Document ID: chunk:federal_register_of_legislation:F2024C00321:reg:95:p1
Version: federal_register_of_legislation:F2024C00321
Segment Type: reg
Provision Reference: reg 95 (pt 1/32)
Character Range: 993918–996666

95   2.6490              2.6978              2.6490                     2.8245                         2.8408         2.7719   2.6793   2.9892      2.4715   2.7655   2.4715   2.7125

PART 17 – RELEASE OF BENEFITS: PAYMENT OF A DEFERRED TAX LIABILITY

Division 1

Release of benefits under a release authority

17.1.1 CSC may pay a lump sum (the release authority lump sum) at a time in compliance with a release authority issued to a person and given to CSC in accordance with Subdivision 135‑B in that Schedule if, at or before that time, the person gives CSC written notice of the person's election under Rule 17.1.2 (which deals with the reduction of benefits to reflect the release authority lump sum).

Election specifying which benefit is to be reduced

17.1.2 If a person gives CSC a release authority in accordance with Division 135 in Schedule 1 to the Taxation Administration Act 1953 and that person is entitled (or is about to become entitled) to:

         (a) a lump sum benefit; and/or
         (b) a pension benefit;

under this Deed, that person may make an election specifying which of those benefits is to be reduced to reflect the release authority lump sum.

17.1.3 Where a person is entitled, or about to become entitled, to 2 or more benefits, the person cannot specify in an election under Rule 17.1.2 that 2 or more benefits are to be reduced to reflect a release authority lump sum unless the person elects to reduce all, or all but one, of the specified benefits to zero.

Limit on amount that may be released

17.1.4 In addition to any requirements in Division 135 in Schedule 1 to the Taxation Administration Act 1953, the amount of a release authority lump sum must not have the effect that a benefit specified in an election under Rule 17.1.2 is reduced below zero.

17.1.5 For the purpose of Rule 17.1.4, the effect of a release authority lump sum on the amount of a benefit specified in an election under Rule 17.1.2 is to be worked out after taking account of:

         (a) the person's surcharge deduction amount (if any); and
         (b) any reduction under Rule 12.4.5 (which deals with reductions for early release lump sums); and
         (c) any reductions under Division 4 or 5 of Part 16 of this Deed (which deals with family law splitting).

Apart from this rule, the amount of a release authority lump sum is not to be reduced under any provision of this Deed.

Amount that may be released

17.1.6 If a release authority lump sum is paid in relation to a release authority issued to a person, the benefits to which the person is entitled under this Deed must be reduced to reflect the release authority lump sum, in accordance with the person's election under