Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) In this Division:
(a) a reference, in relation to an employee, to a transfer value payable to or in respect of the employee under a superannuation scheme applicable in relation to any employment in which he was employed at any time before the date on which he became an employee is a reference:
(i) in the case of the superannuation scheme constituted by the provisions of this Act relating to the Fund or by the provisions of this Act relating to the Provident Account--to a lump sum payable to the employee under section 50, a lump sum payable to the employee under section 82 where his services are terminated owing to retrenchment or a transfer value payable in respect of the employee under Division 3;
(ii) in the case of the superannuation scheme constituted by the provisions of the Defence Forces Retirement Benefits Act 1948 - 1971 and the other Acts relating to retirement benefits for members of the Defence Force--to a transfer value payable in respect of the employee under Division 3 of Part VIC of the Defence Forces Retirement Benefits Act 1948 - 1971 or to a refund of contributions and a gratuity payable to the employee;
(iia) in the case of the superannuation scheme constituted by the provisions of the Defence Force Retirement and Death Benefits Act 1973 --to a transfer value payable in respect of the employee under Division 3 of Part IX of that Act or to a refund of contributions and a lump sum payable under subsection (2) of section 32 of that Act; and
(iii) in the case of any other superannuation scheme--to a benefit by way of a lump sum payable to or in respect of the employee under that scheme upon the termination of the employment otherwise than on the ground of invalidity or of physical or mental incapacity to perform the duties of the employment, being a benefit that was based wholly upon contributions under the scheme by the employer or was based partly upon such contributions and partly upon contributions under the scheme by the employee; and
(b) a reference to the amount of a transfer value to which subparagraph (iii) of paragraph (a) applies does not include a reference to any part of the lump sum that was based upon contributions by the employee that were of a similar nature to contributions under this Act for reserve units of pension.
(2) If, after a transfer value became payable to or in respect of a person under a superannuation scheme, an amount equal to the whole or any part of that transfer value was paid to a person administering another superannuation scheme (not being the superannuation scheme constituted by the provisions of this Act relating to the Fund or by the provisions of this Act relating to the Provident Account):
(a) where the whole of the transfer value was so paid--that transfer value shall be disregarded for the purposes of this Division; or
(b) where part of the transfer value was so paid--the amount of that transfer value shall be deemed, for the purposes of this Division, to be reduced by the amount so paid.
(3) Subject to subsection (4), a transfer value shall be deemed, for the purposes of this Division, to have become payable in respect of a person under a superannuation scheme upon the termination of any employment if, upon the termination of that employment, he had the legal title to a life policy, or was entitled to have the legal title to a life policy assigned to him, being a policy the premiums for which were, while he was employed in that employment, paid in whole or in part by his employer, and, in that case, the surrender value of the policy as at the date of the termination of the employment shall be taken to be the amount of the transfer value.
(4) Where a transfer value is, by virtue of subsection (3), to be deemed, for the purposes of this Division, to have become payable in respect of a person upon the termination of any employment by reason that, upon the termination of that employment, he had the legal title to a life policy, or was entitled to have the legal title to a life policy assigned to him, a transfer value shall not be deemed, for those purposes, to have become payable in respect of the person upon the termination of any previous employment by reason that, upon the termination of that previous employment, he had the legal title to that policy, or was entitled to have the legal title to that policy assigned to him.