Document ID: chunk:federal_register_of_legislation:C2004A03231:body:0:p46
Version: federal_register_of_legislation:C2004A03231
Segment Type: other
Provision Reference: 
Character Range: 114592–117506

a prescribed office in relation to the company; or
         (b) a superannuation fund gives a prescribed benefit to another superannuation fund solely for the purpose of enabling or assisting the other superannuation fund to give to a person a prescribed benefit in connection with the retirement of a person from a prescribed office in relation to a company,
     the prescribed benefit first referred to in paragraph (a) or (b) shall be taken to be given in prescribed circumstances.";
     (e) by inserting before the definition of "emoluments" in sub-section (7) the following definition:
         "'associate', in relation to a corporation, means a person who is associated with the corporation;";
     (f) by omitting from sub-section (7) the definitions of "exempt benefit" and "relevant benefit" and substituting the following definitions:
         "'exempt benefit' means a prescribed benefit given in connection with the retirement of a person from a prescribed office in relation to a company, being a prescribed benefit—
             (a) given under an agreement entered into before 1 October 1954;
             (b) given under an agreement entered into on or after 1 October 1954 and before the commencement of this Act, where the giving of the prescribed benefit would have been lawful if this Act had not been enacted;
             (c) given under an agreement where particulars of the terms of that agreement have been disclosed to the members of the company and approved by the company in general meeting;
             (d) that is a bona fide payment by way of damages for breach of contract;
             (e) given to the person pursuant to an agreement made between the company and the person before the person became the holder of the prescribed office as the consideration or part of the consideration for the person agreeing to hold the prescribed office; or
             (f) that is a payment made in respect of leave of absence to which the person is entitled by virtue of an industrial instrument;

         'give', in relation to a prescribed benefit, includes—
             (a) in the case of a prescribed benefit that is a payment—make; and
             (b) in the case of a prescribed benefit that is an interest in property—transfer;
         'person' includes a superannuation fund;
         'prescribed benefit' means a payment or other valuable consideration or any other benefit and includes, without limiting the generality of the foregoing, an interest in property of any kind;
         'relevant benefit', in relation to a proposal to give a prescribed benefit in connection with the retirement of a person from a prescribed office in relation to a company, being a prescribed benefit in relation to which paragraph (1) (a) or (b) would apply, means any other prescribed benefit (including an exempt benefit) given, or proposed to be given, in connection with the retirement of