Victorian Current Acts Victorian Current Acts(1) The power of commutation under this section applies if—
(a) a person is receiving a pension under this Act; and
(b) the person receives a notice of surcharge assessment on contributions made in respect of the person when he or she was a member from the Australian Taxation Office for which he or she is personally liable; and
(c) the person makes an election in accordance with subsection (2).
(2) The election must—
(a) be made within the period of 3 months after the day on which the assessment is made; and
S. 24E(2)(b) amended by No. 61/2013 s. 16(7).
(b) be made in a manner approved by the Board; and
S. 24E(2)(c) amended by No. 61/2013 s. 16(7).
(c) authorise the Board to pay on the person's behalf the amount of the surcharge assessment directly to the Australian Taxation Office.
S. 24E(3) amended by No. 61/2013 s. 16(7).
(3) The Board must commute the person's pension to the extent determined by an actuary appointed by the Board to be necessary to pay the amount of the surcharge assessment.
S. 24E(4) amended by No. 61/2013 s. 16(7).
(4) The Board must advise the person in writing as to the actuary's determination.
(5) The exercise of the power of commutation under this section does not affect the exercise of any other commutation rights under this Act.
S. 24EA inserted by No. 44/2014 s. 4.