Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(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.