Commonwealth Numbered Regulations

1995 No. 94 SUPERANNUATION (FORMER PROVIDENT ACCOUNT CONTRIBUTORS) REGULATIONS (AMENDMENT) - REG 3

3.1 Modifications of section 136: Before the first modification insert:

"Omit 'subject to this Division' from subsection (1), substitute 'subject to
this Division and Division 9 of Part XII'".

3.2 Modification of Part XII: Added section 211: Omit the section, substitute:

"211 (1) Where:

   (a)  a person, including a deceased person, made an election and payment to
        the former Board under subsection 119J (1) of the superseded Act in
        connection with his or her becoming an employee for the purposes of
        that Act (whether or not he or she had previously made another such
        election and payment); and

   (b)  that person did not thereafter, at any time before the commencing day,
        cease to be an employee for the purposes of that Act; the succeeding
        provisions of this section have effect in relation to that person.



"(2) A reference in subsection 197 (2), 200 (1) or 201 (2) or in paragraph 204
(1) (a), 205 (2) (a), 209 (1) (a) or 210 (2) (a) to the accumulated basic
contributions of a person shall be read as a reference to the amount by which
the amount that, but for this subsection, would be his or her accumulated
basic contributions exceeds the sum of:

   (a)  an amount equal to:

        (i)    except where subparagraph (ii) applies-the employee component
               of the transfer value an amount equal to the amount of which
               was so paid by him or her to the former Board under subsection
               119J (1) of the superseded Act; or

        (ii)   if the amount so paid by him or her to the former Board under
               subsection 119J (1) of the superseded Act was equal to the sum
               of the amounts of 2 or more transfer values-the sum of the
               employee components of those transfer values; and

   (b)  interest (compounded each year on 30 June) on the amount ascertained
        in accordance with paragraph (a) calculated:

        (i)    in respect of the period that commenced on the date on which
               the amount was so paid to the former Board under subsection
               119J (1) of the superseded Act and ended immediately before the
               commencing day-at the rate applicable at the relevant time
               under subsection 90 (3) of that Act; and

        (ii)   in respect of the period that commenced on the commencing day
               and ended when the person ceased to be an eligible employee-at
               the rate applicable at the relevant time under a determination
               made by the Board under subsection 154A (1).



"(3) Where:

   (a)  that person, or another person, is entitled to payment of a lump sum
        benefit that is an amount referred to in subsection 197 (2), 200 (1),
        201 (2), 204 (1) or 205 (2); or

   (b)  there is payable in respect of an eligible child or eligible children
        a lump sum benefit that is an amount referred to in subsection 209 (1)
        or 210 (2); there is payable to the person so entitled or in respect
        of that eligible child or those eligible children, as the case may be,
        in addition to that lump sum benefit, a lump sum benefit of an amount
        equal to the amount so paid to the former Board under subsection 119J
        (1) of the superseded Act together with interest on that amount
        calculated in the same manner as interest is calculated under
        paragraph (2) (b) on an amount ascertained in accordance with
        paragraph (2) (a).



"(4) For the purposes of this section, a person shall be taken to have made a
payment to the former Board if the payment was made to that Board by another
person on his or her behalf.



"(5) This section does not have effect in relation to a person if subsection
136 (2A) or (2F) applies in relation to the person.".

3.3 Modification of Part XII: Added subsection 222 (1):
Definition of "rate of fund contribution tax":
Omit "Minister", substitute "Board".

3.4 Modification of Part XII: Added subsection 222 (1):
Definition of "relevant period of employment": Omit "1993" from paragraph (a),
substitute "1994".

3.5 Modification of Part XII: Added subsection 222 (1):
Definition of "relevant period of employment": Omit all the words and
paragraphs after paragraph (b).

3.6 Modification of Part XII: Added subsection 223 (3): Definition of "AEC":
Omit "1993", substitute "1994".

3.7 Modification of Part XII: Added section 224: Omit "214", substitute "223".