(1) The amount of the benefit payable in respect of a person under this Part is the sum of:
(a) an amount equal to the difference between:
(i) the total amount that was paid into the Fund in respect of the person under section 110SL; and
(ii) the sum of any amounts in the nature of income tax relevant to that amount; and
(b) interest on the amount mentioned in paragraph (a).
(2) The amount of the benefit payable in respect of a person under this Part is reduced by the sum of the following amounts:
(a) any amount paid out of the Fund in accordance with:
(i) a release authority given to CSC under former section 292 - 410 of the Income Tax Assessment Act 1997 that relates to the superannuation interest (within the meaning of that Act) constituted by the amount paid into the Fund in respect of the person under section 110SL of this Act; or
(ii) a transitional release authority given to CSC under section 292 - 80B of the Income Tax (Transitional Provisions) Act 1997 that relates to that superannuation interest; or
(iii) a release authority issued under former item 1 or 2 of the table in subsection 135 - 10(1) in Schedule 1 to the Taxation Administration Act 1953 ;
(b) the amount of any interest that would have been earned on an amount mentioned in paragraph (a), in respect of the period since the amount was paid out of the Fund, if it had not been paid out of the Fund.
Note: Payments made out of the Fund that are required to be made under a release authority mentioned in subparagraph (2)(a)(i) or (iii) or a transitional release authority are not benefits : see the definition of benefit in subsection 3(1).