Void Superannuation Contributions

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Introduction

Trustees of bankrupt estates investigate pre-bankruptcy transfers or transactions when they believe the transaction improperly dissipated or removed assets that would otherwise have come under the trustee's control and be available to creditors. The Bankruptcy Act will sometimes void these transactions and require the other party to return an asset or make a payment to the trustee. Sometimes contributions made by or on behalf of the bankrupt (pre-bankruptcy) to superannuation funds fall into this category.

To void such a transaction, the trustee must show that:

1. a transaction was entered into;
2. they can identify the other party to the transaction;
3. the transaction occurred within a specific time period, or while the debtor was insolvent;
4. the transaction was either under value or had the required purpose;
5. it does not involve protected property.

This paper deals with contributions made pre-bankruptcy that have all of these factors.

This paper contains links to legislation. These will open in a separate window. Most of the legislation shown in this paper is only a summary or extract of the entire section. The links go to the entire section.

Reasons for Avoiding these Transactions

One of a trustee's functions is to ensure that all of the bankrupt's assets are available for distribution to creditors. Part of that role is to discover whether the bankrupt entered into a transaction before they became bankrupt that reduced the amount of assets that are available for distribution. The trustee will want to recover these assets. The provisions set out in this paper give the trustee the power to recover monies paid to eligible superannuation plans in the period before the bankruptcy.

Some debtors, realizing that they are about to be made bankrupt, want to protect some of their assets from their creditors. Some debtors hide, move or transfer these assets to a friendly person to hold during the period of bankruptcy. Sometimes debtors pay the money into their superannuation plan as superannuation is generally an exempt asset.

These provisions are meant to deter debtors from moving assets out of their own hands into their superannuation plan at the expense of their creditors, and allow a trustee to recover the money from the fund when the payments fall under the relevant conditions.

Voiding Payments to Eligible Superannuation Plans

Contributions by the Bankrupt

Various sections of the Bankruptcy Act are designed to void transactions or transfers of property in order to provide a fair distribution of a bankrupt's assets to their creditors. One well known section is section 121 "Transfers to Defeat Creditors" that is designed to void transfers where the intention of that transfer is to remove the property from the grasp of the trustee or creditors.

Subdivision B of Division 3 of Part VI of the Bankruptcy is aimed at voiding transfers of property to eligible superannuation plans where the intention of the transfer was to defeat creditors. The main provisions are very similar to section 121, but these provisions have been tailored specifically to apply with superannuation plans. This was necessary as the Bankruptcy Act generally excludes monies in superannuation plans from being divisible property.

Transfers made by a debtor are void if they occurred after 28 July 2006 and:

• they are to eligible superannuation plans of the bankrupt;
• the property would have formed part of the property available to creditors in a bankrupt estate if the transfer had not been made;
• the main purpose of the transaction was to keep that asset from falling into the trustee's hands and being available to creditors.

BANKRUPTCY ACT 1966 - SECTION 128B
Superannuation contributions made to defeat creditors--contributor is a person who later becomes a bankrupt
Transfers that are void
(1) A transfer of property by a person who later becomes a bankrupt (the transferor) to another person (the transferee) is void against the trustee in the transferor's bankruptcy if:

(a) the transfer is made by way of a contribution to an eligible superannuation plan; and
(b) the property would probably have become part of the transferor's estate or would probably have been available to creditors if the property had not been transferred; and
(c) the transferor's main purpose in making the transfer was:

(i) to prevent the transferred property from becoming divisible among the transferor's creditors; or
(ii) to hinder or delay the process of making property available for division among the transferor's creditors; and

(d) the transfer occurs on or after 28 July 2006.

Most people will initially think of payments of money as transfers, but any property being transferred can be subject to these provisions. The section also goes one step further to include any transaction that creates new property. This is usually in form of securities or equitable or legal interests over assets still owned by the debtor. That is, creating a charge in favour of the superannuation plan may be deemed to be a transfer of property.

(7) For the purposes of this section:
(a) transfer of property includes a payment of money; and
(b) a person who does something that results in another person becoming the owner of property that did not previously exist is taken to have transferred the property to the other person; and
(c) the market value of property transferred is its market value at the time of the transfer.

The trustee of the estate will examine payments to superannuation plans and any other assets created and will assess whether the payment falls within the criteria above. Most of the criteria are factual. The difficult part of that examination is determining the intention of the debtor at the time of the transfer. How that intention may be determined or deemed is set out below.

