Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 2D.2.02

Meaning of benefit

             (1)  For paragraph 200AB(1)(e) of the Act, each of the following things is specified:

                     (a)  any kind of pension, other than a pension paid from a superannuation fund or a superannuation annuity (whether it is paid from an Australian or a foreign fund);

                     (b)  an amount paid as a voluntary out-of-court settlement in a matter relating to the termination of employment;

                     (c)  a payment:

                              (i)  that is made as part of a restrictive covenant, restraint-of-trade clause or non-compete clause (however described); and

                             (ii)  the value of which, when added to the value of all other payments (if any) already made or payable in connection with the person's retirement from board or managerial offices in the company and related bodies corporate, exceeds the payment limit set by section 200G of the Act .

Note:          Subsection 200AB(1) of the Act provides that a benefit includes specified things. Paragraph 200AB(1)(e) of the Act provides that a benefit includes a thing specified in regulations. Things that are not specified in subsection 200AB(1) of the Act or subregulation (1) may also be benefits for the purposes of the Act.

             (2)  For subsection 200AB(2) of the Act, each of the following things is specified:

                     (a)  a deferred bonus, including a benefit attributable to:

                              (i)  the release of the deferred bonus from a restriction relating to death or incapacity; or

                             (ii)  the investment of the deferred bonus; or

                            (iii)  another change to the value of the deferred bonus;

                     (b)  a payment from a defined benefits superannuation scheme that was in existence when this regulation commenced;

                     (c)  a genuine superannuation contribution that is paid by an employer or employee on or after the commencement of this regulation;

                     (d)  genuine accrued benefits that are payable under a law within the meaning of section 200H of the Act;

                     (e)  a payment made under a requirement imposed by a law of another country;

                      (f)  a reasonable payment that is made:

                              (i)  in accordance with a policy of the company or body that applies to all employees; and

                             (ii)  as a result of a genuine redundancy; and

                            (iii)  having regard to the length of a person's service in an office or position;

                     (g)  a payment from a prescribed superannuation fund due to death or incapacity.

Example for paragraph (d):        A payment of annual leave, long service leave or sick leave.

Note:          Subsection 200AB(2) of the Act provides that a benefit does not include a thing specified in regulations. Things that are not specified in subregulation (2) may also not be benefits for the purposes of the Act.

             (3)  In this regulation:

"deferred bonus " includes an amount, or property, that:

                     (a)  is earned by, accrued by or allocated to a person as remuneration in respect of a period of employment before the person's retirement; and

                     (b)  is not paid, provided or released to the person at the time at which it is earned, accrued or allocated.

"prescribed superannuation fund " has the meaning given by section 200B of the Act.



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