14Further reduction of certain benefits resulting from liability for superannuation contributions surcharge—the Act, s 26D

14 Further reduction of certain benefits resulting from liability for superannuation contributions surcharge—the Act, s 26D

14 Further reduction of certain benefits resulting from liability for superannuation contributions surcharge—the Act, s 26D

(1) For the Act, section 26D(9)(b), the trustees may, at the request of a former member—

(a) reduce the amount of the former member’s benefit by the lesser of—

(i) the additional surcharge amount for the former member, and

(ii) the amount, not less than $0, that is equal to the amount of the surcharge deduction cap after deducting any previously met surcharge liability, and

(b) pay the lesser amount to—

(i) the former member, or

(ii) the Commissioner of Taxation.

(2) The trustees may request actuarial advice for the purposes of determining the amount by which the former member’s benefit is to be reduced.

(3) In this section—

previously met surcharge liability means the sum of—

(a) all amounts paid by the former member in relation to the former member’s total surcharge amount to—

(i) the trustees, or

(ii) the Commissioner of Taxation, and

(b) all amounts that have previously been reduced under this section or the Act, section 26D in relation to the former member’s superannuation contributions surcharge.