Document ID: chunk:federal_register_of_legislation:C2004A04205:body:0:p19
Version: federal_register_of_legislation:C2004A04205
Segment Type: other
Provision Reference: 
Character Range: 48002–50831

on the amount mentioned in paragraph (c); and

     (e)     where an amount has been paid or transferred to the Commissioner under section 110k, 110l or 110m in respect of the employee, other than an amount to which subsection 110n (2) applies—the amount paid or transferred less such amount (if any) in the nature of income tax that is relevant to that amount; and

     (f) interest on the paid or transferred amount mentioned in paragraph (e).

"(1a) For the purposes of subsection (1), an amount in the nature of income tax relevant to a productivity contribution or to an amount paid or transferred to the Commissioner to which paragraph (1) (e) applies is such amount as is calculated in accordance with a determination made by the Board for the purposes of this section.

"(1b) A determination by the Board under subsection (1) takes effect from:

  (a)     a specified day; or

    (b)     if no day is specified in the determination—the day of the making of the determination;

and must be published in the Gazette".

Payment of productivity benefit

  35. Section 110r of the Principal Act is amended:

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

         "(1) Subject to subsection (2), where a productivity benefit becomes payable in respect of a person:

          (a) because the person:

                 (i) ceased to be an eligible employee on or after attaining the age of 60 years; or

                 (ii) where the person has attained the age of 55 years—is deemed, under subsection 58 (2), to have retired voluntarily; or

                 (iii) where the person has attained the age of 55 years and has not made an election under section 137—is deemed, under subsection 58 (3), to have retired involuntarily; or

            (b) because of the person's retirement on the ground of invalidity;

     then:

            (c)     in the case of a person who ceased to be an eligible employee on or after attaining the age of 65 years or who retired on the ground of invalidity—the benefit is payable to the person; and

            (d)     in the case of a person other than a person mentioned in paragraph (c)—the benefit is payable to the person if the person provides the Commissioner with a statement to the effect that he or she has retired from the workforce.";

    (b) by omitting from subsection (4) ", (7) and (9)" and substituting "and (7)";

  (c) by inserting after subsection (4) the following subsection:

      "(4a) Subject to subsections (5), (6) and (7), where:

        (a)     a productivity benefit becomes payable in respect of a person to whom paragraph (1) (d) applies; and

        (b)     the person does not provide the Commissioner with a statement mentioned in that paragraph;

     the benefit:

        (c)     if the amount of the benefit is