Document ID: chunk:federal_register_of_legislation:C2024C00825:section:119s:p1
Version: federal_register_of_legislation:C2024C00825
Segment Type: section
Provision Reference: s 119S (pt 1/5)
Character Range: 370555–373106

119S  Transfer value
 (1) A reference in this Division to a transfer value payable in accordance with this Division in respect of a person who has ceased to be a contributor to the Fund or to the Provident Account is a reference:
 (a) in the case of a person in respect of whom that transfer value has become payable by virtue of the operation of section 119V:
 (i) unless subparagraph (ii) applies—to such amount as is determined by the Commissioner to be the value of the rights of the person under this Act as at the time immediately before the person ceased to be such a contributor; or
 (ii) if the declaration under subsection (1) of section 119R of the eligible superannuation scheme referred to in subparagraph 119V(1)(b)(ii) of which the person became a member:
 (A) was made by instrument published in the Gazette after the commencement of this subsection; and
 (B) by virtue of the operation of subsection (2) of section 119R, came into operation on a day earlier than the day on which the instrument of declaration was published in the Gazette;
  to an amount equal to the sum of the amount that, but for this subparagraph, would be the amount of the transfer value and an amount of compound interest calculated thereon:
 (C) in respect of the period commencing on the day next following the day on which the person so ceased to be a contributor and ending on 30 June 1976—at the rate of interest that is from time to time the prescribed rate of compound interest determined in accordance with section 90 of this Act; and
 (D) in respect of the period commencing on 1 July 1976 and ending on the expiration of the period of 14 days after the day on which the Commissioner calculates that compound interest—at the rate at which interest is from time to time calculated in accordance with regulations made for the purposes of the definition of accumulated basic contributions in subsection (1) of section 3 of the Superannuation Act 1976; or
 (b) in the case of a person in respect of whom that transfer value has become payable because of an election under section 119WC—to an amount equal to the sum of the amount that would be the amount of the transfer value payable in respect of that person if that transfer value had become payable in respect of the person because of the operation of section 119V and had been determined under subparagraph (1)(a)(i) of this section and an amount of compound interest calculated thereon:
 (i) in respect of the period commencing on the day next following the day on which the person so ceased to be a