Document ID: chunk:federal_register_of_legislation:F2005B01230:body:0:p5
Version: federal_register_of_legislation:F2005B01230
Segment Type: other
Provision Reference: 
Character Range: 11054–13996

assessment.

 Elections made before the first pension payday in a financial year

     15.2.8 If an election under Rule 15.2.1 is made during the period:

              (a) beginning at the start of a financial year; and

              (b) ending at the end of the first pension payday in that year;

     this Division has effect as if the election had been made on the first day after that pension payday.

 Part of pension

     15.2.9 To avoid doubt, if a pension is apportioned under Division 4 of Part 9, this Division has effect, in relation to the portion applicable to a particular spouse, as if a reference to the pension were a reference to that portion.

 Method for reduction of spouse's pension in relation to Surcharge Commutation Amount

     15.2.10 The Board must, following consultation with an actuary, determine in writing, in relation to persons who are receiving a spouse's pension, the method that, having regard to:

              (a) a person's age when he or she makes an election under Rule 15.2.1; and

              (b) other relevant factors (if any);

     is applicable for the purpose of working out, in relation to the person, the yearly amount that would have to be paid to discharge a liability equal to the person's Surcharge Commutation Amount.

Commutation of child's pension

Division 3

 Election

     15.3.1 If:

              (a) a person (the Deceased Person) dies; and

              (b) either:

                   (i) the Deceased Person is not survived by a spouse but is survived by a child or children of the Deceased Person; or

                   (ii) the Deceased Person is survived by a spouse, the spouse dies, and the spouse is survived by a child or children of the deceased person; and

              (c) a pension is payable in respect of the child or children; and

              (d) an assessment is made of the surcharge on the Deceased Person's surchargeable contributions for a financial year; and

              (e) the person to whom the pension is payable (the Eligible Person) (who may be the child or one of the children) becomes liable to pay the surcharge under the assessment in accordance with paragraph 10(4)(ca) of the Superannuation Contributions Tax (Assessment and Collection) Act 1997;

     the Eligible Person may, within:

              (f) three months after the assessment was made; or

              (g) such longer period as the Board allows;

     give the Board a written notice electing to commute the whole or a part of that pension to a lump sum benefit equal to the amount specified in the election.

     15.3.2 The election must be accompanied by:

              (a) a written notice requesting that the amount of the lump sum benefit be:

                   (i) paid to the Commissioner of Taxation; and

                   (ii) wholly applied in payment of surcharge under the assessment; and

              (b) a copy of the notice