71FCommutation of pension to meet a superannuation interest taxation liability

71F Commutation of pension to meet a superannuation interest taxation liability (1) The power of commutation under this section applies if— (a) a person is receiving a pension under this Act; and (b) the person receives a notice of assessment from the Australian Taxation Office in relation to a superannuation interest taxation liability for which the person is personally liable; and (c) the person makes an election in accordance with subsection (2). (2) The election must— (a) be made in a manner approved by the Board; and (b) authorise the Board to pay on the person's behalf the amount of the superannuation interest taxation liability directly to the Australian Taxation Office. (3) The Board must commute the person's pension to the extent determined by an actuary appointed by the Board to be necessary to pay the amount of the superannuation interest taxation liability. (4) The Board must advise the person in writing as to the actuary's determination. (5) The exercise of the power of commutation under this section does not affect the exercise of any other commutation rights under this Act. (6) In this section— ***superannuation interest taxation liability*** means— (a) the tax imposed by the Superannuation (Sustaining the Superannuation Contribution Concession) Imposition Act 2013 of the Commonwealth; and (b) any other Commonwealth taxation or charge imposed on a superannuation interest which is prescribed for the purposes of this section. S. 72 (Heading) inserted by No. 40/2010 s. 90(1).