Document ID: chunk:federal_register_of_legislation:F2022C00514:clause:4a_3
Version: federal_register_of_legislation:F2022C00514
Segment Type: clause
Provision Reference: sch 4A cl 3
Character Range: 242814–245016

3  Calculating increase in notional employer benefit in an incomplete year
 (1) If, in a financial year:
 (a) a person retires on a day other than 1 July; or
 (b) a person elects to convert his or her residual employer benefit to a pension on a day other than 30 June;
the amount by which the notional employer benefit increases in that year is worked out using the formula:

where:
full increase means:
 (a) if the date of retirement and the date of election do not occur in the same financial year—the amount, calculated in accordance with item 2, by which the person's notional employer benefit would have increased in the relevant financial year if the person had:
 (i) retired on 1 July; or
 (ii) elected to convert his or her residual employer benefit to a pension on 30 June
  as the case may be; or
 (b) if the date of retirement and the date of election occur in the same financial year—the amount, calculated in accordance with item 2, by which the person's notional employer benefit would have increased in that year if the person had retired on 1 July and had elected to convert his or her residual employer benefit to a pension on 30 June.
number of months means:
 (a) if the date of retirement and the date of election do not occur in the same financial year—the number of months in the period that begins:
 (i) on the date of retirement and ends on 30 June in that financial year; or
 (ii) on 1 July in the financial year in which the election occurs and ends on the date of election:
  as the case may be; or
 (b) if the date of retirement and the date of election occur in the same financial year—the number of months in the period that begins on the date of retirement and ends on the date of election.
 (2) If the period referred to in subitem (1) is less than one month, that period is taken to be one month.
 (3) If the period referred to in subitem (1) consists of at least one whole month and a part of a month:
 (a) if the number of days in that part is less than one‑half of the number of days in that month—that part is disregarded; and
 (b) if the number of days in that part is more than one‑half of the number of days in that month—that part is taken to be a whole month.