Document ID: chunk:federal_register_of_legislation:C2022C00279:section:15:p2
Version: federal_register_of_legislation:C2022C00279
Segment Type: section
Provision Reference: s 15 (pt 2/4)
Character Range: 29625–32259

the lesser of:
 (c) the amount by which the account is in debit; and
 (d) the total of the following amounts:
 (i) 15% of the employer‑financed component of any part of the benefits that would have been payable to the member but for the payment split and that accrued between 20 August 1996 and 1 July 2003;
 (ii) 14.5% of the employer‑financed component of any part of the benefits that would have been payable to the member but for the payment split and that accrued in the 2003‑2004 financial year;
 (iii) 12.5% of the employer‑financed component of any part of the benefits that would have been payable to the member but for the payment split and that accrued in the 2004‑2005 financial year.

Payment to be made if fund ceases to be a constitutionally protected superannuation fund
 (6A) If a superannuation fund ceases to be a constitutionally protected superannuation fund at a time when a member's surcharge debt account is in debit, the member is liable to pay to the Commissioner the lesser of:
 (a) the amount by which the account is in debit; or
 (b) the total of the following amounts:
 (i) 15% of the employer‑financed component of any part of the value of the age retirement benefits of the member when the fund ceased to be a constitutionally protected superannuation fund that accrued between 20 August 1996 and 1 July 2003;
 (ii) 14.5% of the employer‑financed component of any part of the value of the age retirement benefits of the member when the fund ceased to be a constitutionally protected superannuation fund that accrued in the 2003‑2004 financial year;
 (iii) 12.5% of the employer‑financed component of any part of the value of the age retirement benefits of the member when the fund ceased to be a constitutionally protected superannuation fund that accrued in the 2004‑2005 financial year.
 (7) If a member becomes liable to pay an amount to the Commissioner under subsection (6), (6AA) or (6A), the Commissioner must give the member a notice stating that the member is liable to pay the amount. The notice must contain the date on which it is issued.
 (8) The amount is payable within 3 months after the date of issue of the notice and the notice is to state that the amount is so payable. Payment of the amount results in a nil balance in the account.
Note: For provisions about collection and recovery of superannuation contributions surcharge and other related amounts, see Part 4‑15 in Schedule 1 to the Taxation Administration Act 1953.

Person may direct superannuation provider to pay amount to Commissioner
 (8A) If:
 (a) a person is liable to pay an amount to the Commissioner under subsection