Recovery of surcharge where person entitled to deferred benefit
74CB Recovery of surcharge where person entitled to deferred benefit
This section applies if—
a person becomes entitled to a deferred benefit under this Act; and
any superannuation contributions tax is paid by the Board on contributions in respect of the person, made when the person was a contributor, as a result of the operation of the Commonwealth Superannuation Contributions Tax (Assessment and Collection) Act 1997 to discharge the liability imposed under that Act; and
the notice of surcharge assessment is issued after the person ceased to be a contributor.
The Board must reduce the person's deferred benefit to the extent determined by an actuary appointed by the Board to be necessary to recover the amount referred to in subsection (1).
The Board must advise the person in writing as to the actuary's determination.
The exercise of the power under subsection (2) does not affect the exercise of any other commutation rights under this Act.
S. 74CC inserted by No. 29/2000 s. 13.
This Act’s bill:Second reading speech
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.