Public Sector Superannuation Reform Regulations 2017
74Establishment of surchargeable contributions debt account
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74 Establishment of surchargeable contributions debt account
(1) On receipt of the first assessment notice from the Taxation Commissioner in respect of a contributor or pensioner, the Commission must establish a surchargeable contributions debt account in respect of the contributor or pensioner.
(2) The Commission must debit the surchargeable contributions debt account with the amount of any surcharge liability specified in the assessment notice relating to the contributor or pensioner.
(3) If the surchargeable contributions debt account is in debit at the end of a financial year, the Commission must, in accordance with the law of the Commonwealth, debit the account with interest.
(4) If a lump sum or a pension benefit entitlement becomes payable by the Commission to a contributor or pensioner whose surchargeable contributions debt account is in debit, the Commission must pay to the Taxation Commissioner, within one month after the day on which the lump sum or the first instalment of pension becomes payable, the amount by which the account is in debit in respect of that benefit entitlement.
(5) The Commission, at least annually, must inform each contributor or pensioner of the balance of the contributor's or pensioner's surchargeable contributions debt account and of any debits or credits, including interest, to that account.