Document ID: chunk:federal_register_of_legislation:C2022C00264:clause:11_128:p3
Version: federal_register_of_legislation:C2022C00264
Segment Type: clause
Provision Reference: sch 11 cl 128 (pt 3/5)
Character Range: 499615–502180

referred to in paragraph (a) was paid to the Commonwealth.
 (4AA) The reference in paragraph (4)(a) to the available part of an amount paid to the Commonwealth in respect of the person under paragraph (2)(b) is a reference to so much of that amount as exceeds any part of that amount that:
 (a) would not have been available for payment to, or preservation in the name of, the person on the termination of the previous employment out of the superannuation scheme applicable to that employment; or
 (b) would not have been retained in that scheme for payment to or in respect of the person at a later date under the rules of that scheme;
unless the person engaged in further employment.
 (4A) Subject to subsection (4B) and (4C), any benefit payable to or in respect of a person under subsection (4) must be:
 (a) paid, for the benefit of the person, to a preservation fund nominated by the person; or
 (b) applied, on behalf of the person, for the purchase of a deferred annuity nominated by the person; or
 (c) if the person does not make a nomination within 90 days after the benefit becomes payable—paid, for the benefit of the person, to an eligible roll‑over fund nominated by CSC.
 (4B) Subsection (4A) does not apply to a benefit payable to or in respect of a person if:
 (a) the person is 55 or over and has given CSC a written statement to the effect that he or she has retired from the workforce; or
 (b) the benefit becomes payable on the person's death; or
 (c) the total of:
 (i) the amount of the person's accumulated employer contributions under section 110Q; and
 (ii) the amount that would be preserved or applied under subsection (4A) in relation to the person but for the operation of this subsection; and
 (iii) the amount of superannuation guarantee top‑up benefit paid to the person; and
 (iv) if a benefit is payable in respect of the person under Part VIAB—the employer component of that benefit;
  is less than $500; or
 (d) CSC is satisfied that the person is departing permanently from Australia.
 (4C) Subsection (4A) does not apply to a benefit, or a part of a benefit, payable to or in respect of a person if the person establishes, to the satisfaction of CSC, that the benefit or the part of the benefit, as the case may be, need not be preserved or applied under subsection (4A) in order to satisfy whichever of the following (if any) is applicable to the benefit:
 (a) the superannuation fund conditions applicable under the provisions of the Occupational Superannuation Standards Act 1987, as those provisions:
 (i) apply to a year