Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A relevant employee, other than a relevant employee to whom section 100B or 100J applies may elect, within 3 months after the relevant date or within such further period as the Board allows, to contribute to the Provident Account in accordance with this section, and may pay to the Board an amount equal to the prescribed amount within that period or within such further period as the Board allows, but any election made after the pay - day last preceding 1 July 1976 shall be deemed to have been made on that pay - day.
(2) Notwithstanding section 5, a prescribed employee shall be liable to make, and, from and including the relevant date, shall be deemed to have been liable to make, contributions to the Provident Account in accordance with Part V.
(3) Upon the payment by a prescribed employee of an amount equal to the prescribed amount to the Board under subsection (1):
(a) if the superannuation scheme of which the employee was a member immediately before the relevant date was a scheme under which members were required to make contributions in respect of the benefits to be provided under the scheme:
(i) an amount equal to so much of the prescribed amount as was based upon the contributions made by him to the superannuation scheme or on interest payable in respect of those contributions shall be paid by the Board to the Provident Account, or, on or after 1 July 1976, to the new Superannuation Fund, and, when so paid, shall be deemed, for the purposes of this Act, to be contributions paid to the Provident Account by the employee; and
(ii) an amount equal to so much (if any) of the prescribed amount as was not based upon contributions made by him to the superannuation scheme shall be paid by the Board to the Commonwealth; or
(b) in any other case--the amount of the payment shall be paid by the Board to the Commonwealth.
(4) Where a sum is payable under section 82 or 83 to or in relation to a prescribed employee, that section shall be read as if the sum referred to in subsection (1) of that section was a sum calculated by adding an amount equal to 3 times the aggregate of:
(a) the contributions paid by him to the Provident Account under section 80; and
(b) compound interest on those contributions at the rate or rates applicable for the purposes of Part V;
and an amount ascertained by multiplying by the factor applicable in relation to the employee in accordance with subsection (5) the aggregate of the amount paid by the employee to the Board under subsection (1) and compound interest on that amount, in respect of the period that commenced on the date on which the employee paid an amount equal to the prescribed amount to the Board in accordance with subsection (1) and ended on the date on which he ceased to be a contributor to the Provident Account, at the rate or rates applicable for the purposes of Part V.
(5) For the purpose of subsection (4), the factor applicable in relation to a prescribed employee is a factor determined by the Board to be the appropriate factor having regard to the rules of the superannuation scheme applicable to the employee immediately before the relevant date.
(6) Where a prescribed employee ceases to be a contributor to the Provident Account in such circumstances that an amount equal to the contributions paid by him to the Provident Account together with compound interest on the amount of those contributions is payable to or in respect of him under this Act, so much of the amount paid by him to the Board in accordance with subsection (1) as was paid by the Board to the Commonwealth, together with compound interest, in respect of the period that commenced on the date on which the employee paid that amount to the Board and ended on the date on which he ceased to be a contributor to the Provident Account, at the rate or rates applicable for the purposes of Part V is payable to or in respect of him out of the Provident Account.
(7) Where an amount payable out of the Provident Account is greater than the amount that, but for subsection (4), would be payable, there is payable to the Provident Account by the Commonwealth an amount equal to the difference between the amounts.
(8) Where an amount is payable out of the Provident Account under subsection (6), there is payable to the Provident Account by the Commonwealth an amount equal to that amount.