Document ID: chunk:federal_register_of_legislation:C2018A00005:clause:1_16
Version: federal_register_of_legislation:C2018A00005
Segment Type: clause
Provision Reference: sch 1 cl 16
Character Range: 45461–46993

16  Deferral of variable remuneration
(1) Division 4 of Part IIAA of the Banking Act 1959 as inserted by this Act applies in relation to the variable remuneration of an accountable person only if the decision granting the accountable person the variable remuneration was made on or after 1 January 2019.
(2) Despite subitem (1), if an accountable person's variable remuneration is payable under a contract entered into before the day this Act received the Royal Assent, Division 4 of Part IIAA of the Banking Act 1959 as inserted by this Act does not apply in relation to the variable remuneration until 1 January 2020.
(3) Despite subitem (1), if:
 (a) an accountable person's variable remuneration is payable under a contract entered into before the commencement of Part IIAA of the Banking Act 1959 as inserted by this Act; and
 (b) apart from this subitem, the application of Division 4 of that Part in relation to the variable remuneration would result in an acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) from a person otherwise than on just terms (within the meaning of that paragraph);
that Division does not apply in relation to the variable remuneration to the extent that it would result in such an acquisition.
Note: Because this subitem prevents Division 4 of Part IIAA of the Banking Act 1959 from giving rise to such an acquisition of property in relation to variable remuneration payable under such a contract, compensation will not be payable under section 69E of that Act.