Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016 (81 of 2016)

Schedule 10   Administrative streamlining

Part 4   Early release of benefits

Superannuation Act 1976

95   Subsection 79A(1)

Insert:

available early release authority amount , in relation to a person at a particular time, means the amount worked out by:

(a) starting with the person's early release authority amount at that time; and

(b) subtracting from the result of paragraph (a) the person's early release deduction amount at that time; and

(c) adding to the result of paragraph (b) the lesser of:

(i) the amount referred to in paragraph (a) of the definition of early release amount ; and

(ii) the modified early release deduction amount in relation to the person at the time.

Note 1: The result of paragraph (b) may be less than nil.

Note 2: Subparagraph (c)(i) is affected by subsection (2).

early release authority amount , in relation to a person at a particular time, means the sum of the amounts referred to in paragraphs (b) to (e) of the definition of early release amount .

Note: This definition is affected by subsection (2).