Div 296tax law has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997.

Division 296 tax law has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997. release authority lump sum has the meaning given by section 22SC. superannuation provider has the meaning given by subsection 995‑1(1) of the Income Tax Assessment Act 1997. 22SB  Secretary treated as superannuation provider   For the purposes of this Act, the Division 293 tax law and Division 296 tax law apply as if the Secretary of the Finance Department was the superannuation provider in relation to the defined benefit interest established under this Act. Division 2—Release under a release authority 22SC  Release of benefits under a release authority  (1) A lump sum (the release authority lump sum) may be paid at a time in compliance with a release authority issued to a person under item 3 or 4 of the table in subsection 135‑10(1) in Schedule 1 to the Taxation Administration Act 1953 and given to the Secretary of the Finance Department in accordance with Subdivision 135‑B in that Schedule if, at that time:  (a) the person’s surcharge debt account is not in debit; or  (b) subsection (2) applies; or  (c) the person is entitled to an associate deferred annuity. Note: The purpose of the release authority is to allow a lump sum to be paid to the Commissioner to meet a debt the person has under Subdivision 133‑C or 134‑C in Schedule 1 to the Taxation Administration Act 1953. Surcharge election must be made or forgone  (2) This subsection applies if any of the following are satisfied:  (a) the person has made an election under subsection 18A(1) (which deals with the adjustment of benefits to take account of the surcharge deduction amount);  (b) the person has not made an election under that subsection and the period within which such an election may be made has expired;  (c) the person gives the Secretary of the Finance Department written notice that the person forgoes making an election under that subsection. Appropriation  (3) Payment of a release authority lump sum must be made out of the Consolidated Revenue Fund, which is appropriated accordingly. 22SD  Limit on amount that may be released  (1) In addition to any requirements in Division 135 in Schedule 1 to the Taxation Administration Act 1953, the amount of a release authority lump sum paid in relation to a release authority issued to a person must not have the effect that the person’s retiring allowance or associate deferred annuity is reduced below zero.  (2) For the purpose of subsection (1), the effect of a release authority lump sum on the amount of the person’s retiring allowance is to be worked out after taking account of:  (a) the amount of any surcharge adjustment applicable in relation to the person’s retiring allowance under a provision of this Act; and  (b) any reduction under section 22DI (which deals with special payments during deferral period); and  (c) any reduction under Part VAA (which deals with family law splitting).  (3) For the purpose of subsection (1), the effect of a release authority lump sum on the amount of the person’s associate deferred annuity is to be worked out after taking account of any reduction under Part VAA (which deals with family law splitting). 22SE  Calculation of benefits after payment of release authority lump sum Retiring allowance  (a) a release authority lump sum is paid in relation to a release authority issued to a person; and  (b) the person is entitled to a retiring allowance in accordance with section 18; the person’s rate of retiring allowance is the applicable percentage of the rate of retiring allowance that would, apart from this section (but having regard to any other provisions of this Act that affect that rate), be worked out under section 18.  (2) For the purposes of subsection (1), the applicable percentage is worked out using this formula:    age factor means the age factor for the person on the day on which the retiring allowance becomes payable (see subsection (4)). basic rate means the rate of the retiring allowance that would, apart from this subsection (but having regard to any other provisions of this Act that affect that rate), be worked out under section 18 for the person at the time the retiring allowance becomes payable.  (3) The applicable percentage mentioned in subsection (1) is to be calculated to 3 decimal places (rounding up if the fourth decimal place is 5 or more).  (4) The Secretary of the Finance Department may, by legislative instrument, determine the age factor, or the method for working out the age factor, for the purposes of subsection (2). Associate deferred annuity  (5) If a release authority lump sum is paid in relation to a release authority issued to a person and an associate deferred annuity is payable to the person, the annual rate of the annuity is to be reduced so that it equals the amount worked out using this formula:  age factor means the age factor for the person on the day on which the annuity becomes payable (see subsection (6)). pre‑reduction rate means the annual rate of the annuity that would, apart from this section (but having regard to any other provisions of this Act that affect that rate), be payable to the person.  (6) The Secretary of the Finance Department may, by legislative instrument, determine the age factor, or the method for working out the age factor, for the purposes of subsection (5). Multiple release authority lump sums  (7) If more than one release authority lump sum is paid in relation to release authorities issued to a person, a reference in the formula in subsection (2) or (5) to the release authority lump sum is taken to be a reference to the total amount of those release authority lump sums. Part VI—Miscellaneous