South Australian Numbered Acts South Australian Numbered ActsAfter section 32D insert:
32E—Payment of Division 293 tax
(1) The purpose of this section is to facilitate the payment of amounts by the Board to the Commissioner of Taxation as required under Schedule 1 Subdivision 135-C of the Taxation Administration Act in connection with Division 293 tax payable by contributors.
(2) If a Division 293 release authority for a contributor who is entitled to a benefit is given to the Board in accordance with Schedule 1 Subdivision 135-B of the Taxation Administration Act, the Board must pay to the Commissioner of Taxation from the contributor's benefit an amount equal to the release amount required to be paid by the Board in respect of the contributor under Schedule 1 section 135-75 of the Taxation Administration Act .
(3) If a Division 293 release authority has not been issued in relation to a contributor who has, or will have, a liability to pay Division 293 tax and has become, or will shortly become, entitled to a benefit, the contributor may—
(a) estimate the amount of Division 293 tax he or she is, or will be, liable to pay (the "estimated amount"); and
(b) request the Board, in the approved form, to—
(i) withhold from the contributor's benefit an amount equal to the estimated amount (the "withheld amount"); and
(ii) pay the balance of the benefit to the contributor (being, in the case of a benefit to which the contributor is yet to become entitled, a payment after the entitlement arises),
and the Board must comply with the contributor's request unless it is not satisfied that the contributor has, or will have, a liability to pay Division 293 tax.
(4) If a contributor has made a request under subsection (3)(b), the Board must, on receipt of a Division 293 release authority in respect of the contributor—
(a) pay to the Commissioner of Taxation from the withheld amount an amount equal to the release amount required to be paid by the Board in respect of the contributor under Schedule 1 section 135-75 of the Taxation Administration Act; and
(b) pay to the contributor the balance (if any) of the withheld amount.
(5) An amount withheld under this section—
(a) must be paid by the Treasurer into the Consolidated Account or a special deposit account established by the Treasurer for that purpose; and
(b) will be charged against the relevant contributor's contribution account (to the extent possible) as if the amount had been paid to the contributor; and
(c) will be credited with interest at a rate determined by the Treasurer; and
(d) must be paid—
(i) to the Commissioner of Taxation or the contributor in accordance with subsection (4); or
(ii) to the contributor at the direction of the Board if—
(A) a Division 293 release authority in respect of the contributor has not been given to the Board within 2 years of the amount being withheld; or
(B) the Board considers, at any time, there is other good reason for doing so.