CTHIn ForceLegislation
Superannuation (CSS) Transfer Arrangements Regulations
Sch 7Modifications — Managing Director of the Australian Trade Commission
Start here
Get a plain-English read of Sch 7
Turn the raw legal text into a practical explanation grounded in Superannuation (CSS) Transfer Arrangements Regulations.
Schedule 7 Modifications — Managing Director of the Australian Trade Commission
(regulation 10)
| Modifications | |
|---|---|
| Section | |
| 127 | Omit, substitute the following section: |
| ‘127In this Division, a reference to the prescribed person is a reference to the person who:(a) on 3 February 1986, holds the office of Managing Director of the Australian Trade Commission and becomes an eligible employee by virtue of a direction given by the Commissioner under subsection 14 (1); and(b) was, for the period commencing on 8 February 1966 and ending on the expiration of31 December 1977, a member of a superannuation scheme known as the Kennecott Pension Plan.’. | |
| 128 | Omit subsections (1) and (2), substitute the following subsections: |
| ‘(1) Where the prescribed person pays to the Commissioner, not later than 3 months after the amount payable to the prescribed person under the Kennecott Pension Plan becomes so payable, or within such further period as the Commissioner allows, an amount equal to that amount, the Commissioner shall pay that amount to the Commonwealth. | |
| ‘(2) Where the prescribed person pays to the Commissioner, on the day on which the prescribed person pays to the Commissioner the amount referred to in subsection (1), an amount of interest on that amount calculated at the flat rate of 10% per annum in respect of the period commencing on 3 February 1986 and ending on the expiration of the day on which the first-mentioned amount is so paid to the Commissioner, the Commissioner shall pay that amount of interest to the Commonwealth.‘(2A) Where the prescribed person pays to the Commissioner, within such period as the Commissioner allows, the amount of $12,655.15, the Commissioner shall pay that amount to the Commonwealth.’. | |
| Insert in subsection (3) ‘prescribed’ after ‘upon the’. | |
| Omit from subsection (3) all words from and including ‘the amount paid’, substitute ‘an amount equal to two-sevenths of the amount paid to the Commonwealth under subsection (1) or (2A), or, where amounts are paid into that Fund under both of those subsections, amounts equal to two-sevenths of each of those amounts, had been:(a) basic contributions paid by the prescribed person to the Commissioner under this Act; and(b) paid by the Commissioner into the Superannuation Fund.’. | |
| Omit subsections (4), (5) and (6), substitute the following subsections: |