2GMeaning of contributed amounts—amounts attributable to interest—schemes with surplus (Act s 38)

2G Meaning of contributed amounts—amounts attributable to interest—schemes with surplus (Act s 38)

(1) This regulation applies in relation to a member of a superannuation scheme that operates an investment reserve, or a miscellaneous reserve, after 30 June 1997 for the purpose of dividing a surplus that the scheme had at any time after that date (regardless of when the surplus came into existence). (2) For subparagraphs (a)(i) and (ii) of the definition of contributed amounts in section 38 of the Act, an amount is to be regarded as reasonably attributable to interest in relation to the member for the 1999–2000 financial year, or a later financial year, if, for the financial year, the requirements of subregulation (3) or (4) are satisfied in relation to the amount and the member. (3) The requirements of this subregulation are satisfied in relation to an amount and a member for a financial year if: (a) the amount is credited, allocated or attributed, for the financial year, to an account for the member from the investment reserve (except if the amount is credited, allocated or attributed to an account for the member for the purpose of paying employer contributions for the member); and (b) an amount is also credited, allocated or attributed, for the financial year, from the investment reserve to: (i) an account for each other member of the scheme; or (ii) if the member is a member of a class of members of the scheme and the amount in the investment reserve relates only to that class of members, an account for each other member of the class; and (c) either: (i) the same interest rate increment is applied to determine the amount that is credited, allocated or attributed, for the financial year, to: (A) the account for each member of the scheme; or (B) if the member is a member of a class of members of the scheme and the amount in the investment reserve relates only to that class of members, the account for each other member of the class; or (ii) each amount credited, allocated or attributed, for the financial year, to an account for a member of the scheme from the investment reserve is proportional to that member’s interest in the scheme at the time the amount is credited, allocated or attributed. (4) The requirements of this subregulation are satisfied in relation to an amount and a member for a financial year if: (a) the amount is credited, allocated or attributed, for the financial year, to an account for the member from the miscellaneous reserve (except if the amount is credited, allocated or attributed to an account for the member for the purpose of paying employer contributions for the member); and (b) an amount is also credited, allocated or attributed, for the financial year, from the miscellaneous reserve to: (i) an account for each other member of the scheme; or (ii) if the member is a member of a class of members of the scheme and the amount in the miscellaneous reserve relates only to that class of members, an account for each other member of the class; and (c) either: (i) the same interest rate increment, being an interest rate increment that does not exceed 5% a year, is applied to determine the amount that is credited, allocated or attributed, for the financial year, to: (A) the account for each member of the scheme; or (B) if the member is a member of a class of members of the scheme and the amount in the investment reserve relates only to that class of members, the account for each other member of the class; or (ii) each amount credited, allocated or attributed, for the financial year, to an account for a member of the scheme from the miscellaneous reserve does not exceed 5% of the member’s interest in the scheme for the financial year, and is proportional to one or more of the following: (A) the member’s interest in the scheme for the financial year; (B) the insurance premiums paid in respect of the member for the financial year; (C) the administration expenses in respect of the member for the financial year; (D) the amounts (if any) debited to the member’s account in respect of insurance premiums or administration expenses in respect of the member for the financial year.