Document ID: chunk:federal_register_of_legislation:C2004A04478:body:0:p9
Version: federal_register_of_legislation:C2004A04478
Segment Type: other
Provision Reference: 
Character Range: 20945–23719

to a preservation fund nominated by the person; or

    (b)     applied, on behalf of the person, for the purchase of a deferred annuity nominated by the person; or

    (c)     if the person does not make a nomination within 2 months after the benefit becomes payable—paid, for the benefit of the person, to a preservation fund nominated by the Commissioner.

"(2) Subsection (1) does not apply to a benefit payable to a person if:

  (a)     the person is 65 or over; or

    (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; or

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

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

         (ii) the amount that would be preserved or applied under subsection (1) in relation to the person but for the operation of this subsection; or

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

"(3) If a persons's employer was liable to pay productivity contributions under section 110H in respect of the person for the person's relevant period of employment, the portion of the benefit referred to in subsection (1) is the amount worked out using the formula:

where:

'NASGC' is the notional accumulated SG contributions in respect of the person for the person's relevant period of employment;

'AEC' is that part of the accumulated employer contributions in respect of the person that is based on the operation of paragraphs 110Q(1)(a) and (b) in relation to productivity contributions paid or payable after 30 June 1993;

'TR' is the percentage figure representing the rate of fund contribution tax applicable to the relevant period of employment.

"(4) If a person's employer was liable to pay productivity contributions to a government body scheme in respect of the person for the person's relevant period of employment, the portion of the benefit referred to in subsection (1) is whichever of the following amounts is determined by the Commissioner after having regard to the views of the government body:

   (a) an amount worked out using the formula:

;

  (b) an amount worked out using the formula:

   (c) an amount worked out using the formula:

where:

'NASGC' is the notional accumulated SG contributions in respect of the person for the person's relevant period of employment;

'AGBC' is the accumulated government body contributions in respect of the person for the person's relevant period of employment;

'GBB' is the benefit paid or payable from the government body scheme in respect of the person for the person's relevant period of employment together with, except where the person ceases to be both a member