19How to make an election

19 How to make an election

(1) An election must be in writing and be signed by the person. (2) The election must: (a) specify the percentage or amount (the specified salary sacrifice) of base salary that is forgone; and (b) specify the name of, and contact details for, the additional contributions fund; and (c) specify the date (the start date) from which the election is to have effect, being a date: (i) that is the first day of the next fortnight following the fortnight in which the election is made, or the first day of a later fortnight; and (ii) if the election is made before the start of a new scheme contribution period of the person as permitted by paragraph 17(b)—that is not before the start of the new scheme contribution period; and (d) contain such other information (if any) as is required by the regulations. (3) The specified salary sacrifice must be either: (a) a specified percentage of the fortnightly amount of base salary worked out under regulations made for the purposes of subsection 52A(2); or (b) a specified amount per fortnight.

Note: In deciding what amount or percentage to specify, consideration should be given to the effect of subsection 21(3).

(4) The election must be accompanied by evidence that the additional contributions fund will accept the additional contributions. However such evidence is not required if: (a) the additional contributions fund is the default basic contributions fund; or (b) the additional contributions fund is the chosen basic contributions fund of the person, and the evidence that accompanied the notice choosing that fund indicates that the fund will accept the additional contributions. (5) The election must be given to the administering authority. (6) For the purposes of subparagraphs (2)(c)(i) and (ii), the election is made when it is given to the administering authority.