149Establishment of surchargeable contributions debt account

149 Establishment of surchargeable contributions debt account

(1)  The Commission must calculate for each member a notional contributions surcharge amount having regard to –

(a) the member’s salary; and

(b) either –

(i) the notional surchargeable contributions factor provided to the Commission by the Actuary as required by the law of the Commonwealth and these regulations; or

(ii) if no such factor has yet been provided, the last such factor that was current for the former superannuation scheme immediately before 30 June 2006.

(2)  The Commission must provide the Taxation Commissioner, as required by the law of the Commonwealth, with particulars of the notional contributions surcharge amount in respect of each member.

(3)  If a member requests, the Commission is to give to the member a copy of the particulars in relation to that member given to the Taxation Commissioner under subregulation (2) , together with details of how the notional contributions surcharge amount was calculated.

(4)  If a member believes that the amount referred to in subregulation (2) is incorrect, the member may by notice in writing to the Commission –

(a) request that the calculation of the amount be reviewed; and

(b) request the Commission to consider any evidence which the member may submit to it.

(5)  If a surchargeable contributions debt or similar account was established for a member for the purposes of the former superannuation scheme, the TASS Trust Deed or a former trust deed, the account continues to have effect as if it was a surchargeable contributions debt account established by the Commission under this regulation.

(6)  Subject to subregulation (7) , on receipt of an assessment notice from the Taxation Commissioner in respect of a member, the Commission must –

(a) establish a surchargeable contributions debt account in the name of the member; and

(b) debit that account by the amount of any surcharge contributions tax liability specified in the notice of assessment relating to the member; and