Commonwealth Consolidated Acts Commonwealth Consolidated Acts
1 Subsection 3(1) (definition of accumulated basic contributions )
Omit "interest that is payable in respect of those contributions", substitute "interest on those contributions".
2 Subsection 3(1) (definition of accumulated supplementary contributions )
Omit "interest that is payable in respect of those contributions", substitute "interest on those contributions".
3 Subsection 3(1)
Insert:
"amount" includes a nil amount.
4 Subsection 3(1)
Insert:
"interest" includes negative or zero interest, and accruing , when used in relation to interest, has a corresponding meaning.
5 Subsection 3(1)
Insert:
"notional interest" includes negative or zero notional interest.
6 Subsection 3(1)
Insert:
"plus" has a meaning affected by subsection (9).
7 Subsection 3(1)
Insert:
"sum" has a meaning affected by subsection (9).
8 Subsection 3(1)
Insert:
"total" has a meaning affected by subsection (9).
9 At the end of section 3
Add:
(9) If:
(a) a provision of this Act involves the calculation of a sum (whether the expression "sum", "total", "plus" or any other expression is used); and
(b) the calculation involves negative interest or negative notional interest; and
(c) apart from this subsection, the sum would be less than zero;
the sum is taken to be zero.
10 Subsection 7A(1)
Omit "together with the amount of any interest that is payable in respect of the amount", substitute "plus interest on the amount".
11 Paragraphs 7A(2)(d), (e) and (f)
Omit "together with the amount of any interest that is payable in respect of the amount", substitute "plus interest on the amount".
12 Subsections 7A(3) and (4)
Omit "together with the amount of any interest that is payable in respect of the amount", substitute "plus interest on the amount".
13 Subsection 62B(4) (definition of GBB )
Omit "together with", substitute "plus".
14 Subsection 110SE(4) (definition of GBB )
Omit "together with", substitute "plus".
15 Subparagraph 145(7)(d)(i)
Omit "interest that is payable in respect of that excess", substitute "interest on that excess".
16 After subsection 145(7)
Insert:
(7A) An amount paid under subparagraph (7)(d)(i) in respect of a particular excess must not be less than the amount of the excess.
17 Subparagraph 145(8)(a)(i)
After "equal to the amount", insert "(the principal amount )".
18 Subparagraph 145(8)(a)(i)
Omit "interest that is payable in respect of that amount", substitute "interest on the principal amount".
19 After subsection 145(8)
Insert:
(8A) An amount paid into the Superannuation Fund under subparagraph (8)(a)(i) in respect of a particular principal amount must not be less than the principal amount.
20 Subparagraph 145(9)(a)(i)
After "equal to the amount", insert "(the principal amount )".
21 Subparagraph 145(9)(a)(i)
Omit "interest that is payable in respect of that amount", substitute "interest on the principal amount".
22 After subsection 145(9)
Insert:
(9A) An amount paid into the Superannuation Fund under subparagraph (9)(a)(i) in respect of a particular principal amount must not be less than the principal amount.
23 Paragraph 146MC(1)(a)
Omit "together with", substitute "plus".
24 Subsection 154A(1)
Omit "interest is payable in respect of an amount, the interest must be calculated, and is payable,", substitute "interest is to be calculated on an amount, that interest must be calculated".
25 Section 156A
Before "If:", insert "(1)".
26 Subsection 156A(1)
Omit "interest in respect of the amount", substitute "interest on the amount".
27 At the end of section 156A
Add:
(2) An amount paid under subsection (1) in respect of a particular paragraph (1)(a) amount must not be less than the paragraph (1)(a) amount.
28 Transitional--subsections 154A(1) and (1A) of the Superannuation Act 1976
The amendments made by this Schedule do not affect the continuity of any determination made under subsection 154A(1) or (1A) of the Superannuation Act 1976 before the commencement of this item.
29 Transitional--zero interest
To avoid doubt, the amendments made by this Schedule do not imply that:
(a) zero interest could not have been determined under subsection 154A(1) of the Superannuation Act 1976 before the commencement of this item; or
(b) zero notional interest could not have been determined under subsection 154A(1A) of the Superannuation Act 1976 before the commencement of this item.