124Taxation provision account

124 Taxation provision account

(1)  The Commission may establish within the TASS Fund a taxation provision account for TASS Fund accounting purposes.

(2)  If a taxation provision account has been established under subregulation (1) , the Commission is to credit to the account any tax deducted from members’ accounts and any taxation provision applicable to the TASS Fund’s investment earnings.

(3)  If a taxation provision account has been established under subregulation (1) , the Commission is to debit to the account all or part of the tax, paid to the Taxation Commissioner in accordance with the Income Tax Assessment Act 1936 of the Commonwealth and the Income Tax Assessment Act 1997 of the Commonwealth, that is applicable to the TASS Fund.

(4)  If, at the end of a financial year, the taxation provision account established under subregulation (1) is in surplus or deficit, the Commission must determine whether or not to –

(a) distribute the surplus to, or recover the deficit from, members or the TASS Fund; or

(b) carry forward the provision to the next financial year.