14Aggregate rate of tax

14 Aggregate rate of tax

14 Aggregate rate of tax

(1) For section 12, Q is—

where—

C is the number of days of continuous service that the person had as a member of the police force in each period during which the rate of tax payable on employer contributions, as referred to in the Act, section 14AA, is L.

D is the number of days of continuous service that the person had as a member of the police force during the period beginning with the date when the person last became liable to make contributions under the Act and ending—

(a) for benefits under the Act, section 10 or 12—with the later of the date the person stopped being a member of the Fund and the date on which the person would have been eligible to retire under the Act, section 7 if the person’s employment as a member of the police force had continued to that date, or

(b) for all other cases—when the person stopped being a member of the Fund.

L is the rate of tax payable on employer contributions set out in the relevant Commonwealth taxation law or a lesser rate determined by STC, having regard to the most recent actuarial valuation of the scheme.

(2) In this section—

person means the person to or in relation to whom the benefit is payable.

Note—

The benefit that emerges on the death of a former member of the police force under the Act, section 11 or 12(1AA)(b)(ii) is not to be reduced because it is calculated as a proportion of the benefit payable to the former member and that benefit will already have been reduced in accordance with the Act, section 14AA.