Contributions by a Third Party

Transfers to superannuation plans made by third parties on behalf of the debtor may also be caught under these provisions. Third parties may have assets that belong to the debtor or owe money to the debtor. Paying that money into a superannuation plan on the instruction of the debtor will be a transaction that may be examined. These are referred to as a 'schemes' in the Act. Again the intention of the transfer must be to defeat creditors.

Transfers made by third parties are void if:

• they are to eligible superannuation plans of the bankrupt;
• the property would have formed part of the property available to creditors in a bankrupt estate (usually as a debt due) if the transfer had not been made;
• the transfer occurred under a scheme to which the debtor was a part - effectively if it was done under the debtor's direct or implied instructions;
• the main purpose of the transaction was to keep that asset from falling into the trustee's hands and being available to creditors

BANKRUPTCY ACT 1966 - SECTION 128C
Transfers that are void
(1) If:
(a) a person (the transferor) transfers property to another person, (the transferee); and
(b) the transfer is by way of a contribution to an eligible superannuation plan for the benefit of a person who later becomes a bankrupt (the beneficiary); and
(c) the transferor did so under a scheme to which the beneficiary was a party; and
(d) the property would probably have become part of the beneficiary's estate or would probably have been available to creditors if the property had not been transferred; and
(e) the beneficiary's main purpose in entering into the scheme was:

(i) to prevent the transferred property from becoming divisible among the beneficiary's creditors; or
(ii) to hinder or delay the process of making property available for division among the beneficiary's creditors; and

(f) the transfer occurred on or after 28 July 2006;

the transfer is void against the trustee in the beneficiary's bankruptcy.

(2) For the purposes of paragraph (1)(b), disregard a benefit that is payable in the event of the death of a person.

As with transfers made by the debtor, transfers of any property or any property created by the transaction may be caught by these provisions. The major difference is the exclusion under subsection (2) of 'benefits' payable in the event of the death of a person.

(9) For the purposes of this section:
(a) transfer of property includes a payment of money; and
(b) a person who does something that results in another person becoming the owner of property that did not previously exist is taken to have transferred the property to the other person; and
(c) the market value of property transferred is its market value at the time of the transfer.

Intention

One of the main purposes of the transaction must be to protect the asset from creditors - to defeat the creditor's interest in the property. This intention only needs to be one of the main purposes of the transaction, not the only purpose. This is subjective and usually must be inferred from the circumstances of the transaction, the financial position of the debtor at that time, and the result of the transaction.

This intention can be deemed by the actual or impending insolvency of the debtor - but only if it can be shown that the debtor was or was about to become bankrupt at the time of the transaction. If the debtor was solvent at the time and remained solvent for some time after the transaction with no indication of an impending bankruptcy, it will be difficult to connect the eventual insolvency to the transaction.

It is common that transactions with this intention are done when a debtor has a pending legal action against them and it appears likely or inevitable that judgment will be brought down against them, or that a loan or other agreement has been breached and will lead to a demand that they will not be able to meet. In these circumstances, showing - or deeming - that intention may be quite easy. Most bankrupts who have undertaken transactions to protect assets usually only do so close to the time of bankruptcy.

BANKRUPTCY ACT 1966 - SECTION 128B
Showing the transferor's main purpose in making a transfer
(2)The transferor's main purpose in making the transfer is taken to be the purpose described in paragraph (1)(c) if it can reasonably be inferred from all the circumstances that, at the time of the transfer, the transferor was, or was about to become, insolvent.
(3) In determining whether the transferor's main purpose in making the transfer was the purpose described in paragraph (1)(c), regard must be had to:

(a) whether, during any period ending before the transfer, the transferor had established a pattern of making contributions to one or more eligible superannuation plans; and
(b) if so, whether the transfer, when considered in the light of that pattern, is out of character.

(4) Subsections (2) and (3) do not limit the ways of establishing the transferor's main purpose in making a transfer.

The trustee will also examine the debtor's history of making contributions to that fund. If the payment is one of a series of very similar payments over a long period, there will be an argument that the required intention did not exist. If the payment is a once off large payment, especially if it is significantly larger than any previous payments, it will probably be deemed that the intention exists.

