Superannuation Contributions Tax (Assessment and Collection) Act 1997

S 8(1) substituted by No 131 of 1999, s 3 and Sch 1 item 2, effective 5 June 1997. For transitional provisions, see the history note under s 6. S 8(1) formerly read:

8(1)
This section explains what are a member's surchargeable contributions for a financial year.

• In the case of members of accumulated benefits schemes, the surchargeable contributions are calculated by reference to amounts actually paid to the superannuation providers.

• In the case of members of defined benefits schemes, the surchargeable contributions are based on their respective annual salaries multiplied by a notional factor to equate the effective increase in the values of the benefits under the schemes in the financial year to the level of contributions to equivalent accumulated benefits schemes.

S 8(1) amended by No 191 of 1997.

S 8(2) amended by No 96 of 2001, s 3 and Sch 1 item 2, by substituting para (c)(iii), effective 5 June 1997. For application provision, see the history note to s 7A. Para (c)(iii) formerly read:

(iii) subject to subsection (2A), are specified roll-over amounts that constitute amounts accrued after 20 August 1996 that are eligible termination payments under paragraph (a) of the definition of eligible termination payment in subsection 27A(1) of that Act and are rolled over on or after 1 July 1997; and

S 8(2) substituted by No 131 of 1999, s 3 and Sch 1 item 2, effective 5 June 1997. For transitional provisions, see the history note under s 6. S 8(2) formerly read:

8(2)
If:

(a) either of the following applies:

(i) any amounts are paid for or by a member to a superannuation (accumulated benefits) provider for a financial year;

(ii) there is an allocated surplus amount in relation to a member in respect of a financial year after the 1996-97 financial year; and

(b) where the provider is the trustee of a superannuation fund or of an approved deposit fund - the superannuation fund is a complying superannuation fund or the approved deposit fund is a complying approved deposit fund, as the case may be, for the purposes of the year of income comprising the financial year;

the member's surchargeable contributions for the financial year are the sum of:

(c) so much of the amounts referred to in subparagraph (a)(i) as:

(i) are taxable contributions under subparagraph 274(1)(a)(i) , (b)(ii) , (ba)(i) or (ba)(iv) or paragraph 274(1)(d) or (e) of the Income Tax Assessment Act; or

(ii) are allowed as deductions to the member under section 82AAT of that Act; or

(iii) subject to subsection (2A), are specified roll-over amounts that constitute amounts accrued after 20 August 1996 that are eligible termination payments under paragraph (a) of the definition of eligible termination payment in subsection 27A(1) of that Act and are rolled over on or after 1 July 1997; and

(d) any allocated surplus amounts referred to in subparagraph (a)(ii).

S 8(2) amended by No 191 of 1997.

S 8(2A) amended by No 96 of 2001, s 3 and Sch 1 items 3 and 4, by subsitituting all the words before the formula, and by inserting the definition of ``reduced amount'', effective 5 June 1997. For application provision, see the history note to s 7A. The words before the formula formerly read:

If an eligible termination payment within the meaning of subparagraph (2)(c)(iii) has been made or is made to or for a taxpayer after 20 August 1996 and before 20 August 2001, surcharge is payable only on the part of the eligible termination payment that is worked out using the formula:

S 8(2A) inserted by No 191 of 1997.

S 8(3) substituted by No 131 of 1999, s 3 and Sch 1 item 3, effective 5 June 1997. For transitional provisions, see the history note under s 6. S 8(3) formerly read:

8(3) Defined benefits superannuation scheme.  

The surchargeable contributions for a financial year of a member of a defined benefits superannuation scheme are taken to be the amount worked out using the formula:

Annual salary

×

Notional surchargeable   contributions factor

where:

annual salary means:

(a) if paragraph (b) does not apply - the amount that is the member's annual salary for the financial year; or

(b) if another amount is taken to be the member's annual salary for the purposes of the scheme as it applies to the member for the financial year - that other amount.

notional surchargeable contributions factor means the notional surchargeable contributions factor applying to the member for the financial year.

S 8(4) substituted by No 131 of 1999, s 3 and Sch 1 item 3, effective 5 June 1997. For transitional provisions, see the history note under s 6. S 8(4) formerly read:

8(4) Transitional provision for 1996-97 financial year.  

For the 1996-97 financial year, a member's surchargeable contributions are:

(a) if any amounts were paid for or by the member to a superannuation (accumulated benefits) provider for the financial year or there was an allocated surplus amount in relation to the member in respect of the financial year - the part of so much of those amounts that would otherwise be the member's surchargeable contributions as was paid to the provider or allocated to the member after 7.30 pm by legal time in the Australian Capital Territory on 20 August 1996; or

(b) if the member is a member of a defined benefits superannuation scheme - so much of the amounts that would otherwise be the member's surchargeable contributions as is certified by an eligible actuary, according to Australian actuarial practice, to relate to the part of the financial year that started immediately after 7.30 pm by legal time in the Australian Capital Territory on 20 August 1996.

S 8(4) amended by No 191 of 1997.

S 8(5) amended by No 111 of 2003, s 3 and Sch 1 items 18 and 19, by inserting ``Government co-contributions made under the Superannuation (Government Co-contribution for Low Income Earners) Act 2003 and'' after ``excludes'' in paras (a) and (b), applicable in relation to contributions made to complying superannuation funds and RSAs on or after 1 July 2003.

S 8(5) inserted by No 131 of 1999, s 3 and Sch 1 item 3, effective 5 June 1997. For transitional provisions, see the history note under s 6.

S 8(6) inserted by No 131 of 1999, s 3 and Sch 1 item 3, effective 5 June 1997. For transitional provisions, see the history note under s 6.

S 8(7) inserted by No 131 of 1999, s 3 and Sch 1 item 3, effective 5 June 1997. For transitional provisions, see the history note under s 6.

S 8(8) inserted by No 142 of 2003, s 3 and Sch 6 item 11, applicable to eligible termination payments (as defined in section 27A of the Income Tax Assessment Act 1936 ) made on or after 1 July 2002.

S 8(9) inserted by No 142 of 2003, s 3 and Sch 6 item 11, applicable to eligible termination payments (as defined in section 27A of the Income Tax Assessment Act 1936 ) made on or after 1 July 2002.