Document ID: chunk:federal_register_of_legislation:F2005C00642:reg:128:p1
Version: federal_register_of_legislation:F2005C00642
Segment Type: reg
Provision Reference: reg 128 (pt 1/2)
Character Range: 17099–19853

128      Insert after subsection (1) the following subsection:
          '(1A) Where:
          (a) the Minister authorizes the trustees of the Commonwealth Hostels Provident Fund to pay so much of the transfer value payable under that superannuation scheme in respect of an eligible employee as is equal to the whole or part of the employer component of the transfer value to the Commissioner after the expiration of the period referred to in paragraph (1) (b); and
          (b) the trustees notify the Commissioner in writing of the amount of that employer component,
           that amount shall be deemed, for the purposes of subsection (1), to have been paid to the Commissioner before the expiration of that period.'.
         Omit subsection (2), substitute the following:
          '(2) Where a person makes an election referred to in paragraph (1) (a) to pay an amount (in this section referred to as the "transferred amount ") to the Commissioner:
          (a) so much of the transferred amount as is equal to the employee component of the transfer value, or to the sum of the employee components of the transfer values, as the case may be, shall, upon receipt by the Commissioner, be paid by the Commissioner into the Superannuation Fund and, for the purposes of this Act, the amount so paid by the Commissioner into the Superannuation Fund shall, subject to subsection (3), be deemed to be basic contributions paid by the person to the Commissioner under this Act; and
          (b) so much of the transferred amount as is equal to the employer component of the transfer value, or the sum of the employer components of the transfer values, as the case may be, together with any interest payable by the trustees of the Commonwealth Hostels Provident Fund under an authority referred to in paragraph (1A) (a), shall, upon receipt by the Commissioner, be paid by the Commissioner to the Commonwealth.'.
         Omit from subsection (3) '(other than so much of that transferred amount as is worked out under paragraph (2) (c))'.

         Omit subsection (4), substitute:
          '(4) If, on the person ceasing to be an eligible employee:
          (a) a lump sum benefit becomes payable to or in respect of him or her under section 80 or 111; and
          (b) the amount or part of the amount of the transferred amount that is equal to the employer component of the transfer value, or the sum of the employer components of the transfer values, as the case may be, is an amount that, whether or not the person engaged in further employment, was payable to the person on the termination of his or her previous employment under a superannuation scheme applicable to that employment;
         there is payable to or in respect of the person an