Document ID: chunk:federal_register_of_legislation:F2024C00321:reg:55:p65
Version: federal_register_of_legislation:F2024C00321
Segment Type: reg
Provision Reference: reg 55 (pt 65/83)
Character Range: 567642–570455

eligible employee under that Act last became such an eligible employee.

Contribution due days to count
14.4.3 A contribution due day includes:
         (a) any contribution day for the purposes of the Superannuation Act 1976 which occurred in the period from the member's first day of membership to the date of his/her election to join the PSS scheme; and
         (b) any contribution day for the purposes of the Superannuation Act 1976 after a member last became an eligible employee for the purposes of that Act;

on which the member was required to pay contributions.

Default rate of contributions
14.4.4 The contributions of a member entitled to a CSS Transfer Multiple continue at the lesser of:
         (a) the rate the member was last paying under the Superannuation Act 1976; or
         (b) 10% of fortnightly contribution salary

until he/she chooses a different contribution rate under Rule 4.1.3.

Part 15 — commutation of pension:
payment of surcharge liability

Division 1

Election
15.1.1 If:
    (a) a person is a pensioner; and:
         (b) an assessment is made of the surcharge on the person's surchargeable contributions for a financial year; and
         (c) the person becomes liable to pay the surcharge under the assessment in accordance with paragraph 10(4)(c) of the Superannuation Contributions Tax (Assessment and Collection) Act 1997;
the person may, within:
    (d) three months after the assessment was made; or
    (e) such longer period as CSC allows;
give CSC a written notice electing to commute the whole or a part of the person's pension to a lump sum benefit equal to the amount specified in the election.
15.1.2 An 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 of assessment.

Surcharge Commutation Amount
15.1.3 The amount specified in the election:
         (a) must be equal to or less than the amount of the surcharge under the assessment; and
         (b) must not have the effect of reducing the pension below zero; and
         (c) is to be known as the Surcharge Commutation Amount for the purposes of this Division.

Entitlement to lump sum benefit
15.1.4 If a person makes an election under Rule 15.1.1 in relation to a pension, the person is entitled to a lump sum benefit equal to the Surcharge Commutation Amount.
15.1.5 If a person is entitled to a lump sum benefit under Rule 15.1.4, the liability to pay that benefit must be discharged by:
         (a) paying the amount of that benefit to the Commissioner of Taxation in accordance with the person's request; and
         (b) informing the Commissioner of Taxation of