164Taxation provision account

164 Taxation provision account

(1)  The Commission may establish within the SFCS Fund a taxation provision account for SFCS 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 SFCS 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 SFCS 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 SFCS Fund by way of adjusting investment returns or a transfer to or from the SFCS Fund; or

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