Commonwealth Consolidated Acts

SUPERANNUATION ACT 1976 - SECT 130D

  (1)   Subject to subsections   (2) and (3), the amount of the benefit payable in respect of a person under this Subdivision is the sum of:

  (a)   an amount equal to the difference between:

  (i)   the total amount that was paid into the Fund in respect of the person under section   130B; and

  (ii)   the sum of any amounts in the nature of income tax relevant to that amount; and

  (b)   interest on the amount mentioned in paragraph   (a).

  (2)   If the person's surcharge debt account is in debit when the benefit becomes payable to the person, the benefit to which the person is entitled is equal to the difference between:

  (a)   the benefit to which the person would be entitled if this subsection did not apply to the person; and

  (b)   the person's surcharge deduction amount.

  (3)   The amount of the benefit payable in respect of a person under this Subdivision is reduced by the sum of the following amounts:

  (a)   any amount paid out of the Fund in accordance with:

  (i)   a release authority given to CSC under former section   292 - 410 of the Income Tax Assessment Act 1997 that relates to the superannuation interest (within the meaning of that Act) constituted by the amount paid into the Fund in respect of the person under section   130B of this Act; or

  (ii)   a transitional release authority given to the Board under section   292 - 80B of the Income Tax (Transitional Provisions) Act 1997 that relates to that superannuation interest; or

  (iii)   a release authority issued under former item   1 or 2 of the table in subsection   135 - 10(1) in Schedule   1 to the Taxation Administration Act 1953 ;

  (b)   the amount of any interest that would have been earned on an amount mentioned in paragraph   (a), in respect of the period since the amount was paid out of the Fund, if it had not been paid out of the Fund.

Note:   Payments made out of the Fund that are required to be made under a release authority mentioned in subparagraph   (3)(a)(i) or (iii) or a transitional release authority are not benefits : see the definition of benefit in subsection   3(1).