Third Party Contributions

The same deeming provisions apply to transfers by third parties. If it can be shown that the debtor was insolvent or was about to become insolvent at the time, the intention can be deemed. The same indicators may also be used to determine the intention of the debtor. There is no requirement for the other party to know or suspect the insolvency, as there is no claim being made against that other party.

BANKRUPTCY ACT 1966 - SECTION 128C
Showing the beneficiary's main purpose in entering into the scheme
(3) The beneficiary's main purpose in entering into the scheme is taken to be the purpose described in paragraph (1)(e) if it can reasonably be inferred from all the circumstances that, at the time when the beneficiary entered into the scheme, the beneficiary was, or was about to become, insolvent.

(4) In determining whether the beneficiary's main purpose in entering into the scheme was the purpose described in paragraph (1)(e), regard must be had to:
(a) whether, during any period ending before the scheme was entered into, the transferor had established a pattern of making contributions to one or more eligible superannuation plans for the benefit of the beneficiary; and
(b) if so, whether the transfer, when considered in the light of that pattern, is out of character.

(5) For the purposes of paragraph (4)(a), disregard a benefit that is payable in the event of the death of a person.

(6) Subsections (3) and (4) do not limit the ways of establishing the beneficiary's main purpose in entering into a scheme.

Insolvency

The debtor does not have to have been insolvent at the time of the transaction for it to be void. As detailed in the last section, is it the intention of the debtor that is important though showing insolvency or pending insolvency (was about to become) is a major way of showing that intention. If the trustee is relying on that deeming provision, the court will require evidence on insolvency. Solvency and insolvency is defined in the Act as:

BANKRUPTCY ACT - SECTION 5
Interpretation
(2) A person is "solvent" if, and only if, the person is able to pay all the person's debts, as and when they become due and payable.
(3) A person who is not solvent is "insolvent".

The Act provides a presumption of insolvency if the debtor did not keep proper records of their financial affairs during that period. That presumption is rebuttable, i.e. it may be disproved by positive evidence of solvency. This may be quite difficult if there are truly no records on the financial affairs of the debtor.

BANKRUPTCY ACT 1966 - SECTION 128B
Rebuttable presumption of insolvency
(5) For the purposes of this section, a rebuttable presumption arises that the transferor was, or was about to become, insolvent at the time of the transfer if it is established that the transferor:
(a) had not, in respect of that time, kept such books, accounts and records as are usual and proper in relation to the business carried on by the transferor and as sufficiently disclose the transferor's business transactions and financial position; or
(b) having kept such books, accounts and records, has not preserved them.

The same rebuttable presumption of insolvency applies to transfers made by third parties.

BANKRUPTCY ACT 1966 - SECTION 128C
Rebuttable presumption of insolvency
(7) For the purposes of this section, a rebuttable presumption arises that the beneficiary was, or was about to become, insolvent at the time the beneficiary entered into the scheme if it is established that the beneficiary:
(a) had not, in respect of that time, kept such books, accounts and records as are usual and proper in relation to the business carried on by the beneficiary and as sufficiently disclose the beneficiary's business transactions and financial position; or
(b) having kept such books, accounts and records, has not preserved them.

The rebuttable presumption is designed to stop bankrupts avoiding having past transactions being overturned simply by destroying or hiding the records needed to examine the transaction. The presumption essentially deems that the debtor is insolvent at a particular time unless there are records that prove otherwise. As a consequence of that deemed insolvency, the transactions under examination can be said to have been done under the required intention.

Protection of Other Parties

The Bankruptcy Act goes to some lengths to ensure that innocent parties to void transactions are not prejudiced any more than necessary. The provisions that relate to the voiding of superannuation contributions are no different. The Act provides protection to two parties.

The first party is the trustee of the eligible superannuation plan. When a contribution is received, certain taxes and other charges are deducted and paid to the government, fund managers etc. The trustee of the bankrupt estate will seek the voiding of the transfer - meaning the entire amount of the contribution. Payment of the entire contribution will leave the superannuation trustee (the plan) out of pocket to the extent of the taxes and charges.

The Act provides that when an amount of the contribution is recovered, the amount of taxes and charges that apply to that contribution must be paid to the superannuation trustee, to ensure that they are not out of pocket.

