26ABPower of STC to reduce benefits for no-TFN tax

#### 26AB Power of STC to reduce benefits for no-TFN tax 26AB Power of STC to reduce benefits for no-TFN tax > > (1) This section applies to a benefit if— > > > > > (a) a right to the benefit accrues under this Act to or in respect of an employee or former employee, and > > > > > (b) STC has paid or is liable to pay no-TFN tax in respect of employer contributions to the Fund, and > > > > > (c) a portion of that tax is referable to that benefit, and > > > > > (d) the benefit is of a kind prescribed by the regulations for the purposes of this section. > > > (2) The amount of the benefit is reduced by the amount necessary to offset STC’s liability to pay no-TFN tax so far as it is referable to that benefit. > > > (3) The amount of the reduced benefit is to be determined by STC after obtaining actuarial advice. > > > (4) The regulations may provide for the establishment of debt accounts in respect of employees or former employees for the purposes of this section. > > > (5) In this section— > > > > no-TFN tax means an amount equal to the difference between the amount of— > > > > > (a) income tax payable by STC under the [Income Tax Assessment Act 1997](http://www.legislation.gov.au/) of the Commonwealth on employer contributions to the Fund for an employee if there is a failure by the employee to provide information about his or her tax file number to STC, and > > > > > (b) income tax that would be so payable if the information about the tax file number was provided. > > Note. > > An employee or former employee may also elect to have a benefit under this Act reduced, instead of having a benefit in the Police Superannuation Scheme, the State Authorities Superannuation Scheme or the State Superannuation Scheme reduced. > > **s 26AB:** Ins 2010 No 60, Sch 2 \[3\].