17Reduction for superannuation contributions surcharge

17 Reduction for superannuation contributions surcharge

17 Reduction for superannuation contributions surcharge

(1) For the Act, section 14AA(6), STC may, at the request of a former contributor—

(a) adjust the amount of a benefit payable to the former contributor by reducing the benefit by an amount (the reduction amount) equivalent to the lesser of—

(i) the additional surcharge amount, and

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

(b) pay an amount equal to the reduction amount to the former contributor or to the Commissioner of Taxation.

(2) When determining an adjustment under this section, STC may obtain advice, including actuarial advice.

(3) This section does not authorise STC to pay an amount that would result in payments made to or on behalf of the former contributor being greater than the total benefits to which the former contributor is entitled.

(4) This section does not authorise STC to pay an amount of general interest charged for an additional surcharge amount payable under a post payment surcharge assessment notice unless the request for the payment is made within a period after the notice is received that STC considers reasonable.

(5) In this section—

previously met surcharge liability means the sum of—

(a) all amounts paid by the former contributor to STC or the Commissioner of Taxation in relation to the total surcharge amount of the former contributor, and

(b) all amounts for which adjustments relating to the benefit of the former contributor have previously been made under this section or the Act in relation to the superannuation contributions surcharge.