BANKRUPTCY ACT 1966 - SECTION 128B
Refund of contributions tax etc.
(5A) If:
(a) as a result of subsection (1), a transfer made by way of a contribution to an eligible superannuation plan is void against the trustee in the transferor's bankruptcy; and
(b) any of the following amounts was debited from the contribution:

(i) an amount in respect of tax in respect of the contribution;
(ii) a fee, or a charge, in respect of the contribution>; and

(c) in compliance with a section 139ZQ notice that relates to the transfer, the trustee of the eligible superannuation plan pays an amount to the trustee in the transferor's bankruptcy; and
(d) the amount paid in compliance with the section 139ZQ notice exceeds the amount so debited;

the trustee in the transferor's bankruptcy must pay to the trustee of the eligible superannuation plan an amount equal to the amount so debited.

The interesting part is that this protection only applies to payments that are made to the bankruptcy trustee under a section 139ZQ notice. It is debatable whether this protection will apply if the superannuation trustee voluntarily returns the contribution to the bankruptcy trustee, or even if the bankruptcy trustee obtains an Order of the Court for the contribution to be returned.

The other protection is given to innocent parties that received title to any property in good faith - meaning without any knowledge of the intention of the transfer.

Protection of successors in title
(6) This section does not affect the rights of a person who acquired property from the transferee in good faith and for at least the market value of the property.

Third Party Contributions

This protection also applies to superannuation trustees when the contributions are made by other parties, but are voided under the appropriate provisions. The provisions are the same, only worded for contributions by other parties.

BANKRUPTCY ACT 1966 - SECTION 128C
Refund of contributions tax etc.
(7A) If:
(a) as a result of subsection (1), a transfer made by way of a contribution to an eligible superannuation plan is void against the trustee in the beneficiary's bankruptcy; and
(b) any of the following amounts was debited from the contribution:

(i) an amount in respect of tax in respect of the contribution;
(ii) a fee, or a charge, in respect of the contribution; and

(c) in compliance with a section 139ZQ notice that relates to the transfer, the trustee of the eligible superannuation plan pays an amount to the trustee in the beneficiary's bankruptcy; and
(d) the amount paid in compliance with the section 139ZQ notice exceeds the amount so debited;

the trustee in the beneficiary's bankruptcy must pay to the trustee of the eligible superannuation plan an amount equal to the amount so debited.

The same protection is also given to parties that obtain title to property without knowing the intention of the transfer when the contribution is made by another party.

Protection of successors in title
(8) This section does not affect the rights of a person who acquired property from the transferee in good faith and for at least the market value of the property.

Protection against criminal and civil prosecution

The Bankruptcy Act also protects the trustee of the eligible superannuation plan from criminal and civil prosecution for acts done in good faith. These acts include complying with a section 139ZQ notice or an order of the Court.

BANKRUPTCY ACT 1966 - SECT 128L
Protection of trustee of eligible superannuation plan 
(1) No criminal or civil proceedings lie against the trustee of an eligible superannuation plan because of anything done (or not done) by the trustee in good faith:

Superannuation Account-Freezing Notices

The Bankruptcy Act gives bankruptcy trustees certain powers to assist them in making these claims. One is the power to issue Superannuation Account-Freezing Notices. The notices are issued by the Official Receiver and are only done so when the bankruptcy trustee has satisfied the Official Receiver that there are "reasonable grounds" that a contribution to a plan is void. The notice comes into force when it is given to the trustee of the eligible superannuation plan.

BANKRUPTCY ACT 1966 - SECT 128E
(1) This section applies in relation to a member of an eligible superannuation plan if the Official Receiver has reasonable grounds to believe that:
(a) a transaction is void against the trustee of a bankrupt's estate under section 128B or 128C; and
(b) either:

(i) the whole or a part of the member's superannuation interest is attributable to the transaction; or
(ii) the trustee of the bankrupt's estate has made an application for a section 139ZU order that relates to the transaction and the member's superannuation interest

These notices effect the plan trustee's rights to deal with the funds in the plan, expect in limited circumstances. The notices are designed to ensure that the money is not paid out or otherwise disbursed before the issue of the potentially void transactions is resolved.

One important point is that the notice is either directed at the money paid into the plan from the contribution under examination - the money will have to be traced and identified in the plan at the time of issuing the notice - or the bankruptcy trustee must have made an application for an Order under section 139ZU in relation to Rolled-Over Superannuation Interests. The money must be identifiable.

These notices do not act in the same way as a section 139ZQ notice (139ZQ notices are a quasi-judicial demand). In fact, one of the remedies that a bankruptcy trustee has is applying to the Official Received for notice under section 139ZQ.

