Document ID: chunk:federal_register_of_legislation:C2004A05281:clause:4_5:p1
Version: federal_register_of_legislation:C2004A05281
Segment Type: clause
Provision Reference: sch 4 cl 5 (pt 1/2)
Character Range: 39330–41956

5  Subsection 4(3)
Repeal the subsection, substitute:
 (3) The rate of the allowance payable at any time (relevant time) to a person who has held office as Governor-General is:
 (a) if paragraph (b) does not apply—a rate equal to 60% of the rate of the salary payable to the Chief Justice of Australia at the relevant time; or
 (b) if the person's surcharge debt account was in debit when the allowance became payable to the person—a rate equal to the prescribed percentage of the rate at which allowance would be payable at the relevant time to the person under paragraph (a) if this paragraph did not apply to him or her.
Note: For prescribed percentage see subsection (3B).
 (3A) The rate of the allowance payable at any time (relevant time) to a spouse of a deceased person who held office as Governor‑General is:
 (a) in the case of a spouse of a person who died while holding office as Governor-General—a rate equal to five‑eighths of the rate that would be applicable at the relevant time to the person under subsection (3) if he or she had not died but had ceased to hold that office; or
 (b) in the case of a spouse of a person who died after ceasing to hold office as Governor-General—a rate equal to five‑eighths of the rate that would be applicable at the relevant time to the person under subsection (3) if he or she had not died.
 (3B) In subsection (3):
prescribed percentage, in relation to a person who has held office as Governor‑General, means the percentage worked out using the formula:
where:
basic rate means the rate at which allowance would be payable to the person if the person's surcharge debt account was not in debit when an allowance under this section became payable to him or her.
surcharge adjustment means the amount obtained by dividing the person's surcharge deduction amount by the conversion factor applicable to the person under the determination referred to in subsection (3C).
 (3C) The person who (because of section 5A) is the trustee of the Scheme for the purposes of the Superannuation Contributions Tax (Assessment and Collection) Act 1997 must, in accordance with advice received from the Australian Government Actuary, determine in writing the conversion factor that, having regard to:
 (a) the age of a person who has held office as Governor-General on the day on which an allowance becomes payable to the person; and
 (b) other relevant factors (if any);
is applicable for the purpose of working out, in relation to the person, the yearly amount that would have to be paid to discharge a liability equal to the person's surcharge deduction amount.
 (3D) A determination under