Document ID: chunk:federal_register_of_legislation:C2004A00865:clause:1_19aba:p2
Version: federal_register_of_legislation:C2004A00865
Segment Type: clause
Provision Reference: sch 1 cl 19ABA (pt 2/2)
Character Range: 16770–18008

the eligible person's request; and
 (b) informing the Commissioner of Taxation of the eligible person's request that the amount be wholly applied in payment of surcharge under the assessment concerned.

Reduction of annuity
 (6) If an eligible person makes an election under subsection (1) in relation to an annuity, the rate of the annuity is to be reduced in accordance with the method determined in writing by the Trust in relation to the child following consultation with the Australian Government Actuary. The reduction takes effect from the beginning of the day of the election.
 (7) A method determined by the Trust under subsection (6) is to be a method that, having regard to:
 (a) the age of the child when the election is made under subsection (1); and
 (b) other relevant factors (if any);
is applicable for the purpose of working out, in relation to the child, the rate by which the annuity would have to be reduced to discharge a liability equal to the surcharge commutation amount.

One election per assessment
 (8) An eligible person is not entitled to make more than one election under subsection (1) in relation to a particular assessment.

Definition
 (9) In this section:
child has the same meaning as in section 19AA.