Document ID: chunk:federal_register_of_legislation:C2004A00865:clause:3_2
Version: federal_register_of_legislation:C2004A00865
Segment Type: clause
Provision Reference: sch 3 cl 2
Character Range: 42651–44082

2  At the end of section 16
Add:
 (7) If a post‑retirement commutation benefit becomes payable under the Rules to, or in respect of, a person who has ceased to be a member, the Commonwealth is liable to pay the benefit.
 (8) If:
 (a) a person becomes entitled to a post‑retirement commutation benefit under the Rules; and
 (b) the person has, under the Rules, requested that the amount of the benefit be:
 (i) paid to the Commissioner of Taxation; and
 (ii) wholly applied in payment of surcharge under an assessment;
the liability to pay that benefit must be discharged by:
 (c) paying the amount of that benefit to the Commissioner of Taxation in accordance with the person's request; and
 (d) informing the Commissioner of Taxation of the person's request that the amount be wholly applied in payment of surcharge under the assessment concerned.
 (9) In this section:
assessment has the same meaning as in the Superannuation Contributions Tax (Assessment and Collection) Act 1997.
post‑retirement commutation benefit means a lump sum benefit payable by way of the commutation of the whole or a part of a pension, where the amount of the benefit is to be wholly applied in payment of surcharge.
surcharge has the same meaning as in the Superannuation Contributions Tax (Assessment and Collection) Act 1997.

[Minister's second reading speech made in—
House of Representatives on 7 December 2000
Senate on 1 March 2001]

(198/00)