Document ID: chunk:federal_register_of_legislation:C2022C00264:clause:11_177:p1
Version: federal_register_of_legislation:C2022C00264
Segment Type: clause
Provision Reference: sch 11 cl 177 (pt 1/3)
Character Range: 722027–724897

177  Allocation among existing contributors
 (1) In this section:
amount available for allocation as basic contributions means the amount referred to in paragraph (2)(a).
amount available for allocation as supplementary contributions means the amount referred to in paragraph (2)(b).
amount available for distribution as supplementary contributions means the sum of:
 (a) the amount (in paragraph (b) referred to as the surplus amount) equal to the amount available for allocation as supplementary contributions; and
 (b) an amount determined by the Minister, after receiving advice from the Investment Trust, to be the amount that will accrue to the new Fund, in respect of the period commencing on the commencing day and ending on the distribution date, in relation to the surplus amount.
distribution date means such date, being a date not earlier than the election date, as is fixed by the Minister, by notice published in the Gazette, as the distribution date for the purposes of this section.
election date means such date as is fixed by the Minister, by notice published in the Gazette, as the election date for the purposes of this section.
 (2) For the purposes of this section, the Minister shall, as soon as practicable after the commencing day, determine, in relation to the value of the net assets of the existing Fund:
 (a) the amount that is to be treated as basic contributions made by existing contributors on the commencing day; and
 (b) the amount that is to be treated as supplementary contributions made by existing contributors on the commencing day;
and, in making the determination, the Minister shall have regard to such matters (if any) as are prescribed.
 (3) The Commissioner shall, as soon as practicable after the commencing day:
 (a) allocate among existing contributors, in such manner as the Minister directs, the amount nearest to the amount available for allocation as basic contributions that it is practicable to allocate in that manner among existing contributors;
 (b) allocate among existing contributors, in such manner as the Minister directs, the amount nearest to the amount available for allocation as supplementary contributions that it is practicable to allocate in that manner among existing contributors;
 (c) allocate among existing contributors, in such manner as the Minister directs, the amount nearest to the amount available for distribution as supplementary contributions that it is practicable to allocate in that manner among existing contributors;
and, in giving those directions, the Minister shall take into account all matters relevant to ensure that the amounts to be allocated will be allocated among the persons concerned on a fair and reasonable basis.
 (4) As soon as practicable after the allocations in respect of existing contributors have been made under subsection (3), the Commissioner shall cause