South Australian Numbered Acts

STATUTES AMENDMENT (TRANSITION TO RETIREMENT--STATE SUPERANNUATION) ACT 2008 (NO 4 OF 2008) - SECT 9

9—Amendment of section 4—Interpretation

        (1)         Section 4(1)—after the definition of "new scheme contributor insert:

"non-monetary salary", in relation to a contributor who is not employed pursuant to a TEC contract, means remuneration in any form resulting from the sacrifice by the contributor of part of his or her salary;

        (2)         Section 4(1)—after the definition of "pension period insert:

"preservation age" has the same meaning as in Part 6 of the Superannuation Industry (Supervision) Regulations 1994 of the Commonwealth under the SIS Act;

        (3)         Section 4(1), second definition of "salary"—after "all forms of remuneration" insert:

(including non-monetary salary)

        (4)         Section 4(1), second definition of "salary", (da)—delete paragraph (da)

        (5)         Section 4(2c) to (2f)—delete subsections (2c) to (2f) (inclusive) and substitute:

        (2c)         For the purposes of determining the amount of salary received by a contributor who is in receipt of non-monetary salary, the value of the non-monetary salary will be taken to be the amount of salary sacrificed by the contributor in order to receive the non-monetary salary.