Document ID: chunk:federal_register_of_legislation:F2005C00642:reg:1:p1
Version: federal_register_of_legislation:F2005C00642
Segment Type: reg
Provision Reference: reg 1 (pt 1/2)
Character Range: 148559–151243

1  After section 128 insert the following section:

         128A Certain persons who have received payment under section 80, or under section 51 or 85 of the superseded Act, may elect to repay the payment

    '(1) In this section:
   eligible person means a person to whom regulation 14 of the Superannuation (Transfer Arrangements) Regulations applies.
   notice of election means a notice under subsection (2).
   refund, in relation to an eligible person, means the sum that is equal to the amount referred to in paragraph 14 (1) (a) or (b), or subparagraph 14 (1) (c) (i) or (d) (i), of the Superannuation (Transfer Arrangements) Regulations that was received, or last received, by the eligible person.
    '(2) An eligible person may, not later than:
    (a) 3 months after the day on which the person became, or last became, an eligible employee; or
    (b) if that day was earlier than 1 September 1990-30 November 1990; or

    (c) a later date allowed by the Commissioner;
   give the Commissioner a notice (in this section called a notice of election), which may be in a form provided by the Commissioner, that this section is to apply to the person.

    '(3) Subject to subsection (6), a person who gives a notice of election must pay to the Commissioner, not later than the last day for giving the notice, or within any longer period that the Commissioner allows, an amount equal to the refund.

    '(4) The Commissioner is to pay into the Fund an amount paid under subsection (3).

    '(5) An amount referred to in subsection (3) is taken, on being paid into the Fund, to be basic contributions paid by the person in respect of whom the amount is so paid.

    '(6) Upon receipt of a notice of election, the Commissioner is:
    (a) to ascertain the amount of any supplementary contributions paid under subsection 129 (1) that stands to the credit in the Fund of the person giving the notice; and
    (b) to apply that amount, or so much of that amount as is sufficient to satisfy the person's liability under subsection (3), in satisfaction or part satisfaction of that liability;
   and upon the application of an amount (in this subsection called the applied amount) under paragraph (b):
    (c) the applied amount is taken:
    (i) to have been paid to the Commissioner under subsection (3); and
    (ii) to have been paid by the person as basic contributions; and

    (iii) despite subsection 129 (1), not to be, or to have been, supplementary contributions under this Act; and
    (d) an amount determined by the Commissioner to be equivalent to the interest that accrued on the applied amount while the applied amount stood to the credit of the person in the