Commonwealth Numbered Acts

SUPERANNUATION LEGISLATION AMENDMENT ACT (No. 2) 1986 No. 151, 1986 - SECT 60

60. Section 140 of the Principal Act is amended by omitting sub-section (2)
and substituting the following sub-sections:

"(2) Where-

   (a)  a person referred to in sub-section 137 (1) has been paid-

        (i)    in a case where the person is a person to whom paragraph (a) of
               that sub-section applies-an amount by way of lump sum benefit
               to which the person has become entitled under section 80; or

        (ii)   in a case where the person is a person to whom paragraph (b) of
               that sub-section applies-an amount or amounts by way of pension
               or by way of pension and lump sum benefit to which the person
               has become entitled under section 59 or an amount by way of
               lump sum benefit to which the person has become entitled under
               section 62; and

   (b)  after that amount was, or those amounts were, paid, the person makes
        an election under section 137, the election does not have effect
        unless an amount equal to that amount or to the aggregate of those
        amounts, as the case requires, is paid to the Commissioner within 7
        days after the date of the election or within such further period as
        the Commissioner, in special circumstances, allows.

"(3) Where an amount is paid to the Commissioner by a person under sub-section
(2), the Commissioner shall pay that amount into the Consolidated Revenue Fund
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 the Commissioner; or

   (b)  if the person is a person to whom paragraph 137 (1) (b) applies-an
        amount equal to so much of the amount paid to the Commissioner as is
        equal to the amount that was paid to the Consolidated Revenue Fund in
        accordance with section 112 at the time that the person last ceased to
        be an eligible employee.".