Document ID: chunk:federal_register_of_legislation:F2024C00321:reg:55:p66
Version: federal_register_of_legislation:F2024C00321
Segment Type: reg
Provision Reference: reg 55 (pt 66/83)
Character Range: 570193–572993

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 the person's request that the amount be wholly applied in payment of surcharge under the assessment concerned.

Reduction of pension
15.1.6 If a person makes an election under Rule 15.1.1 in relation to a pension, the annual rate of the pension is to be reduced, with effect from the beginning of the day of the election, so that it equals the amount worked out using the following formula:
where:
                  Conversion Factor means the factor that is applicable to the person under the determination made by CSC under Rule 15.1.9.
                  Pre‑commutation means the annual rate at which the pension was payable to the
Election Pension Rate person immediately before the election was made.

One election per assessment
15.1.7 A person is not entitled to make more than one election under Rule 15.1.1 in relation to a particular assessment.

Elections made before the first pension payday in a financial year
15.1.8 If an election under Rule 15.1.1 is made during the period:
    (a) beginning on 1 January or 1 July in a year; and
    (b) ending at the end of the first pension payday after that 1 January or 1 July;
this Division has effect as if the election had been made on the first day after that pension payday.

Conversion factor in relation to Surcharge Commutation Amount
15.1.9 CSC must, in accordance with advice received from an actuary, determine in writing, in relation to persons who are pensioners, the conversion factor that, having regard to:
    (a) a person's age when he or she makes an election under Rule 15.1.1; 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.

Division 2

Election

15.2.1 If:

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

         (i) the Deceased Person was a member; or

         (ii) the Deceased Person was a pensioner; and

    (b) the Deceased Person is survived by a spouse; and

    (c) the spouse is entitled to a pension; and

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

         (e) the spouse 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 spouse may, within:

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

    (g) such longer period as