Document ID: chunk:federal_register_of_legislation:C2004A00865:clause:1_14
Version: federal_register_of_legislation:C2004A00865
Segment Type: clause
Provision Reference: sch 1 cl 14
Character Range: 9329–10924

14  At the end of section 18B
Add:
 (15) If:
 (a) a person makes an election under subsection 18A(1) on a particular day (the election day) in relation to his or her retiring allowance; and
 (b) the person has already made an election under subsection (3) of this section in relation to the retiring allowance; and
 (c) the person has not made an earlier election under subsection 18A(1) in relation to his or her retiring allowance;
there is taken to have arisen at the start of the election day a notional adjustment debit of the person equal to the amount worked out using the following formula:
where:
basic rate has the same meaning as in subsection 18(8AC).
earlier notional adjustment debits means the total of the person's notional adjustment debits arising under any or all of the following provisions before the start of the election day:
 (a) subsection 18(8AA);
 (b) subsection 18(8AB);
 (c) subsection 18A(6).
 (16) If:
 (a) a person makes an election under subsection 18A(1) on a particular day (the election day) in relation to his or her retiring allowance; and
 (b) the person has already made an election under subsection (3) of this section in relation to the retiring allowance;
paragraph (6)(a) ceases to apply to the retiring allowance on the election day.
 (17) If a person makes an election under subsection 18A(1) in relation to his or her retiring allowance, the person is not entitled to make a subsequent election under subsection (3) of this section in relation to the retiring allowance.
Note: The heading to section 18B is altered by adding at the end "—general".