Document ID: chunk:federal_register_of_legislation:C2007A00165:clause:3_79a
Version: federal_register_of_legislation:C2007A00165
Segment Type: clause
Provision Reference: sch 3 cl 79A
Character Range: 15231–17666

79A  Definitions

 (1) In this Division:

available early release amount, in relation to a person at a particular time, means the difference between the person's early release amount at that time and the person's early release deduction amount at that time.

compassionate ground has the same meaning as in regulation 6.01 of the Superannuation Industry (Supervision) Regulations 1994.

deferred benefit member means a person, who has ceased to be an eligible employee, to or in respect of whom a deferred benefit has not been paid.

early release amount, in relation to a person at a particular time, means the sum of the following amounts:
 (a) the person's accumulated basic contributions;
 (b) the person's accumulated supplementary contributions;
 (c) the person's accumulated employer contributions (disregarding any amounts mentioned in paragraphs 110Q(1)(c) and (d));
 (d) the amount (if any) payable in respect of the person under section 110SN;
 (e) the amount of the benefit payable to the person under Subdivision B of Division 2 of Part IX.

Note: This definition is affected by subsection (2).

early release deduction amount, in relation to a person at a particular time, means the total of the following:
 (a) the amount of each early release lump sum previously paid to or for the benefit of the person;
 (b) interest on the amount of each such early release lump sum for the period beginning at the time the early release lump sum is paid and ending at the particular time.

early release lump sum has the meaning given by section 79B.

severe financial hardship has the same meaning as in regulation 6.01 of the Superannuation Industry (Supervision) Regulations 1994.

 (2) For the purposes of the definition of early release amount, work out the sum of the amounts referred to in that definition:
 (a) in the case of an eligible employee—as if the person ceased to be an eligible employee at that time; or
 (b) in the case of a deferred benefit member—as if the person ceased to be a deferred benefit member at that time; or
 (c) in the case of a person who has made an election under section 110T—as if the person's benefit became payable at that time.

Note: The components that make up a person's early release amount might be reduced if the Board has received, under Part IXB (family law superannuation splitting), a splitting agreement or splitting order in relation to the person's superannuation interest.