New South Wales Consolidated Acts

STATE AUTHORITIES NON-CONTRIBUTORY SUPERANNUATION ACT 1987 - SECT 26AA

26AA Restoration of death benefit previously reduced to offset contribution tax liabilities

(1) STC may, for the purposes of obtaining a deduction from assessable income under section 279D of the Income Tax Assessment Act 1936 of the Commonwealth, increase a benefit payable or paid under this Act on the death of an employee or former employee that has been previously reduced under section 26A.

(2) The amount of the increase is to be equal to the amount that would be allowable as a deduction from assessable income under section 279D of the Income Tax Assessment Act 1936 of the Commonwealth in respect of the payment.

(3) Before making the payment, STC may have regard to actuarial advice as to the amount that would be allowable as a deduction from assessable income under section 279D (2) of the Income Tax Assessment Act 1936 of the Commonwealth.