Superannuation Industry (Supervision) Regulations 1994

Subject to Subdivision 6.1.5, the amount of a member’s unrestricted non‑preserved benefits in a regulated superannuation fund is the sum of:

the amount of benefits of the member that have become unrestricted non‑preserved benefits in the fund in accordance with regulation 6.12; and

the amounts specified in subregulation (2) that the fund receives in respect of the member on or after the commencement day, and that were received by the regulated superannuation fund before 1 July 2004; and

the amount of unrestricted non‑preserved benefits received by the fund in respect of the member on or after the commencement day; and

the amount of any investment earnings for the period before 1 July 1999 on the amounts mentioned in paragraphs (a), (b) and (c).

The amounts mentioned in paragraph (1)(b) are amounts (other than an amount that is a capital gains tax exempt component) that:

will be taken by section 27D of the Tax Act, as in force before 1 July 2007, to have been expended out of eligible termination payments within the meaning of that section; and

have been received from sources other than:

superannuation funds; or

approved deposit funds within the meaning of:

the Act; or

the Occupational Superannuation Standards Act 1987 as in force immediately before the commencement of section 5 of the Occupational Superannuation Standards Amendment Act 1993; or

deferred annuities within the meaning of:

this Part; or

the Occupational Superannuation Standards Regulations; or

RSAs.

However, if:

on or after 1 July 1999, a deduction is allowed for the member under the former section 82AAT of the Income Tax Assessment Act 1936 for a member contribution made before 1 July 1999; and

the benefits arising from the contribution were previously allocated to restricted non‑preserved benefits that became unrestricted non‑preserved benefits under subregulation 6.12(2);