OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS 1987 (REPEALED)

PART IA - REASONABLE BENEFIT LIMITS  

Division 2 - Information and time periods  

REGULATION 4K   PERIODS FOR DETERMINATION OF REASONABLE BENEFIT LIMITS  

4K(1)   [ Determinations and interim determinations ]  

For the purposes of subsections 15K(1) and 15L(1) of the Act, the period within which the Commissioner must determine whether a benefit is in excess of the reasonable benefit limits and, if it is, the extent to which it exceeds those limits is:

(a) if the notice under subsection 15G(1) of the Act is received before 1 May 1991 - the period of 12 months after the day on which the notice is received, reduced by the number of days between 1 July 1990 and the day on which the notice is received; or

(b) in any other case - 60 days after receiving the notice.

4K(2)   [ Revision following roll-over ]  

For the purposes of subsection 15K(6) of the Act, the period within which the Commissioner must revise a determination is:

(a) if the notice under subsection 15J(1) of the Act is received before 1 May 1991 - the period of 12 months after the day on which the notice is received, reduced by the number of days between 1 July 1990 and the day on which the notice is received; or

(b) in any other case - 60 days after receiving the notice.

4K(3)   [ Commutation within 6 months ]  

For the purposes of subsection 15K(7) of the Act, the period within which a person may elect to commute a superannuation pension or annuity is 6 months after the commencement day of the pension or annuity.

4K(4)   [ Revised determination after commutation ]  

For the purposes of subsection 15K(7) of the Act, the period within which the Commissioner must make a revised determination is:

(a) if notice of the commutation is received before 1 May 1991 - the period of 12 months after the day on which the notice is received, reduced by the number of days between 1 July 1990 and the day on which the notice is received; or

(b) in any other case - 60 days after receiving notice of the commutation.

4K(5)   [ Revision where payment reduced by Tax Commissioner ]  

For the purposes of subsection 15K(8) of the Act, the period within which the Commissioner must revise a determination is:

(a) if the applicant has applied to the Commissioner before 1 May 1991 for revision of the determination - the period of 12 months after the person has applied to the Commissioner for revision of the determination, reduced by the number of days from the beginning of 1 July 1990 to the end of the day on which the application was made; or

(b) if the applicant has applied to the Commissioner on or after 1 May 1991 for revision of the determination - the period of 60 days after the person has applied to the Commissioner for revision of the determination.