Superannuation Contributions Tax (Application to the Commonwealth—Reduction of Benefits) Act 1997 (Cth)

Superannuation Contributions Tax (Application to the Commonwealth—Reduction of Benefits) Act 1997

Act No. 69 of 1997 as amended

This compilation was prepared on 16 August 2005 taking into account amendments up to Act No. 102 of 2005

The text of any of those amendments not in force on that date is appended in the Notes section

The operation of amendments that have been incorporated may be affected by application provisions that are set out in the Notes section

Prepared by the Office of Legislative Drafting and Publishing, Attorney‑General's Department, Canberra

Contents 1 Short title [see Note 1]........................... 2 Commencement [see Note 1]....................... 3 Interpretation................................. 4 Trustee may reduce member's benefits on account of surcharge...

Notes An Act relating to the reduction of the benefits payable to members of unfunded non‑contributory Commonwealth superannuation schemes on account of superannuation contributions tax, and for related purposes

1 Short title [see Note 1]

This Act may be cited as the Superannuation Contributions Tax (Application to the Commonwealth—Reduction of Benefits) Act 1997.

2 Commencement [see Note 1]

This Act commences on the day on which it receives the Royal Assent.

3 Interpretation

Any expression that is used in this Act and in the Superannuation Contributions Tax (Assessment and Collection) Act 1997 has the same meaning as in that Act.

4 Trustee may reduce member's benefits on account of surcharge

(1) If the liability of the trustee of an unfunded defined benefits superannuation scheme to pay the superannuation contributions surcharge that arose because of the operation of section 5 of the Superannuation Contributions Tax (Application to the Commonwealth) Act 1997 is discharged under section 7 of that Act, then, despite anything in any trust instrument, contract or other document or in any legislation, the trustee may reduce any benefits that become payable for the benefit of the member by such amount, subject to subsection (2A), as the trustee considers to be fair and reasonable having regard to the matters specified in subsection (3).