Commonwealth Consolidated Acts

DEFENCE FORCE RETIREMENT AND DEATH BENEFITS ACT 1973 - SECT 49L

  (1)   In addition to any requirements in Division   135 in Schedule   1 to the Taxation Administration Act 1953 , the amount of a release authority lump sum must not have the effect that a benefit of the person under this Act is reduced below zero.

  (2)   For the purpose of subsection   (1), the effect of a release authority lump sum on the amount of a person's benefit is to be worked out after taking account of any reduction under another provision of this Act, apart from the following:

  (a)   a reduction under section   24 in relation to an amount not yet paid;

  (b)   a reduction under section   32A in relation to an amount not yet paid.

Note:   Other provisions that reduce a person's benefit before a release authority lump sum include the following:

(a)   subsections   23(6) and 31(4) (which deal with surcharge elections), if the election under section   124 is made before giving CSC the release authority (see subsection   124(3));

(b)   subsections   75(3A) and (4A) (which deal with surcharge deduction amounts for deferred benefits);

(c)   Part   VIA (which deals with family law superannuation splitting).