New South Wales Consolidated Acts

STATE AUTHORITIES SUPERANNUATION ACT 1987 - SECT 12

12 Contributors’ accounts

(1) STC shall establish and maintain within the Fund a separate account for each contributor.

(2) There is to be credited to a contributor’s account:

(a) the contributions made by the contributor to the Fund, and

(b) any salary sacrifice contributions made by the contributor’s employer under Part 3 in respect of the contributor.

(3) There shall be debited to a contributor’s account:

(a) where the contributor is covered for the additional benefit-the amount of the additional benefit levy,

(a1) an amount equal to the tax payable by STC under Commonwealth taxation law in respect of any salary sacrifice contribution credited to a contributor’s account,

(b) such part of the amount of any benefit paid to the contributor as comprises the contributor-financed benefit, and

(c) administration costs incurred by STC under the Superannuation Administration Act 1996 in relation to the contributor, and

(d) the whole or part (as determined by STC) of an amount that is payable by STC and arises under the family law superannuation legislation or Part 5AA and that is payable to, or in respect of, a spouse or former spouse of the contributor or a person whose superannuation interest (within the meaning of Part 5AA) is derived from the contributor.