Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) In this Division:
"available early release amount" , in relation to a person at a particular time, means the difference between the person's early release amount at that time and the person's early release deduction amount at that time.
"available early release authority amount" , in relation to a person at a particular time, means the amount worked out by:
(a) starting with the person's early release authority amount at that time; and
(b) subtracting from the result of paragraph (a) the person's early release deduction amount at that time; and
(c) adding to the result of paragraph (b) the lesser of:
(i) the amount referred to in paragraph (a) of the definition of early release amount ; and
(ii) the modified early release deduction amount in relation to the person at the time.
Note 1: The result of paragraph (b) may be less than nil.
Note 2: Subparagraph (c)(i) is affected by subsection (2).
"compassionate ground" has the same meaning as in regulation 6.01 of the Superannuation Industry (Supervision) Regulations 1994 .
"deferred benefit member" means a person, who has ceased to be an eligible employee, to or in respect of whom a deferred benefit has not been paid.
"early release amount" , in relation to a person at a particular time, means the sum of the following amounts:
(a) the person's accumulated basic contributions;
(b) the person's accumulated supplementary contributions;
(c) the person's accumulated employer contributions (disregarding any amounts mentioned in paragraphs 110Q(1)(c) and (d));
(d) the amount (if any) payable in respect of the person under section 110SN;
(e) the amount of the benefit payable to the person under Subdivision B of Division 2 of Part IX.
Note: This definition is affected by subsection (2).
"early release authority amount" , in relation to a person at a particular time, means the sum of the amounts referred to in paragraphs (b) to (e) of the definition of early release amount .
Note: This definition is affected by subsection (2).
"early release deduction amount" , in relation to a person at a particular time, means the total of the following:
(a) the amount of each early release lump sum previously paid to or for the benefit of the person;
(b) interest on the amount of each such early release lump sum for the period beginning at the time the early release lump sum is paid and ending at the particular time.
"early release lump sum" means a lump sum paid under section 79B.
"modified early release deduction amount" , in relation to a person at a particular time, means the total of the following:
(a) the amount of each early release lump sum previously paid to or for the benefit of the person under subsection 79B(1);
(b) interest on the amount of each such early release lump sum for the period beginning at the time the early release lump sum is paid and ending at the particular time.
"severe financial hardship" has the same meaning as in regulation 6.01 of the Superannuation Industry (Supervision) Regulations 1994 .
(2) For the purposes of a provision mentioned in subsection (3), work out an amount referred to in the definition of early release amount :
(a) in the case of an eligible employee--as if the person ceased to be an eligible employee at that time; or
(b) in the case of a deferred benefit member--as if the person ceased to be a deferred benefit member at that time; or
(c) in the case of a person who has made an election under section 110T--as if the person's benefit became payable at that time.
Note: The components that make up a person's early release amount and early release authority amount might be reduced if CSC has received, under Part IXB (family law superannuation splitting), a splitting agreement or splitting order in relation to the person's superannuation interest.
(3) For the purposes of subsection (2), the provisions are as follows:
(a) the definition of early release amount ;
(b) the definition of early release authority amount ;
(c) the definition of available early release authority amount .