Victorian Current Acts Victorian Current ActsS. 24D(1) amended by No. 61/2013 s. 16(7)(9).
(1) The Board must establish and maintain a separate surcharge debt account for each member of the Scheme.
S. 24D(2) amended by No. 61/2013 s. 16(7).
(2) The Board must debit to a member's
surcharge debt account—
S. 24D(2)(a) amended by No. 61/2013 s. 16(7).
(a) any superannuation contributions tax paid or payable by the Board on contributions in respect of the member as a result of the operation of the Commonwealth Superannuation Contributions Tax (Assessment and Collection) Act 1997 to discharge the liability imposed under that Act; and
(b) if the member's surcharge debt account is in debit at the end of a financial year, interest on the amount by which the account is in debit, calculated at the same rate as the rate determined under section 16 of the Commonwealth Superannuation Contributions Tax (Assessment and Collection) Act 1997 ; and
(c) any debit adjustment to the amount debited under paragraph (a).
S. 24D(3) amended by No. 61/2013 s. 16(7).
(3) The Board must credit to a member's
surcharge debt account—
S. 24D(3)(a) amended by No. 61/2013 s. 16(7).
(a) any pre-payment by the member to the Board in respect of any payment made or to be made by the Board to discharge or partially discharge the liability imposed under the Commonwealth Superannuation Contributions Tax (Assessment and Collection) Act 1997 ; and
(b) any credit adjustment to the amount debited under subsection (2)(a); and
(c) any surcharge deduction amount under subsection (4); and
(d) an amount to achieve a nil balance after all the debits under subsection (2) and all the credits under paragraphs (a) to (c) have been made.
S. 24D(4) amended by No. 61/2013 s. 16(7)(14).
(4) If—
S. 24D(4)(a) amended by No. 61/2013 s. 16(7).
(a) the Board discharges the liability imposed under the Commonwealth Superannuation Contributions Tax (Assessment and Collection) Act 1997 under section 7 of that Act; and
(b) benefits become payable to or in respect of a person who has held office as a member; and
(c) the person's surcharge debt account is in debit when those benefits become so payable—
then, despite anything in any Act or in any trust instrument, contract or other document, the Board may reduce those benefits by an amount determined in writing that, in the Board's opinion on the advice of an actuary, would be fair and reasonable having regard to the matters specified in subsection (5).
S. 24D(5) amended by No. 61/2013 s. 16(7).
(5) In making the determination, the Board must have regard to the following—
(a) the amount by which the person's surcharge debt account is in debit when those benefits become payable;
(b) the value of the employer-financed component of those benefits;
(c) the value of the benefits that, for the purpose of working out (under the Commonwealth Superannuation Contributions Tax (Assessment and Collection) Act 1997 ) the surchargeable contributions reported for the person, were assumed to be likely to be payable to the person on his or her ceasing to hold office as a member;
(d) whether the person has or had qualified for his or her maximum benefit entitlement under this Act;
S. 24D(5)(e) amended by No. 61/2013 s. 16(7).
(e) any other matter that the Board considers relevant.
S. 24D(6) amended by No. 61/2013 s. 16(7).
(6) The amount determined under subsection (4) by the Board must not be more than 15 per cent of the employer-financed component of that part of the benefits payable to the person that accrued after 20 August 1996.
S. 24D(7) amended by No. 61/2013 s. 16(7).
(7) For the purposes of subsection (4), if the benefit is in the form of a pension entitlement, the deduction is to be made by the Board commuting the member's pension entitlement to the extent determined by an actuary appointed by the Board to be necessary to meet the amount determined under subsection (4).
(8) The exercise of the power of commutation under subsection (7) does not affect the exercise of any other commutation rights under this Act.
S. 24E inserted by No. 29/2000 s. 11.