Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A person who receives a notice under section 76 about a weekly amount payable to the person under section 68 or 71 or subsection 75(2) (the convertible amount ) may choose:
(a) to convert 100% of the convertible amount to a lump sum; or
(b) if the convertible amount is at least 10%, but not more than 20%, of the maximum weekly amount of compensation that could be payable to a person under this Part--to convert 50% of the convertible amount to a lump sum; or
(c) if the convertible amount is more than 20% of the maximum weekly amount of compensation that could be payable to a person under this Part--to convert 25%, 50% or 75% of the convertible amount to a lump sum.
Note: Section 74 sets the maximum weekly amount of compensation that could be payable to a person under this Part. That amount is indexed under section 404.
(2) A person who makes the choice cannot change it.
(3) The choice must be made in writing and must be given to the Commission within 6 months after the date on which the person received the notice.
(4) The Commission may, either before or after the end of that period, extend the period within which the choice must be made if it considers there are special circumstances for doing so.
(5) The amount of the lump sum is worked out using the following formula:
where:
"appropriate percentage" means the percentage chosen by the person under subsection (1).
"notice date" means the date specified in the notice given to the person under section 76.
"weekly amount converted to a lump sum" means the appropriate percentage of the weekly amount payable to the person, as at the date of the notice given to the person under section 76, converted to a lump sum in accordance with advice from the Australian Government Actuary by reference to the person's age at that date.
Note: Arrears of compensation are payable for the period between the date when compensation became payable and the notice date. These are not subtracted from the weekly amount converted to a lump sum.
(6) However, a lump sum that can be payable to a person must not exceed that worked out by reference to the conversion to a lump sum of a periodic payment payable to a male aged 30.
(7) The legal personal representative of a deceased person is not entitled to choose to convert any percentage of a weekly amount that was payable to the deceased person to a lump sum.