Document ID: chunk:federal_register_of_legislation:C2004A03971:section:365:p32
Version: federal_register_of_legislation:C2004A03971
Segment Type: section
Provision Reference: s 365 (pt 32/34)
Character Range: 207020–209774

or body that established the scheme; and

    (b) such liabilities (if any) (including investment liabilities of the Fund) as are determined by the Minister to be liabilities relating to those assets.

"(2) A determination of the Minister for the purposes of subsection (1) is a disallowable instrument.

Payments from Consolidated Revenue Fund

"241. (1) There must be paid to the person or body administering an approved superannuation scheme, at such times as the Minister determines, such amounts (if any) as are determined by the Minister having regard to:

    (a) the amount of the payments (if any) made under section 159 by the authority or body that established the scheme in respect of the persons referred to in paragraph 240 (1) (a); and

(b) the amount of the accumulated basic contributions of those persons; and

(c) the method of calculating transfer values under Division 3 of Part IX; and

(d) any relevant actuarial advice obtained by the Minister; and

    (e) any other matters that the Minister considers relevant.

"(2) Payments under subsection (1) are to be paid out of the Consolidated Revenue Fund, which is appropriated accordingly.

"(3) A determination of the Minister for the purposes of subsection (1) is a disallowable instrument.

Exemption from tax etc.

"242. No tax or charge is payable under any law of the Commonwealth (other than the Income Tax Assessment Act 1936) or any law of a State or of a Territory in respect of a transfer of assets or liabilities under section 240.

"PART XIV—TRANSFERS TO SUPERANNUATION (1990) SCHEME

Interpretation

"243. In this Part, unless the contrary intention appears:

'assets', 'Board No. 1', 'investment assets of the Fund', 'investment liabilities of the Fund' and 'liabilities' have the same meaning as in Part XIII.

Election to join Superannuation (1990) Scheme

"244. (1) Subject to this section, an eligible employee who is not precluded by a provision (other than paragraph 6 (2) (a)) of the Superannuation Act 1990 from being a member of the Superannuation (1990) Scheme may, in writing addressed to the Commissioner:

    (a) declare that he or she wishes to become a member of that scheme; and

    (b) elect to cease to be an eligible employee.

"(2) An eligible employee may not make an election and declaration under subsection (1) during any period when the eligible employee:

    (a) is absent from duty on leave of absence without pay; or

    (b) is deemed, under section 87c of the Public Service Act, to be absent from duty on leave of absence without pay.

"(3) An eligible employee may not make an election and declaration under subsection (1):

    (a) if the eligible employee was, until 1 April 1991 or any later day, precluded by a provision (other