Western Australian Consolidated Acts

STATE SUPERANNUATION REGULATIONS 2001 - SECT 49A

49A .         Member liable to pay contributions tax

        (1)         A Gold State Super Member who will become liable to pay contributions tax as a result of a benefit becoming payable to the Member from the Gold State Super Scheme may, at any time before the benefit is paid, apply to the Board —

            (a)         to receive part of the benefit in the form of a commutable pension; and

            (b)         to fully commute that pension.

        (2)         Subject to subregulation (5) when a benefit becomes payable to a Member who has made an application under subregulation (1) the Board is to —

            (a)         estimate the amount of contributions tax the Member will become liable to pay (the "estimated tax amount");

            (b)         withhold from the Member’s benefit an amount equal to the estimated tax amount; and

            (c)         pay the balance of the benefit to the Member.

        (3)         Interest accrues on an amount withheld under subregulation (2)(b) —

            (a)         at a rate equal to the CPI rate plus 2%;

            (b)         from the day on which the benefit became payable to the day on which the withheld amount is paid under subregulation (4)(c); and

            (c)         in a manner determined by the Board.

        (4)         On receipt of a copy of the Member’s assessment notice the Board is to —

            (a)         convert into a pension —

                  (i)         if the actual tax amount is less than the withheld amount — a portion of the withheld amount equal to the actual tax amount; or

                  (ii)         otherwise — the whole of the withheld amount;

            (b)         commute that pension; and

            (c)         pay to the Member —

                  (i)         the lump sum resulting from the commutation of the pension; and

                  (ii)         the balance (if any) of the withheld amount.

        (5)         The Board may reject an application made under subregulation (1) if it is not satisfied that, if the application were accepted, the lump sum benefit that would become payable under subregulation (4)(c)(i) will be used to pay the contributions tax.

        (6)         In this regulation —

        "actual tax amount" means the amount stated in the Member’s assessment notice as the amount of contributions tax payable by the Member;

        "assessment notice" means a notice given by the Commissioner of Taxation to a Member under section 15(7) of the Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Imposition Act 1997 of the Commonwealth;

        "withheld amount" means the amount withheld under subregulation (2)(b) plus interest on that amount accrued under subregulation (3).

        [Regulation 49A inserted in Gazette 28 Jun 2002 p. 3023-4; amended in Gazette 26 May 2006 p. 1930.]