Varying individual contribution rate determination following event or change in circumstances
318 Varying individual contribution rate determination following event or change in circumstances
This section applies if:
an individual contribution rate determination is in force for an individual; and
the System Governor is notified of the occurrence of an event or a change in an individual’s circumstances in accordance with rules made for the purposes of subsection 315(1).
The System Governor must, within the period prescribed by the rules, vary the determination.
Effect of decision
Subject to subsection (6), the variation takes effect:
if the variation results in an increase to the individual contribution rate—at the start of the day after the end of the quarter in which it is made; or
if the variation results in a decrease to the individual contribution rate—at the start of the day on which it is made.
The rules may prescribe that, in specified circumstances, the variation takes effect on a specified day (which must not be earlier than the day the System Governor is notified as mentioned in paragraph (1)(b)).
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