Document ID: chunk:federal_register_of_legislation:C2007A00165:clause:5_7
Version: federal_register_of_legislation:C2007A00165
Segment Type: clause
Provision Reference: sch 5 cl 7
Character Range: 26525–27616

7  At the end of section 110SN
Add:

 (2) The amount of the benefit payable in respect of a person under this Part is reduced by the sum of the following amounts:
 (a) any amount paid out of the Fund in accordance with:
 (i) a release authority given to the Board under section 292‑410 of the Income Tax Assessment Act 1997 that relates to the superannuation interest (within the meaning of that Act) constituted by the amount paid into the Fund in respect of the person under section 110SL of this Act; or
 (ii) a transitional release authority given to the Board under section 292‑80B of the Income Tax (Transitional Provisions) Act 1997 that relates to that superannuation interest;
 (b) the amount of any interest that would have been earned on an amount mentioned in paragraph (a), in respect of the period since the amount was paid out of the Fund, if it had not been paid out of the Fund.

Note: Payments made out of the Fund that are required to be made under a release authority or transitional release authority are not benefits: see the definition of benefit in subsection 3(1).