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

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

Social Security Act 1991

I, Sam Cavalli, Acting Branch Manager, Seniors and Means Test Branch, Department of Families, Housing, Community Services and Indigenous Affairs and a delegate of the Secretary of the Department of Families, Housing, Community Services and Indigenous Affairs, make this Determination under paragraph 8(11)(d) of the Social Security Act 1991. [1]

[1] This Determination has effect in relation to provisions of the Social Security Act 1991 in so far as they relate to matters for which the Minister for Families, Community Services and Indigenous Affairs and Minister for Disability Reform has responsibility under the Administrative Arrangements Order.

Dated             11 May   2012

S. Cavalli

Branch Manager, Seniors and Means Test Branch, Department of Families, Housing, Community Services and Indigenous Affairs

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

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.