Eligible employees paid in foreign currency
166 Eligible employees paid in foreign currency
In this section, foreign currency means currency other than Australian currency.
Where the salary of an eligible employee is fixed and payable in foreign currency, this Act shall, for the purpose of calculating:
any contributions or other payments payable by him or her under this Act;
any benefit payable to or in respect of him or her under this Act; and
any payment which may become payable from the Consolidated Revenue Fund to the Superannuation Fund, or from the Superannuation Fund to the Commonwealth, in respect of him or her under this Act;
be read as if any reference to an amount of salary, contribution, benefit, or payment, or to any other amount, were a reference to the amount in that foreign currency that corresponds with that amount.
For the purposes of subsection (2):
the amount in sterling that corresponds with an amount referred to in this Act shall be calculated on the basis that 1 pound sterling is the equivalent of $2; and
the amount in any other foreign currency that corresponds to an amount referred to in this Act is to be calculated by using such rate of exchange as is agreed between the eligible employee and the designated employer.
Where a payment made to the Superannuation Fund exceeds, or a payment made from the Superannuation Fund is less than, the amount of the payment which would, but for this section, have been made, there shall be payable to the Commonwealth from the Superannuation Fund an amount equal to the difference, and, where a payment made to the Superannuation Fund is less than, or a payment made from the Superannuation Fund exceeds, the amount of the payment which would, but for this section, have been made, there shall be payable to the Superannuation Fund out of the Consolidated Revenue Fund, which is appropriated accordingly, an amount equal to that difference.
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