Commonwealth Consolidated Acts Commonwealth Consolidated ActsNo tax or charge is payable under any law of the Commonwealth (other than the Income Tax Assessment Act 1936 or the Income Tax Assessment Act 1997 ) or any law of a State or of a Territory in respect of a transfer of assets or liabilities under section 248.
• If a person is receiving a pension and becomes liable to pay surcharge under an assessment, the person may elect to commute the whole or a part of the pension.
• If an election is made, the person will be entitled to a lump sum benefit.
• The lump sum benefit must be used to pay the surcharge.
• If an election is made, the pension will be reduced.