Document ID: chunk:federal_register_of_legislation:C2004A04478:body:0:p22
Version: federal_register_of_legislation:C2004A04478
Segment Type: other
Provision Reference: 
Character Range: 54814–57642

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)     by omitting from subsection (4) "him upon the termination of his previous employment" and substituting " or in respect of him on the termination of the employment in respect of which the transfer value was payable";

  (f)      by omitting from subsection (4) "that last-mentioned amount." and substituting the following:

  "the total of:

      (a)     the amount paid into the Consolidated Revenue Fund in respect of the person under paragraph (2)(b); and

      (b)     the amount that would have accrued by way of interest on that amount if it had been paid into the Superannuation Fund on the day on which the amount referred to in paragraph (a) was paid into the Consolidated Revenue Fund.";

(g) by inserting after subsection (4) the following subsections:

  "(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 2

      months after the benefit becomes payable—paid, for the benefit of the person, to a preservation fund nominated by the Commissioner.

  "(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 the Commissioner 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;

       is less than $500; or

      (d) the Commissioner 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 the Commissioner, 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 the superannuation fund conditions under the Occupational Superannuation Standards Act 1987 as