13Further reduction for superannuation contributions surcharge

13 Further reduction for superannuation contributions surcharge

13 Further reduction for superannuation contributions surcharge

(1) For the Act, section 45A(6)(b), STC may, at the request of a former contributor—

(a) reduce the amount of the former contributor’s benefit by the lesser of—

(i) the additional surcharge amount for the former contributor, or

(ii) the amount, not being less than $0, that is equal to the amount of the surcharge deduction cap after deducting any previously met surcharge liability, and

(b) pay the amount by which the benefit is reduced to—

(i) the former contributor, or

(ii) the Commissioner of Taxation.

(2) STC may obtain actuarial advice for the purposes of determining the amount by which the former contributor’s benefit is to be reduced.

(3) This section does not authorise STC to pay—

(a) an amount that would result in payments made to or on behalf of the former contributor being greater than the total benefits to which the former contributor is entitled, or

(b) an amount of general interest charged in relation to an additional surcharge amount payable under a post payment surcharge assessment notice, unless—

(i) the request for the payment is made by the former contributor, and

(ii) the request is made within a reasonable period after receiving the notice, as determined by STC.

(4) In this section—

previously met surcharge liability means the sum of—

(a) all amounts paid by the former contributor to STC or the Commissioner of Taxation in relation to the total surcharge amount of the former contributor, and

(b) all amounts for which adjustments of the benefit of the former contributor have previously been made under this section or the Act in relation to the superannuation contributions surcharge.