Commonwealth Numbered Acts

SUPERANNUATION LEGISLATION AMENDMENT ACT 1992 No. 187, 1992 - SECT 37

37. Section 140 of the Principal Act is amended:

   (a)  by omitting subsection (2) and substituting the following subsection:

"(2) If:

   (a)  a person referred to in subsection 137(1) is:

        (i)    if paragraph 137(1)(a) applies - a person who has been paid an
               amount by way of lump sum benefit to which the person became
               entitled under section 80 or Part VIA or VIAA; or

        (ii)   if paragraph 137(a)(b) applies-a person who has been paid:

                (A)  an amount or amounts by way of pension or by way of
                     pension and lump sum benefit to which the person became
                     entitled under section 55 or 59 or Part VIA; or

                (B)  an amount by way of lump sum benefit to which the person
                     became entitled under section 62 or Part VIA; and

   (b)  after the payment, preservation or application, as the case may be, of
        the amount, or those amounts, the person makes an election under
        section 137; the election does not have effect unless an amount equal
        to that amount or the aggregate of those amount, as the case requires,
        is paid to the Commissioner within 7 days after the date of the
        election or within such further period as the Commissioner, in special
        circumstances, allows."

   (b)  by omitting paragraphs (3)(a) and (b) and substituting the following
        paragraphs:

"(a) if the person is a person to whom paragraph 137(1)(a) applies - an amount
equal to the amount paid to the Commissioner less any part of that amount that
is:

        (i)    an amount of a kind referred to in paragraph 110Q(1)(c) or (d);
               or

        (ii)   an amount of superannuation guarantee top-up benefit; or

   (b)  if the person is a person to whom paragraph 137(1)(b) applies-the
        portion of the amount paid to the Commissioner that was paid to the
        Consolidated Revenue Fund under section 112 at the time that the
        person last ceased to be an eligible employee.".