Commonwealth Consolidated Acts

SUPERANNUATION ACT 1976 - SECT 140

  (1)   If section   138 or 139 applies in relation to a person, any benefit that, but for this Division, would be payable to or in respect of the person under this Act upon his or her ceasing to be an eligible employee is not payable except where that benefit is payable by virtue of the operation of this Division.

  (2)   If:

  (a)   a person referred to in subsection   137(1) is:

  (i)   if paragraph   137(1)(a) applies--a person who has been paid an amount by way of lump sum benefit to which the person became entitled under section   80, Part   VIA, VIAA, VIAB or VID or Subdivision B of Division   2 of Part   IX; or

  (ii)   if paragraph   137(1)(b) applies--a person who has been paid:

  (A)   an amount or amounts by way of pension or by way of pension and lump sum benefit to which the person became entitled under section   55 or 59, Part   VIA or VIAB or Subdivision B of Division   2 of Part   IX; or

  (B)   an amount by way of lump sum benefit to which the person became entitled under section   62, Part   VIA, VIAB or VID or Subdivision B of Division   2 of Part   IX; and

  (b)   after the payment, preservation or application, as the case may be, of the amount, or those amounts, the person makes an election under section   137;

the election does not have effect unless an amount equal to that amount or the aggregate of those amounts, as the case requires, is paid to CSC within 7 days after the date of the election or within such further period as CSC, in special circumstances, allows.

  (3)   Where an amount is paid to CSC by a person under subsection   (2), CSC shall pay that amount to the Commonwealth and there shall thereupon be paid out of the Consolidated Revenue Fund (which is appropriated accordingly) into the Superannuation Fund:

  (a)   if the person is a person to whom paragraph   137(1)(a) applies--an amount equal to the amount paid to CSC less any part of that amount that is:

  (i)   an amount of a kind referred to in paragraph   110Q(1)(c) or (d); or

  (ii)   an amount of superannuation guarantee top - up benefit; or

  (b)   if the person is a person to whom paragraph   137(1)(b) applies--the portion of the amount paid to CSC that was paid to the Commonwealth under section   112 at the time that the person last ceased to be an eligible employee.