CORPORATIONS ACT 2001 - SECT 200G Genuine payments of pension and lump sum
CORPORATIONS ACT 2001 - SECT 200G
Genuine payments of pension and lump sum(1) Subsection 200B(1) does not apply to a benefit if:
- (a)
- the benefit is a payment in connection with a person's retirement from a board or managerial office (the relevant office ) in a company or a related body corporate; and
- (b)
- the payment is for past services the person rendered to:
- (i)
- the company; or
- (ii)
- a related body corporate; or
- (iii)
- a body that was a related body corporate of the company when the past services were rendered; and
- In applying paragraph (c), disregard any pensions or lump sums that
section 200F applies to.
(2) The payment limit is:
- (i)
- was an eligible employee in relation to the company at the time when the person retired from the relevant office; and
- (ii)
- has been an eligible employee in relation to the company throughout a period (the relevant period ), or throughout periods totalling a period (also the relevant period ), of more than 3 years; or
- Note: Section 9 defines remuneration .
(3) The amount worked out under this subsection is the amount worked out using the formula:
- where:
(4) In determining for the purposes of paragraph (1)(c) the value of a pension or lump sum payment, disregard any part of the pension or lump sum payment that is attributable to:
- (i)
- the company; or
- (ii)
- a body corporate (a relevant body corporate ) that is a related body corporate of the company, or that was, when the contribution was made, such a related body corporate; or
- (iii)
- an associate of the company, or of a relevant body corporate, in respect of:
(A) the payment of the pension, or the making of the lump sum payment, as the case may be; or (B) the making of the contribution.
(5) For the purposes of subparagraph (2)(a), a person is taken to have been an eligible employee in relation to a company at a particular time if:
- (a)
- the person was a genuine full-time employee of the company at that time; or
- (b)
- the person was a genuine full-time employee of a body corporate at that time and the body corporate was related to the company at that time.
(6) In this section: