Document ID: chunk:federal_register_of_legislation:C2004A04478:body:0:p19
Version: federal_register_of_legislation:C2004A04478
Segment Type: other
Provision Reference: 
Character Range: 46727–49721

if top-up benefit becomes payable in respect of a person, the Commissioner must, in accordance with a nomination made by the person:

    (a)     pay the benefit, for the benefit of the person, to a preservation fund; or

    (b)     apply the benefit on behalf of the person for the purchase of a deferred annuity.

"(2) If the person fails, within 2 months after the benefit becomes payable, to make a nomination, the benefit must be paid, for the benefit of the person, to a preservation fund nominated by the Commissioner.

Payment of top-up benefit—exceptions to preservation

"110SH. Section 110SG does not apply in any of the following circumstances:

  (a)     the person is 65 or over;

     (b)     the person is 55 or over and has given the Commissioner a written statement to the effect that he or she has retired from the workforce;

     (c)     the payment is being made to or in respect of the person on invalidity retirement or death;

  (d)     the total of the following amounts is less than $500:

         (i) the amount of the top-up benefit in respect of the person's relevant period of employment;

         (ii) the amount of the accumulated employer contributions in respect of the person;

         (iii) any amount of a kind preserved or applied under subsection 128(4A);

     (e) the Commissioner is satisfied that the person is departing permanently from Australia.

Payment of top-up benefit—non-preservation

"110SJ. If section 110SG does not apply to top-up benefit in relation to a person, the Commissioner must:

  (a)     pay the benefit to the person; or

    (b)     if the person has died—pay the benefit to the personal representative of the person or such other person or persons (if any) as the Commissioner directs.".

Payment of accumulated contributions where no other benefit payable etc.

27. Section 111 of the Principal Act is amended by omitting from subsection (3) "paragraph (1)(b)" and substituting "subsection (1)".

Payments into and out of Consolidated Revenue Fund

  28. Section 112 of the Principal Act is amended:

    (a)     by omitting from subsection (4A) "sub-section (1) does" and substituting "subsections (1) and (1A) do";

    (b)    by omitting from subsection (7) "to him" and substituting "to the person's accumulated contributions";

    (c)     by omitting from subsection (10A) "subsection (1) does" and substituting "subsections (1) and (1A) do";

    (d)    by omitting from subsection (10B) "subsection 110TA(2)" and substituting "section 110TA";

    (e)     by inserting in subsection (10B) "and Fund accumulated employer contributions" after "accumulated contributions";

  (f)      by omitting from subsection (10C) "in relation to the person"

     and substituting "in relation to the person's accumulated contributions".

Physical or mental incapacity of person to whom Part applies before declaration of result of election etc.

  29.(1) Section 122 of the Principal Act is amended:

    (a)     by omitting