24DSurcharge debt account

24D Surcharge debt account

S. 24D(1) amended by No. 61/2013 s. 16(7)(9).

(1) The Board must establish and maintain a separate surcharge debt account for each member of the Scheme.

S. 24D(2) amended by No. 61/2013 s. 16(7).

(2) The Board must debit to a member's surcharge debt account—

S. 24D(2)(a) amended by No. 61/2013 s. 16(7).

(a) any superannuation contributions tax paid or payable by the Board on contributions in respect of the member as a result of the operation of the Commonwealth Superannuation Contributions Tax (Assessment and Collection) Act 1997 to discharge the liability imposed under that Act; and

(b) if the member's surcharge debt account is in debit at the end of a financial year, interest on the amount by which the account is in debit, calculated at the same rate as the rate determined under section 16 of the Commonwealth Superannuation Contributions Tax (Assessment and Collection) Act 1997; and

(c) any debit adjustment to the amount debited under paragraph (a).

S. 24D(3) amended by No. 61/2013 s. 16(7).

(3) The Board must credit to a member's surcharge debt account—

S. 24D(3)(a) amended by No. 61/2013 s. 16(7).

(a) any pre-payment by the member to the Board in respect of any payment made or to be made by the Board to discharge or partially discharge the liability imposed under the Commonwealth Superannuation Contributions Tax (Assessment and Collection) Act 1997; and

(b) any credit adjustment to the amount debited under subsection (2)(a); and

(c) any surcharge deduction amount under subsection (4); and

(d) an amount to achieve a nil balance after all the debits under subsection (2) and all the credits under paragraphs (a) to (c) have been made.

S. 24D(4) amended by No. 61/2013 s. 16(7)(14).

(4) If—

S. 24D(4)(a) amended by No. 61/2013 s. 16(7).

(a) the Board discharges the liability imposed under the Commonwealth Superannuation Contributions Tax (Assessment and Collection) Act 1997 under section 7 of that Act; and

(b) benefits become payable to or in respect of a person who has held office as a member; and

(c) the person's surcharge debt account is in debit when those benefits become so payable—

then, despite anything in any Act or in any trust instrument, contract or other document, the Board may reduce those benefits by an amount determined in writing that, in the Board's opinion on the advice of an actuary, would be fair and reasonable having regard to the matters specified in subsection (5).

S. 24D(5) amended by No. 61/2013 s. 16(7).