Document ID: chunk:federal_register_of_legislation:C2004A04205:body:0:p18
Version: federal_register_of_legislation:C2004A04205
Segment Type: other
Provision Reference: 
Character Range: 45403–48237

the applicable percentage of the base amount; or

    (b)     the amount by which the base amount exceeds the sum of the spouse's pension and the extra spouse's pension;

whichever is less.

"(3) Where, at any time, the spouse's pension is increased under this section, the applicable percentage is:

  (a)     if there are 2 spouses—11%; or

  (b)     if there are 3 spouses—22%; or

  (c)     if there are 4 or more spouses—33%.".

30. After section 110e of the Principal Act the following section is inserted:

Interest payable to employer in certain circumstances

  "110ea. Where:

    (a)     the Minister makes a declaration under section 110e with retrospective effect; and

    (b)     as a result of the making of the declaration, productivity contributions are refunded to an employer;

interest in respect of the amount refunded is payable to the employer at the time of refunding the productivity contributions or as soon as practicable afterwards.".

Repayment of interim benefits

31. Section 110k of the Principal Act is, amended by inserting in paragraph (1) (b) "and the amount of any interest accruing on that benefit while preserved in the fund" after "benefit" (second occurring).

Payments of certain benefits to Fund by new productivity employees

32. Section 110l of the Principal Act is amended by inserting in paragraph (1) (b) "and the amount of any interest accruing on that benefit while preserved in the fund" after "benefit" (second occurring).

Productivity benefit

33. Section 110p of the Principal Act is amended by adding at the end the following subsection:

"(2) Payment of a productivity benefit that becomes payable in respect of a person under this section may be postponed under Part VIb.".

Accumulated employer contributions

34. Section 110q of the Principal Act is amended by omitting subsection (1) and substituting the following subsections:

"(1) For the purposes of this Act, the accumulated employer contributions in respect of a person who ceases to be an eligible employee are the sum of:

     (a)     an amount equal to the difference between the sum of the productivity contributions paid or payable in respect of the person and the sum of any amounts in the nature of income tax relevant to those contributions; and

   (b)     interest on the amount mentioned in paragraph (a); and

   (c)     where the person:

         (i) was an eligible employee on, and at all times after, 30 June 1990; and

       (ii) was a productivity employee on 1 July 1990;

     an amount equal to his or her notional interim benefit; and

   (d)     interest on the amount mentioned in paragraph (c); and

     (e)     where an amount has been paid or transferred to the Commissioner under section 110k, 110l or 110m in respect of the employee, other than an amount to which subsection 110n (2)