When lump sum is payable
79 When lump sum is payable
The lump sum is payable to the person within 30 days after the date on which the Commission became aware of the choice under subsection 78(1).
The Commonwealth is liable to pay interest to the person on the amount of the lump sum if the lump sum is not paid to the person before the end of that period. The interest is payable in respect of the period starting at the end of that period of 30 days and ending on the day on which the lump sum is paid.
The interest is payable at the rate from time to time determined by the Minister by legislative instrument.
This section applies in relation to a legal personal representative who makes a choice under subsection 78(7) in the same way as it applies in relation to a person who makes a choice under subsection 78(1).
This Act’s bill:Explanatory memorandumSecond reading speech
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