Commonwealth Numbered Acts

SUPERANNUATION LEGISLATION AMENDMENT ACT 1991 No. 130, 1991 - SECT 34

34. Section 110Q of the Principal Act is amended by omitting subsection (1)
and substituting the following subsections:

"(1) For the purposes of this Act, the accumulated employer contributions in
respect of a person who ceases to be an eligible employee are the sum of:

   (a)  an amount equal to the difference between the sum of the productivity
        contributions paid or payable in respect of the person and the sum of
        any amounts in the nature of income tax relevant to those
        contributions; and

   (b)  interest on the amount mentioned in paragraph (a); and

   (c)  where the person:

   (i)  was an eligible employee on, and at all times after, 30 June 1990; and

   (ii) was a productivity employee on 1 July 1990; an amount equal to his or
        her notional interim benefit; and

   (d)  interest on the amount mentioned in paragraph (c); and

   (e)  where an amount has been paid or transferred to the Commissioner under
        section 110K, 110L or 110M in respect of the employee, other than an
        amount to which subsection 110N (2) applies - the amount paid or
        transferred less such amount (if any) in the nature of income tax that
        is relevant to that amount; and

   (f)  interest on the paid or transferred amount mentioned in paragraph (e).

"(1A) For the purposes of subsection (1), an amount in the nature of income
tax relevant to a productivity contribution or to an amount paid or
transferred to the Commissioner to which paragraph (1) (e) applies is such
amount as is calculated in accordance with a determination made by the Board
for the purposes of this section.

"(1B) A determination by the Board under subsection (1) takes effect from:

   (a)  a specified day; or

   (b)  if no day is specified in the determination - the day of the making of
        the determination; and must be published in the Gazette.".