Document ID: chunk:federal_register_of_legislation:C2022C00264:section:79a:p2
Version: federal_register_of_legislation:C2022C00264
Segment Type: section
Provision Reference: s 79A (pt 2/2)
Character Range: 273711–275270

early release deduction amount, in relation to a person at a particular time, means the total of the following:
 (a) the amount of each early release lump sum previously paid to or for the benefit of the person under subsection 79B(1);
 (b) interest on the amount of each such early release lump sum for the period beginning at the time the early release lump sum is paid and ending at the particular time.
severe financial hardship has the same meaning as in regulation 6.01 of the Superannuation Industry (Supervision) Regulations 1994.
 (2) For the purposes of a provision mentioned in subsection (3), work out an amount referred to in the definition of early release amount:
 (a) in the case of an eligible employee—as if the person ceased to be an eligible employee at that time; or
 (b) in the case of a deferred benefit member—as if the person ceased to be a deferred benefit member at that time; or
 (c) in the case of a person who has made an election under section 110T—as if the person's benefit became payable at that time.
Note: The components that make up a person's early release amount and early release authority amount might be reduced if CSC has received, under Part IXB (family law superannuation splitting), a splitting agreement or splitting order in relation to the person's superannuation interest.
 (3) For the purposes of subsection (2), the provisions are as follows:
 (a) the definition of early release amount;
 (b) the definition of early release authority amount;
 (c) the definition of available early release authority amount.