20Re‑election to the Parliament

20  Re‑election to the Parliament

 (1A) In this section:

cut off date for a person means:

 (a) the date that is 12 months after the person again becomes a member; or

 (b) the date immediately before any day on which the person ceases to be a member upon the dissolution or expiration of the House of which he or she was then a member or upon the expiration of his or her term of office.

eligible lump sum amount means:

 (a) a refund of contributions or a payment of the whole or a part of the Commonwealth supplement, or both; or

 (b) the superannuation guarantee safety‑net amount.

 (1AA) If a person who has received an eligible lump sum amount under this Act again becomes a member, the person may enter into a contract with the Trust, in the manner required by the Trust, to repay the amount specified in subsection (1AD) to the Commonwealth within 3 years of the person again becoming a member.

 (1AB) The contract must be made in the period of 3 months after the person again becomes a member.

 (1AC) If there has not been a cut off date for the person in the 3 month period, the trust may extend the period until the first cut off date for the person after the person again becomes a member.

 (1AD) The amount referred to in subsection (1AA) is calculated as follows:

 (a) if paragraph (b) does not apply to the person—the amount is worked out by using the formula:

  Start formula Eligible lump sum amount times start fraction Parliamentary allowance at contract date over Parliamentary allowance at retirement date end fraction end formula

 (b) if the person’s surcharge debt account was in debit when the eligible lump sum amount became payable to the person—the amount is worked out by using the formula:

  Start formula open bracket Eligible lump sum amount plus Surcharge deduction amount close bracket times start fraction Parliamentary allowance at contract date over Parliamentary allowance at retirement date end fraction end formula

parliamentary allowance at contract date means the annual amount of parliamentary allowance payable to a member at the date on which the person enters into the contract.

parliamentary allowance at retirement date means the annual amount of parliamentary allowance payable to a member at the date on which the person most recently retired from the Parliament.

surcharge deduction amount means the person’s surcharge deduction amount when the eligible lump sum amount became payable to the person.

 (1AE) If a person does not enter into a contract under subsection (1AA), the Trust must not, for the purposes of determining the person’s rights to further benefits under this Act, take into account: