8Reduction for superannuation contributions surcharge—the Act, s 61RA(5)

8 Reduction for superannuation contributions surcharge—the Act, s 61RA(5)

8 Reduction for superannuation contributions surcharge—the Act, s 61RA(5)

(1) STC may, at the request of a former contributor—

(a) adjust the amount of a benefit payable to the former contributor by reducing the benefit by an amount (the reduction amount) that is equivalent to the lesser of—

(i) the additional surcharge amount, and

(ii) an amount, not being less than nil, equal to the amount of the surcharge deduction cap less any previously met surcharge liability, and

(b) pay an amount equal to the reduction amount to the former contributor or the Commissioner of Taxation.

(2) The previously met surcharge liability is 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 in relation to which adjustments relating to the benefit of the former contributor have previously been made under this section or the Act in relation to the superannuation contributions surcharge.

(3) STC may, for the purposes of determining an adjustment under this section, obtain—

(a) actuarial advice, or

(b) other advice, as STC thinks fit.

(4) This section does not authorise STC to pay 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.

(5) This section does not authorise STC to pay an amount of general interest charged in relation to an additional surcharge amount payable under a post-payment surcharge assessment notice unless—

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

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

Note—

Sections 18 and 19 also relate to the superannuation contributions surcharge.