Document ID: chunk:federal_register_of_legislation:C2022C00288:section:82zh:p5
Version: federal_register_of_legislation:C2022C00288
Segment Type: section
Provision Reference: s 82ZH (pt 5/6)
Character Range: 186825–189385

paragraphs (9)(a) and (b) have effect in relation to him.
 (11) The Finance Minister may, by instrument under his hand published in the Gazette, declare a superannuation scheme, being a scheme under which benefits are provided for by means of life policies, to be an approved superannuation scheme for the purposes of this section.
 (12) A declaration under subsection (11) shall come into force on the day on which the instrument of declaration is published in the Gazette or, if an earlier day (not being earlier than 1 January 1970) is specified in the instrument as the day on which the declaration is to be deemed to have come into force, shall be deemed to have come into force on that earlier day.
 (13) A superannuation scheme shall be taken, for the purposes of this section, to have been an approved superannuation scheme at a particular time if a declaration by the Finance Minister under subsection (11) in respect of that scheme was, or is to be deemed to have been, in force at that time.
 (14) In this section, the prescribed amount, in relation to a person in relation to any time, is an amount ascertained in accordance with the formula , where:
         a is amount of the annual premium, or the sum of the amounts of the annual premiums, applicable at that time under the life policy or life policies assigned by him to the Board in accordance with subsection (3) or issued in relation to him in accordance with subsection (4);
         b is the amount, or the sum of the amounts, payable by him under the superannuation scheme referred to in subsection (4) immediately before he ceased to be a member of that scheme in respect of the annual premium or the annual premiums under the life policy or life policies assigned by him to the Board in accordance with subsection (3);
         c is the amount of the annual premium, or the sum of the amounts of the annual premiums, applicable under the life policy or life policies assigned by him to the Board in accordance with subsection (3) immediately before he ceased to be a member of the superannuation scheme referred to in subsection (4).
 (15) For the purposes of this section, the rate of compound interest in respect of any period that is a financial year or a part of a financial year is the rate of interest determined by the Finance Minister in respect of that financial year or, if the Finance Minister has not determined a rate of interest in respect of that financial year, the rate of interest determined by the Finance Minister in respect of the last preceding financial year in