Superannuation Contributions Tax (Assessment and Collection) Act 1997

PART 2 - LIABILITY TO SURCHARGE AND ADVANCE INSTALMENTS  

SECTION 7A   ADJUSTED TAXABLE INCOME - FIRST CASE  

7A(1)    
This section applies to a member for a financial year if:

(a) no payments that were eligible termination payments for the purposes of Subdivision AA of Division 2 of Part III of the Income Tax Assessment Act because of paragraph (a) of the definition of eligible termination payment in subsection 27A(1) of that Act were made to or for the member in the financial year; or

(b) one or more such payments were so made but the total of the reduced amounts of the payments (other than payments that were rolled over before 1 July 1997) was equal to or greater than the amount specified in subsection 5(2) of the Superannuation Contributions Tax Imposition Act 1997 as altered under section 7 of that Act for the financial year.

7A(2)    
The reduced amount of an eligible termination payment is the amount (if any) remaining after deducting from the amount of the payment the amount of any post-June 1994 invalidity component or CGT exempt component of the payment or any part of the payment that was made from an employee share acquisition scheme.

7A(3)    
The adjusted taxable income of the member for the financial year is the sum of:

(a) the member's taxable income of the year of income comprising the financial year less any amounts included in the member's assessable income of that year of income:

(i) that were eligible termination payments for the purposes of Subdivision AA of Division 2 of Part III of the Income Tax Assessment Act (other than amounts that were such payments because of paragraph (a) of the definition of eligible termination payment in subsection 27A(1) of that Act); or

(ii) that were so included under section 26AC or under subsection 26AD(2) , (3) or (4) of the Income Tax Assessment Act in respect of a bona fide redundancy amount, an early retirement scheme amount or an invalidity amount as defined in section 159S of that Act; and

(b) in respect of the financial year beginning on 1 July 1996 or the following financial year - the amount (if any) by which the amount worked out under paragraph (a) would be increased if it were instead worked out ignoring subsection 271-105(1) in Schedule 2F to the Income Tax Assessment Act; and

(c) in respect of the financial year beginning on 1 July 1998 or a later financial year - the amount (if any) by which the amount worked out under paragraph (a) would be increased if it were instead worked out ignoring paragraphs 102UK(2)(b) and 102UM(2)(b) of, and subsection 271-105(1) in Schedule 2F to, the Income Tax Assessment Act; and

(d) the member's surchargeable contributions for the financial year, worked out ignoring subsection 8(8) of this Act and subsection 9(9) of the Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997 ; and

(e) in respect of a financial year beginning on or after 1 July 1999 - if the member is an employee (within the meaning of the Fringe Benefits Tax Assessment Act 1986 ) who has a reportable fringe benefits total (as defined in that Act) for the year of income comprising the financial year - the reportable fringe benefits total for the year of income.