Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) For the purposes of this Act:
(a) a right of a person or of his dependants to receive superannuation benefits from a fund shall be deemed to have ceased at a particular time (whether before or after the commencement of this section) if, by virtue of the terms and conditions applicable to the fund at that time, a right (including a contingent right) of the person, or of his dependants, as the case may be, to an amount that has accrued or could accrue from the fund ceased at that time otherwise than by payment of that amount to, or for the benefit of, the person or his dependants or by the transfer of that amount to another fund in which, as a result of the transfer, the person acquires, or his dependants acquire, as the case may be, a fully‑secured right (including a contingent right) to receive superannuation benefits, being a right that is not less valuable than the first‑mentioned right; and
(b) where a right of a person or of his dependants to receive superannuation benefits from a fund has ceased at any time (whether before or after the commencement of this section)--the amount of those benefits shall be deemed to have been so much of the amount that was included in the fund at that time for the purpose of making provision for superannuation benefits for the person or his dependants as was not required for the purpose of providing for the person or his dependants superannuation benefits (including benefits payable at that time) the right to receive which had not ceased at or before that time.
(2) For the purposes of this Act, where a right of a person or of his dependants to receive superannuation benefits from a fund has ceased at any time (whether before or after the commencement of this section) and, at that time, a specific part of the amount of the fund was not appropriated for the purpose of making provision for superannuation benefits for the person or his dependants:
(a) an amount determined by the Commissioner shall be deemed to have been included in the fund at that time for that purpose;
(b) any payment made out of the fund at that time or at a later time to the person or his dependants shall be deemed to have been an application at the time at which, and for the purpose for which, the payment was made of so much of the amount determined by the Commissioner in pursuance of paragraph (a) as is equal to the amount of the payment; and
(c) except to the extent to which the amount determined by the Commissioner in pursuance of paragraph (a) is to be so deemed to have been applied by a payment out of the fund, that amount shall be deemed to have been applied in the year of income of the fund in which the right ceased, to such extent, if any, as the Commissioner determines, for the purpose of making provision for the superannuation benefits that other persons or their dependants had rights to receive from the fund.