Social Security (Exempt Lump Sum) (Commonwealth Bank Officers Superannuation Corporation Pty Ltd - OSF DB Rectification Project Payment) (DEEWR) Determination 2012

Link to law: https://www.comlaw.gov.au/Details/F2012L01095

 
Social Security (Exempt Lump Sum) (Commonwealth Bank Officers Superannuation Corporation Pty Limited – OSF DB Rectification Project Payment) (DEEWR) Determination 2012
 
Social Security Act 1991
I, David Pattie, Branch Manager, Income Support Programs Branch, Department of Education, Employment and Workplace Relations, make this Determination under paragraph 8(11)(d) of the Social Security Act 1991.
Dated                             24 May 2012

 
DAVID PATTIE
Branch Manager, Income Support Programs Branch
Department of Education, Employment and Workplace Relations
 
1              Name of Determination
                This Determination is the Social Security (Exempt Lump Sum) (Commonwealth Bank Officers Superannuation Corporation Pty Ltd – OSF DB Rectification Project Payment) (DEEWR) 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.
4              Exempt Lump Sums
(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.
 
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