115BCalculation of settlement amount

115B Calculation of settlement amount

(1) The amount of the settlement is the amount resulting from applying the following formula—

A is—

(a) if a declaration under subsection (2) is not in effect, the amount of the weekly payment to which the worker is, or, but for the operation of section 96(2), would be, entitled as at the notification date less the amount that must be withheld from that payment for the purposes of the Pay as you go system under Schedule 1 to the Taxation Administration Act 1953 of the Commonwealth; or

(b) if a declaration under subsection (2) is in effect, the amount of the weekly payment to which the worker is, or, but for the operation of section 96(2), would be, entitled as at the notification date.

B is the number in Column 2 of Schedule 1 opposite the number in Column 1 of that Schedule corresponding to the worker's age in years on his or her birthday next following—

(a) if the worker is not receiving payments as a result of the operation of section 96(2), the day after the specified period defined in section 96(3) expires; or

(b) in any other case, the notification date.

(2) The Minister may, by Order published in the Government Gazette, declare that the meaning of "A" in the formula set out in subsection (1) is the meaning set out in paragraph (b) of the definition of A.

The purpose of this provision is to enable the Minister to respond to possible policy changes in relation to the taxation of settlement payments by the Commonwealth Government.

(3) A declaration takes effect on the day after the Order is published, or on any later day specified in the Order.

(4) In this section notification date means the day on which the Authority or self-insurer receives an expression of interest from the worker under section 119.

S. 115C inserted by No. 82/2001 s. 3.