Document ID: chunk:federal_register_of_legislation:F2005B01230:body:0:p6
Version: federal_register_of_legislation:F2005B01230
Segment Type: other
Provision Reference: 
Character Range: 13706–16576

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

     15.3.3 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

     15.3.4 If an Eligible Person makes an election under Rule 15.3.1 in relation to a pension, the Eligible Person is entitled to a lump sum benefit equal to the Surcharge Commutation Amount.

     15.3.5 If an Eligible Person is entitled to a lump sum benefit under Rule 15.3.4, 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 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 pension

     15.3.6 If an Eligible Person makes an election under Rule 15.3.1 in relation to a pension, the annual rate of the pension is to be reduced in accordance with the method determined by the Board under Rule 15.3.10. The reduction takes effect from the beginning of the day of the election.

 One election per assessment

     15.3.7 An Eligible Person is not entitled to make more than one election under Rule 15.3.1 in relation to a particular assessment.

 Elections made before the first pension payday in a financial year

     15.3.8 If an election under Rule 15.3.1 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

     15.3.9 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 child or to particular children, as if a reference to the pension were a reference to that portion.

 Method for reducing pension in relation to Surcharge Commutation Amount

     15.3.10 The Board must, following consultation with an actuary, determine in writing, in relation to persons to whom a pension is payable in respect of a child or children, the method that, having regard to:

              (a) the age of the child,