Commonwealth Numbered Acts

SUPERANNUATION ACT 1976 No. 31, 1976 - SECT 47

47. (1) If, on an anniversary of an eligible employee's birth (in this
sub-section referred to as the ''relevant anniversary''), his annual rate of
salary is less than the highest annual rate of salary that was payable (or is
deemed by a previous application of this sub-section, or by sub-section (3),
to have been payable) to him on any day during the period commencing on the
anniversary of his birth last preceding the relevant anniversary and ending on
the day immediately preceding the relevant anniversary, his annual rate of
salary on the relevant anniversary shall, unless he has made or makes an
election under sub-section (2) by virtue of a decrease in his annual rate of
salary that occurred during that period, be deemed, for the purposes of
section 46, and any subsequent application of this sub-section, to be that
highest rate.

(2) If the annual rate of salary payable to an eligible employee decreases,
the employee may, not later than 3 months after the anniversary of his birth
next following the date of the decrease, elect, by notice in writing to the
Commissioner, that sub-section (1) shall not apply in relation to his annual
salary on that anniversary of his birth.

(3) Where-

   (a)  an eligible employee makes an election under sub-section (2) by virtue
        of a decrease in his annual rate of salary; and

   (b)  the annual rate of his salary on the anniversary of his birth next
        following the date of the decrease is less than the highest annual
        rate of salary that was payable to him on any day during the period
        commencing on the date of the decrease and ending on the day
        immediately preceding that anniversary, the annual rate of his salary
        on that anniversary shall, for the purposes of section 46 and
        sub-section (1) of this section, be deemed to be that highest rate.

(4) Where-

   (a)  an eligible employee makes an election under sub-section (2) by virtue
        of a decrease in his annual rate of salary;

   (b)  the annual rate of salary payable to him immediately after the
        decrease is less than the rate of salary that was payable (or is
        deemed by sub-section (1) or (3) to have been payable) to him on the
        anniversary of his birth last preceding the date of the decrease; and

   (c)  the election is made before the anniversary of his birth next
        following the date of the decrease, the annual rate of his salary on
        the anniversary of his birth last preceding the date of the decrease
        shall, for the purpose of calculating the amount of the basic
        contribution payable by him on each contribution day occurring after
        the date of the election and before the anniversary of his birth next
        following that date, be deemed to be the annual rate of his salary
        immediately after the decrease.