AustLII Tasmanian Numbered Regulations

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RETIREMENT BENEFITS (PARLIAMENTARY SUPERANNUATION) REGULATIONS 2012 (S.R. 2012, NO. 119) - REG 74

Establishment of surchargeable contributions debt account

(1)  On receipt of the first assessment notice from the Taxation Commissioner in respect of a member to whom this Part applies, the Board must establish a surchargeable contributions debt account in respect of that member.
(2)  The Board must, within one month after the day on which the assessment notice from the Taxation Commissioner is received, pay to the Taxation Commissioner the amount of the surcharge liability specified in the notice in respect of that member.
(3)  The Board must debit the surchargeable contributions debt account with the amount of any surcharge liability specified in the assessment notice relating to the member.
(4)  If the surchargeable contributions debt account is in debit at the end of a financial year, the Board must debit the account with interest at the rate determined under regulation 55 .
(5)  The Board, at least annually, must inform each member of the balance of his or her surchargeable contributions debt account and of any debits or credits, including interest, to that account.



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