45BPower of STC to reduce benefits for no-TFN tax

#### 45B Power of STC to reduce benefits for no-TFN tax 45B 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 a contributor or former contributor, 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 the employer-financed portion of 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 the employer-financed portion of that benefit. > > > (3) The amount of the reduced benefit is to be determined by STC after obtaining actuarial advice. > > > (4) A contributor or former contributor may elect to have his or her SANCS benefit reduced instead of the benefit to which this section applies if the SANCS benefit is payable to the contributor or former contributor. On an election being made, the SANCS benefit is reduced accordingly and the benefit to which this section applies is reduced only if it is necessary to do so to meet any shortfall in the amount of offset. > > > (5) The regulations may provide for the establishment of debt accounts in respect of contributors or former contributors for the purposes of this section. > > > (6) In this section— > > > > employer contribution includes a salary sacrifice contribution. > > > > employer-financed portion of a benefit includes any part of the benefit financed by a salary sacrifice contribution. > > > > 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 a contributor if there is a failure by the contributor 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. > > > > SANCS benefit means a benefit that accrues to or in respect of a contributor or former contributor who is an employee or former employee under the [State Authorities Non-contributory Superannuation Act 1987](/view/html/inforce/current/act-1987-212). > > **s 45B:** Ins 1988 No 136, Sch 1 (11). Am 1991 No 95, Sch 9 (3); 1996 No 39, Sch 4. Rep 1997 No 42, Sch 1.7 \[18\]. Ins 2010 No 60, Sch 3 \[3\].