BANKRUPTCY ACT 1966 - SECT 128L
Giving of freezing notice
(2) The Official Receiver may, by written notice (a superannuation account - freezing notice) given to the trustee of the eligible superannuation plan, direct the trustee of the plan not to:
(a) cash or debit; or
(b) permit the cashing, debiting, roll-over, transfer or forfeiture of;

the whole or any part of the superannuation interest except:

(c) for the purposes of complying with a notice under section 139ZQ; or
(d) for the purposes of complying with an order under section 139ZU; or
(e) for the purposes of charging costs against, or debiting costs from, the superannuation interest; or
(f) for the purposes of giving effect to a family law payment split; or
(g) in accordance with the written consent of the Official Receiver given under section 128H; or
(h) for the purposes of complying with an order under paragraph 128K(1)(b); or
(i) for the purposes of complying with an order under subsection 139ZT(2); or
(j) in such circumstances (if any) as are specified in the regulations.

Because the notice is given by the Official Receiver and effects the rights of the bankrupt on what would be otherwise exempt (non-divisible) property, the reasons for issuing the notice and the circumstances behind the decision to issue must be set out in the notice. That is, the notice must set out why the Official Receiver believes that the contributions to the superannuation plan are void.

BANKRUPTCY ACT 1966 - SECT 128E
(3) The superannuation account-freezing notice must set out the facts and circumstances because of which the Official Receiver considers that the Official Receiver has reasonable grounds to believe that:
(a) the transaction is void against the trustee of the bankrupt's estate under section 128B or 128C; and
(b) either:

(i) the whole or a part of the member's superannuation interest is attributable to the transaction; or
(ii) the trustee of the bankrupt's estate has made an application for a section 139ZU order that relates to the transaction and the member's superannuation interest.

A Superannuation Account-Freezing Notice is not an open ended right to the bankruptcy trustee. The notice may be revoked by the Official Receiver at any time. The notice will be automatically revoked if the money is claimed under the section 139ZQ notice and the notice is revoked or of the Court sets aside the 139ZQ notice.

That is, if the Superannuation Account-Freezing Notice was supporting a section 139ZQ notice and that notice is satisfied or is revoked, the freezing notice is automatically also revoked.

BANKRUPTCY ACT 1966 - SECT 128F
(3) If:
(a) subparagraph 128E(1)(b)(i) applied in relation to a superannuation account-freezing notice given in relation to a member of an eligible superannuation plan; and
(b) during the 180-day period after the superannuation account-freezing notice comes into force, a section 139ZQ notice is given in relation to the transaction referred to in paragraph 128E(1)(a);

the superannuation account-freezing notice is revoked:

(c) when the trustee of the plan complies with the section 139ZQ notice; or
(d) when the section 139ZQ notice is revoked; or
(e) when the Court sets aside the section 139ZQ notice.

The bankruptcy trustee effectively has 180 days to take or conclude their action after the freezing notice is given. If they cannot provide sufficient evidence within that time to satisfy the Official Receiver that a section 139ZQ notice should be issued, the freezing notice will be revoked.

BANKRUPTCY ACT 1966 - SECT 128F
Revocation of freezing notice if no section 139ZQ notice given after 180 days
(4) If subparagraph 128E(1)(b)(i) applied in relation to a superannuation account-freezing notice given in relation to a member of an eligible superannuation plan, the superannuation account-freezing notice is revoked if:
(a) 180 days pass after the notice comes into force; and
(b) no section 139ZQ notice has been given in relation to the transaction referred to in paragraph 128E(1)(a).

Similarly if the bankruptcy trustee is seeking relief through a section 139ZU order, then

(i) compliance with that order or
(ii) that order being set aside or dismissed or
(iii) if the application for the order is withdrawn within the 180 day period,

the freezing notice will automatically be revoked.

BANKRUPTCY ACT 1966 - SECT 128F
Revocation of freezing notice when section 139ZU order complied with etc.
(5) If:
(a) subparagraph 128E(1)(b)(ii) applied in relation to a superannuation account-freezing notice given in relation to a member of an eligible superannuation plan; and
(b) during the 180-day period after the superannuation account-freezing notice comes into force, a section 139ZU order is made in relation to the transaction referred to in paragraph 128E(1)(a) and in relation to the member's superannuation interest;

the superannuation account-freezing notice is revoked:

(c) when the trustee of the plan complies with the section 139ZU order; or
(d) when the section 139ZU order is set aside on appeal.

