Commonwealth Numbered Regulations Commonwealth Numbered Regulations(1) Paragraph 295-265.01(8)(b) has effect as if the reference to method 1 included a reference to method 1 within the meaning of subregulation 295-265.01(12) of the old regulations.
(2) Step 1 of the method statement in subsection 295-265.05(1) has effect as if the value of pre-1 July 88 liabilities of a superannuation fund for an income year starting before the commencement time were:
(a) if method 2 (within the meaning of subregulation 295-265.01(12) of the old regulations) was used in relation to the superannuation fund for the income year--the notionally updated value of pre-1 July 1988 liabilities worked out under regulation 295-265.01 of the old regulations for the income year in relation to the superannuation fund; or
(b) in any other case--the value of pre-1 July 1988 liabilities worked out under regulation 295-265.01 of the old regulations for the income year in relation to the superannuation fund.
(3) Step 2 of the method statement in subsection 295-265.05(1) has effect as if the assets available to fund pre-1 July 88 liabilities of a superannuation fund for an income year starting before the commencement time were:
(a) if method 2 (within the meaning of subregulation 295-265.01(12) of the old regulations) was used in relation to the superannuation fund for the income year--the notionally updated amount of assets available to fund pre-1 July 1988 liabilities worked out under regulation 295-265.01 of the old regulations for the income year in relation to the superannuation fund; or
(b) in any other case--the assets available to fund pre-1 July 1988 liabilities worked out under regulation 295-265.01 of the old regulations for the income year in relation to the superannuation fund.