposed on a person (other than the Commonwealth or an authority of the Commonwealth) in respect of anything done or omitted to be done before the date of notification. Select Legislative Instrument 2006 No. 216 12 Application of Schedule 8 The amendments made by Schedule 8 apply in relation to calculations of STS group turnover for the 2006-07 income year and later income years. Select Legislative Instrument 2006 No. 368 4 Transitional The amendment made by Schedule 1 does not affect an entitlement of a person that was created under regulation 51-5.01 of the Income Tax Assessment Regulations 1997 before the commencement of these Regulations. Select Legislative Instrument 2007 No. 90 5 Amendment of Income Tax Assessment Regulations 1997 - Schedule 3 (2) The amendments made by Schedule 3 apply in relation to an income year that starts on or after 1 July 2007. Select Legislative Instrument 2007 No. 103 3 Amendment of Income Tax Assessment Regulations 1997- Schedule 1 (2) The amendments made by Schedule 1 apply in relation to a financial year that starts on or after 1 July 2007. Select Legislative Instrument 2007 No. 178 4 Transitional The amendment made by Schedule 1 applies in relation to assessments for the 2007-2008 income year and later income years. Select Legislative Instrument 2007 No. 328 4 Application The amendment made by Schedule 1 applies in relation to an income year that begins on or after 1 July 2007. Select Legislative Instrument 2008 No. 145 4 Application of amendment The amendment made by Schedule 1 applies to assessments for the 2007-08 income year and later income years. Select Legislative Instrument 2009 No. 177 4 Application of amendments The amendments made by items [2] and [5] of Schedule 1 apply in relation to the 2007-2008 financial year and to subsequent financial years.