22QMembers who pay to Commonwealth transfer values received from previous employment

22Q  Members who pay to Commonwealth transfer values received from previous employment

 (a) a person who becomes a member on or after 8 June 1973 has, at any time before becoming a member, been in employment within or outside Australia upon the termination of which a transfer value or transfer values became payable to or in respect of him or her on or after 8 June 1973 under a superannuation scheme applicable in relation to that employment;

 (b) the person elected not later than 3 months after the date on which he or she became a member to pay to the Commonwealth an amount equal to:

 (i) the amount of that transfer value; or

 (ii) if 2 or more transfer values became payable—the sum of the amounts of those transfer values; and

 (c) that amount has, before the expiration of that period of 3 months, been paid to the Commonwealth;

the following provisions of this section have effect.

 (2) The Trust may, if it is satisfied that there are special circumstances that justify it in so doing, extend the period for the making of an election, and for the payment of an amount to the Commonwealth, under subsection (1).

 (3) So much of the amount paid to the Commonwealth as is equal to the employee component of the transfer value, or to the sum of the employee components of the transfer values, as the case may be, shall be deemed, for the purposes of this Act other than section 16, to be contributions made by the member.

 (4) For the purposes of section 18, the period of service of the member shall be deemed to be increased by such period as the Trust, having regard to the amount paid to the Commonwealth under subsection (1) in respect of him or her, the rate of the contributions payable by him or her at the time when he or she became a member and the nature of the benefits provided for by this Act, determines as being appropriate in the circumstances.

 (5) If:

 (a) a refund of the whole or any part of the contributions paid by the member to the Commonwealth, together with the whole or any part of the Commonwealth supplement, is payable to or in respect of the member; or

 (b) the superannuation guarantee safety‑net amount is payable to or in respect of the member;

the sum of the following amounts is payable to or in respect of the member by the Commonwealth:

 (c) so much of the amount paid to the Commonwealth under subsection (1) as is equal to the employer component of the transfer value or the sum of the employer components of the transfer values, as the case may be;

 (d) the interest that would have accrued on the amount worked out under paragraph (c) if it were assumed that:

 (i) the amount had been a member contribution made under the superannuation scheme established by deed under the Superannuation Act 1990; and