Revocation of freezing notice when application for section 139ZU order dismissed or withdrawn
(6) If:
(a) subparagraph 128E(1)(b)(ii) applied in relation to a superannuation account-freezing notice given in relation to a member of an eligible superannuation plan; and
(b) during the 180-day period after the superannuation account-freezing notice comes into force:

(i) the Court dismisses an application for a section 139ZU order in relation to the transaction referred to in paragraph 128E(1)(a) and in relation to the member's superannuation interest; or
(ii) an application for a section 139ZU order in relation to the transaction referred to in paragraph 128E(1)(a) and in relation to the member's superannuation interest is withdrawn;

the superannuation account-freezing notice is revoked.

The notice is also revoked if no order under section 139ZU is made within the 180 day period.

BANKRUPTCY ACT 1966 - SECT 128F
Revocation of freezing notice if no section 139ZU order made after 180 days
(7) If subparagraph 128E(1)(b)(ii) applied in relation to a superannuation account-freezing notice given in relation to a member of an eligible superannuation plan, the superannuation account-freezing notice is revoked if:
(a) 180 days pass after the notice comes into force; and
(b) no section 139ZU order has been made in relation to the transaction referred to in paragraph 128E(1)(a) and in relation to the member's superannuation interest.

The trustee is bound by a 180 day period, but that period may be extended on application to the court.

BANKRUPTCY ACT 1966 - SECT 128F
Extension of 180 day period
(8) The Court may, on application by the Official Receiver, extend, or further extend, the 180 day period referred to in subsection (5), (6) or (7).

(9) The Official Receiver may make an application under subsection (8):
(a) if the Official Trustee is the trustee of the bankrupt's estate--on the initiative of the Official Receiver; or
(b) if a registered trustee is the trustee of the bankrupt's estate--on application by the registered trustee.

Section 139ZU Orders

The provisions that allow bankruptcy trustees to recover money paid into eligible superannuation plans also contemplates the transfer of money (the roll over of superannuation interests) between more than one plan or between one or more people. It allows the tracing of the void money into a second plan. Section 139ZU allows the Court to make an order directing a payment of money from the second plan to the bankruptcy trustee, but there are limitations.

The first is that the contribution to the first plan must be void under the provisions set out above. This is the void transaction. But if the money has been transferred (rolled over) to another plan, there may not be sufficient funds left in that first plan to satisfy a claim. If there is sufficient money still in the first plan to pay the claim, this provision will not be necessary. But there may be a shortfall. The money, or some of it, would now be in a second plan.

The shortfall contemplated in the section is the shortfall from the money remaining in the first plan to the amount of the bankruptcy trustee's claim. Only the amount of the shortfall may be claimed from the second plan. Essentially the trustee can keep tracing the money into the new plan and effect a recovery of the shortfall.

BANKRUPTCY ACT 1966 - SECT 139ZU
Order relating to rolled-over superannuation interests etc.
(1) If, on application by the trustee of a bankrupt's estate, the Court is satisfied that:
(a) a transaction is void against the trustee of the bankrupt's estate under section 128B or 128C; and
(b) the transaction was by way of a contribution to an eligible superannuation plan (the first plan)for the benefit of a person (the beneficiary) who may or may not be the bankrupt; and
(c) the beneficiary's withdrawal benefit in relation to the first plan falls short of the amount of the money, or the value of the property, received as a result of the transaction; and
(d) the beneficiary has a superannuation interest in another eligible superannuation plan; and
(e) the superannuation interest referred to in paragraph (d) is attributable, in whole or in part, to the roll?over or transfer, after the transaction referred to in paragraph (a) happened, of the whole or a part of the beneficiary's superannuation interest in the first plan;

the Court may, by order, direct the trustee of the other eligible superannuation plan to pay to the trustee of the bankrupt's estate a specified amount not exceeding whichever is the lesser of the following:

(f) the amount of the shortfall referred to in paragraph (c);
(g) the beneficiary's withdrawal benefit in relation to the other eligible superannuation plan.

Disclaimer
The enclosed information is of necessity a brief overview and it is not intended that readers should rely wholly on the information contained herein. No warranty express or implied is given in respect of the information provided and accordingly no responsibility is taken by Worrells or any member of the firm for any loss resulting from any error or omission contained within this fact sheet.

Last Updated: 06.06.2011

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