sec.12Election for lump sum to meet surcharge liability

sec.12 Election for lump sum to meet surcharge liability

This section applies to each of the following persons— a former Governor to whom a pension is payable; a surviving partner of a person who died while holding the office if a pension is payable after the death to the surviving partner. The person may elect to be paid a lump sum, instead of a part of the pension payable. The maximum amount that may be paid as a lump sum under the election is the amount of the surcharge liability attributable to holding the office. The election must be— made in writing to the Minister; and accompanied by a copy of the surcharge liability notice stating the amount of the surcharge liability. The Minister must act on the election by reducing the pension by the amount of the lump sum. The reduction must happen in the way decided by the Minister on the advice of an actuary. In this section— surcharge liability means the amount a person is liable to pay to the commissioner of taxation, under the Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997 (Cwlth) , section 15 . surcharge liability notice means a notice given to a person by the commissioner of taxation, under the Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997 (Cwlth) , section 15 . (sec.12-ssec.1) This section applies to each of the following persons— a former Governor to whom a pension is payable; a surviving partner of a person who died while holding the office if a pension is payable after the death to the surviving partner. (sec.12-ssec.2) The person may elect to be paid a lump sum, instead of a part of the pension payable. (sec.12-ssec.3) The maximum amount that may be paid as a lump sum under the election is the amount of the surcharge liability attributable to holding the office. (sec.12-ssec.4) The election must be— made in writing to the Minister; and accompanied by a copy of the surcharge liability notice stating the amount of the surcharge liability. (sec.12-ssec.5) The Minister must act on the election by reducing the pension by the amount of the lump sum. (sec.12-ssec.6) The reduction must happen in the way decided by the Minister on the advice of an actuary. (sec.12-ssec.7) In this section— surcharge liability means the amount a person is liable to pay to the commissioner of taxation, under the Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997 (Cwlth) , section 15 . surcharge liability notice means a notice given to a person by the commissioner of taxation, under the Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997 (Cwlth) , section 15 .

• (a) a former Governor to whom a pension is payable;