14AAPower of STC to reduce benefits to offset certain tax liabilities

14AA Power of STC to reduce benefits to offset certain tax liabilities

14AA Power of STC to reduce benefits to offset certain tax liabilities

(1) Whenever—

(a) a right to a benefit under this Act accrues to or in respect of a contributor or former contributor, and

(b) STC is liable to pay income tax under a Commonwealth taxation law in respect of amounts appropriated from the Consolidated Fund under section 4, and

(c) a portion of that tax is referable to the part of those amounts used to finance the benefit,

STC must, subject to subsection (2)—

(d) calculate the amount necessary to offset STC’s liability to pay tax so far as it is referable to the part referred to in paragraph (c), and

(e) accordingly make a determination reducing that part of the benefit by the amount calculated.

(1A) Whenever—

(a) a right to a benefit under this Act accrues to or in respect of a contributor or former contributor, and

(b) STC has paid or is liable to pay an amount of superannuation contributions surcharge in respect of the employer contributions paid to the Fund, or in respect of contributions made under the State Authorities Non-contributory Superannuation Act 1987, on behalf of the contributor or former contributor,

STC must determine in writing the surcharge deduction amount that, in the opinion of STC, it would be fair and reasonable to take into account in working out the amount of the benefit and must make a determination reducing the benefit accordingly.

(1B) In determining the surcharge deduction amount in respect of a benefit payable to a contributor or former contributor, STC may have regard to any or all of the following matters—

(a) the amount of superannuation contributions surcharge payable or paid by STC in respect of the contributor or former contributor,

(b) the amount by which the contributor’s or former contributor’s surcharge debt account is in debit when the benefit emerges or commences to be paid,

(c) the value of the employer-financed portion of the benefit,

(d) the value of the benefits that, for the purpose of working out (under the of the Commonwealth) the notional surchargeable contribution factors applicable to the contributor or former contributor, were assumed to be likely to be payable to the contributor or former contributor on his or her ceasing to be a member of the police force,