37Contributions and benefit entitlements subject to taxation

37 Contributions and benefit entitlements subject to taxation

The Commission, having regard to the law of the Commonwealth, must –

(a) establish and maintain policies and administrative procedures with respect to the taxation of contributions and PS Fund superannuation benefits under these regulations; and

(b) determine, from time to time –

(i) the proportion of a PS Fund superannuation benefit that is to be treated by the Commission as an element untaxed in the fund for the purposes of the Income Tax Assessment Act 1997 of the Commonwealth; and

(ii) the proportion of a PS Fund superannuation benefit that is to be treated by the Commission as an element taxed in the fund for the purposes of that Act; and

(iii) the proportion of a PS Fund superannuation benefit that is to be treated by the Commission as a tax free component for the purposes of that Act; and

(c) deduct from contributions and PS Fund superannuation benefits all amounts required to be paid as taxation under the law of the Commonwealth and remit those amounts to the Taxation Commissioner.