South Australian Numbered Acts

STATUTES AMENDMENT (SUPERANNUATION) ACT 2014 (NO 18 OF 2014) - SECT 3

3—Insertion of section 23AAE

After section 23AAD insert:

23AAE—Payment of Division 293 tax

        (1)         For the purposes of facilitating the payment of Division 293 tax, the Board may pay an amount on behalf of a member to the Commissioner of Taxation, or to the member, as required by, and in accordance with, the requirements of Schedule 1 Division 135 of the Taxation Administration Act 1953 of the Commonwealth.

        (2)         If the Board makes a payment to or on behalf of a member under subsection (1), the Board must debit the amount of the payment against the member's Government contribution account or, if the credit balance of the member's Government contribution account is not sufficient to make the payment, the member's contribution account, rollover account or co-contribution account.

        (3)         In this section—

"Division 293 tax" has the same meaning as in the Income Tax Assessment Act 1997 of the Commonwealth.