Commonwealth Numbered Acts

SUPERANNUATION LEGISLATION AMENDMENT ACT 1991 No. 130, 1991 - SECT 43

43. Section 128 of the Principal Act is amended:

   (a)  by adding at the end of subsection (2) the following word and
        paragraph:
    "; and (c)   so much of the transferred amount as is
equal to the sum of:

        (i)    the amount of any productivity related benefit within the
               meaning of Part VIA and interest on that amount; and

        (ii)   the amount of the person's accumulated employer contributions
               (if any) included in a transfer value (if any) that was payable
               to the person under Division 3 of Part IX and interest on that
               amount; must be paid by the Commissioner into the
               Superannuation Fund, and, for the purposes of this Act, the
               amount so paid is taken to be productivity contributions within
               the meaning of Part VIA.";

   (b)  by omitting paragraph (6) (b) and substituting the following
        paragraph:
       "(b)   the employer component of a transfer value
payable to or in respect of a person is the part of that transfer value that
was based upon contributions by an employer or employers of the person other
than:

        (i)    an amount that was a productivity related benefit within the
               meaning of Part VIA; or

        (ii)   an amount that was the person's accumulated employer
               contributions included in a transfer value that was payable
               under Division 3 of Part IX to the person.".