Benefit reductions relating to no-TFN tax

Current

(1)

For the Act, section 61RC(1)(d), the benefits provided under the following provisions of the Act are prescribed—

(a)

section 27,

(b)

section 28A,

(c)

section 28AA,

(d)

section 29,

(e)

section 30,

(f)

section 37,

(g)

section 37A,

(h)

section 37B,

(i)

section 38A,

(j)

section 47D,

(k)

Part 4, Division 3A,

(l)

Part 4, Division 3B,

(m)

Part 4, Division 3D.

(2)

STC must create a debt account in the Fund in relation to each contributor or former contributor in relation to whom a benefit is liable to be reduced under the Act, section 61RC.

(3)

STC must have regard to the debt account when determining the amount of the reduced benefit.

Note—

Under the Act, section 61RC(3), the amount of the reduced benefit is to be determined by STC after obtaining actuarial advice.

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9 Benefit reductions relating to no-TFN tax