Commonwealth legislation

Social Security (Exempt Lump Sum) (Commonwealth Bank Officers Superannuation Corporation Pty Limited – OSF DB Rectification Project Payment) (FaHCSIA) Determination 2012

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

2/10 complexity

This instrument ensures lump-sum OSF DB Rectification Project Payments from the Commonwealth Bank Officers Superannuation Corporation—paid to fix a past miscalculation of the tax‑free component of defined benefit pensions—are ignored for Centrelink income tests. It protects affected retirees from having Age Pension or other social security benefits reduced because of the fund’s error.

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Current sections

Direct links to the current provisions in Social Security (Exempt Lump Sum) (Commonwealth Bank Officers Superannuation Corporation Pty Limited – OSF DB Rectification Project Payment) (FaHCSIA) Determination 2012.

Part 1

Preliminary

Part 1 Preliminary

1 Name of Determination

This Determination is the Social Security (Exempt Lump Sum) (Commonwealth Bank Officers Superannuation Corporation Pty Limited – OSF DB Rectification Project Payment) (FaHCSIA) Determination 2012.

2 Commencement

This Determination commences the day after it is registered.

3 Definitions

In this Determination:

Act means the Social Security Act 1991.

CBOSC means the Commonwealth Bank Officers Superannuation Corporation Pty Limited.

OSF DB Rectification Project Payment means a lump sum ex gratia payment paid by CBOSC or the Commonwealth Bank of Australia to, or on behalf of certain people whose social security payments were affected (directly or indirectly) or who did not claim a social security payment from 1 July 2007 because of:

the CBOSC incorrectly calculating the tax free component of defined benefit income streams provided by the Officers’ Superannuation Fund; or
the CBOSC not providing the Department of Human Services or the person with information about the tax free component of defined benefit income streams provided by the Officers’ Superannuation Fund.

Part 2 Exempt Lump Sums

Amount or class of amounts

4 Amount or class of amounts

(1) Paragraph 8(11)(d) of the Act provides that the Secretary may determine that an amount, or class of amounts received by a person, is an exempt lump sum.

(2) If an OSF DB Rectification Project Payment is made, any amount of that payment is an exempt lump sum.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.