Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 200A

General rules

  (1)   For the purposes of this Division:

  (a)   a benefit is given in connection with a person's retirement from an office or position if the benefit is given:

  (i)   by way of compensation for, or otherwise in connection with, the loss by the person of the office or position; or

  (ii)   in connection with the person's retirement from the office or position; and

  (b)   giving a benefit includes:

  (i)   if the benefit is a payment--making the payment; and

  (ii)   if the benefit is an interest in property--transferring the interest; and

  (c)   a person gives a benefit even if the person is obliged to give the benefit under a contract; and

  (d)   a pension or lump sum is paid or payable in connection with the person's retirement from an office or position if the pension or lump sum is paid or payable:

  (i)   by way of compensation for, or otherwise in connection with, the loss by the person of the office or position; or

  (ii)   in connection with the person's retirement from the office or position; and

  (e)   retirement from an office or position includes:

  (i)   loss of the office or position; and

  (ii)   resignation from the office or position; and

  (iii)   death of a person at a time when they hold the office or position; and

  (f)   when working out whether a person has retired from an office or position, disregard whether or not the person's details are included in a directors' report in accordance with paragraph   300A(1)(c).

Rules in regulations

  (1A)   Without limiting subsection   (1), a benefit is given in connection with a person's retirement from an office or position if the benefit is given in circumstances specified in regulations made for the purposes of this subsection.

Note:   For specification by class, see subsection   13(3) of the Legislation Act 2003 .

Related benefits

  (2)   For the purposes of this Division, if:

  (a)   a person ( person A ) gives another person a benefit ( benefit A ); and

  (b)   person A gives benefit A for the purpose, or for purposes including the purpose, of enabling or assisting someone to give a person a benefit in connection with the retirement of a person ( person B ) from an office or position;

person A is taken to give benefit A in connection with the person B's retirement from that office or position.