10Reductions relating to no-TFN tax

10 Reductions relating to no-TFN tax

10 Reductions relating to no-TFN tax

(1) For the Act, section 26AB(1)(d), the benefit provided by the Act, section 22, including a benefit preserved under the Act, section 24, is prescribed.

(2) STC must—

(a) create a debt account in the Fund for each employee or former employee whose benefit is liable to be reduced under the Act, section 26AB, and

(b) have regard to the debt account when determining the amount of the reduced benefit.

Note—

Under the Act, section 26AB(3), the amount of the reduced benefit is to be determined by STC after obtaining actuarial advice.