New South Wales Repealed Regulations

This legislation has been repealed.

SUPERANNUATION REGULATION 2011 - REG 7

7 Reduction for superannuation contributions surcharge: section 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) the amount (not being less than nil) that is equal to the amount of the surcharge deduction cap less any previously met surcharge liability, and

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

(2) In subclause (1),
"previously met surcharge liability" means 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 respect of which adjustments relating to the benefit of the former contributor have previously been made under this clause or the Act in relation to superannuation contributions surcharge.

(3) For the purposes of determining an adjustment under this clause, STC may obtain actuarial advice or advice from any other persons, as STC thinks fit.

(4) This clause does not authorise STC to pay any amount that would result in payments made to or on behalf of the former contributor exceeding the total benefits to which the former contributor is entitled.

(5) This clause does not authorise STC to pay any amount of general interest charged in respect of an additional surcharge amount payable under a post-payment surcharge assessment notice unless the request for the payment is made by the former contributor within such period after receiving the notice as STC considers reasonable.

Note : Clauses 19 and 20 also relate to superannuation contributions surcharge.