Document ID: chunk:federal_register_of_legislation:C2004A04478:body:0:p21
Version: federal_register_of_legislation:C2004A04478
Segment Type: other
Provision Reference: 
Character Range: 52202–55086

been applied for the purchase of that annuity; or

        (c)     an amount payable to or in relation to the eligible employee if that amount is payable from a preservation fund in relation to a paragraph (a) benefit paid to the fund for the benefit of the eligible employee; or

        (d)     an amount payable to, or in relation to, the eligible employee in accordance with Part 8 of the Superannuation Guarantee (Administration) Act 1992.

     "(1AAA) In this Division, a reference to a transfer value in relation to an eligible employee does not include a reference to any part of a lump sum benefit payable under a superannuation scheme that is based on contributions by the employee under the scheme that are of a similar nature to supplementary contributions under this Act or to contributions under the superseded Act for reserve units of pension.";

  (b) by omitting subsection (1AB).

Payment of transfer values to Commissioner

  32. Section 128 of the Principal Act is amended:

     (a) by omitting subsection (1) and substituting the following subsection:

     "(1) If an eligible employee has been in employment, within or outside Australia, on the termination of which a transfer value or transfer values became payable to or in relation to him or her under a superannuation scheme applicable in relation to that employment and:

         (a)     the transfer value or transfer values, as the case may be, became payable on or after 25 May 1971; and

         (b)     the eligible employee elects by written notice given to the Commissioner to pay the Commissioner an amount ('the election amount') equal to the amount of the transfer

       value or, if 2 or more transfer values became payable, the total of the amounts of those transfer values:

           (i) before the transfer value or transfer values, as the case may be, are paid; or

        (ii) not later than 3 months after the day on which:

            (A)    the person becomes an eligible employee; or

               (B)     the transfer value or transfer values, as the case may be, became payable;

           whichever is the later; or

           (iii) within such further period as the Commissioner, in special circumstances allows; and

      (c) the election amount is, before the expiration of the period referred to in subparagraph (b)(ii) or (iii), as the case may be, paid to the Commissioner;

  then the succeeding provisions of this section have effect.

  (b)    by inserting in subparagraph (2)(c)(i) "or, if the transferred amount does not include an amount of productivity related benefit, the notional productivity amount" after "that amount";

(c)     by inserting in subsection (3) "or (2A)" after "62(2)";

  (d)    by inserting in subsection (3) "(other than so much of that transferred amount as is worked out under paragraph (2)(c))" after "transferred amount";

  (e)