Document ID: chunk:federal_register_of_legislation:F2016L00652:reg:43
Version: federal_register_of_legislation:F2016L00652
Segment Type: reg
Provision Reference: reg 43
Character Range: 102384–103950

43  Redemption of compensation
 (1) If:
 (a) the Commonwealth is liable to make weekly payments under section 28, 29, 30, 31, 32 or 33 to a covered person in respect of an injury resulting in an incapacity; and
 (b) the amount of those payments is $112.53 per week or less; and
 (c) Comcare is satisfied that the degree of the covered person's incapacity is unlikely to change;
Comcare must make a determination that the Commonwealth's liability to make further payments to the covered person under that section be redeemed by the payment to the covered person of a lump sum.
 (2) The amount of the lump sum is the amount worked out using the formula:
where:
amount per week means the amount per week payable to the covered person under section 28, 29, 30, 31, 32 or 33, as the case may be, at the date of the determination.
n means the number (calculated to 3 decimal places) worked out by dividing by 365 the number of days in the period:
 (a) beginning on the day after the day on which the determination is made; and
 (b) ending:
 (i) if the covered person is injured before reaching 63 years of age—on the day immediately before the day on which the covered person reaches 65 years of age; and
 (ii) if the covered person is injured on or after reaching 63 years of age—on the day immediately before the covered person would cease to be entitled to receive compensation under section 28, 29, 30, 31, 32 or 33.
specified number means the number specified in an instrument in force under subsection 30(4) of the Safety, Rehabilitation and Compensation Act 1988.