SUPERANNUATION CONTRIBUTIONS TAX (MEMBERS OF CONSTITUTIONALLY PROTECTED SUPERANNUATION FUNDS) IMPOSITION ACT 1997
SECTION 5
RATE OF SUPERANNUATION CONTRIBUTIONS SURCHARGE
5(1A)
[Interpretation]
In this section:
higher income amount
means:
(a)
for the 2003-2004 financial year - $114,981; and
(b)
for the 2004-2005 financial year - that amount as indexed under section 7.
lower income amount
means:
(a)
for the 2003-2004 financial year - $94,691; and
(b)
for the 2004-2005 financial year - that amount as indexed under section 7.
maximum surcharge percentage
means:
(a)
for the 2003-2004 financial year - 14.5%; and
(b)
for the 2004-2005 financial year - 12.5%.
(c)
(Repealed by No 102 of 2005)
5(1)
[Applicable rate calculation]
Unless subsection (4) applies, if the member's adjusted taxable income for a financial year (
relevant adjusted taxable income
) is not less than the lower income amount but is less than the higher income amount, the rate of the superannuation contributions surcharge that applies to the member for that year is the percentage (calculated to 5 decimal places) of the member's surchargeable contributions for that year worked out using the formula:
5(2)
[Decimal places]
If the percentage calculated under subsection (1) for a financial year would, if it were worked out to 6 decimal places, end with a number greater than 4, the number so calculated is increased by 0.00001.
5(3)
[Rate where income is $85,000 or more]
If the member's adjusted taxable income for a financial year is equal to, or greater than, the higher income amount, the rate of the superannuation contributions surcharge that applies to the member for that year is the maximum surcharge percentage of the member's surchargeable contributions for that year.
5(4)
[Where member's TFN not quoted]
If:
(a)
the member has not quoted his or her tax file number to the Commissioner in connection with the operation or the possible future operation of the Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and
Collection Act 1997; and
(b)
the Commissioner has not, after taking all reasonable steps, found out the member's tax file number; and
(c)
the Commissioner has written a letter to the member at the member's last-known address telling the member that, if the member does not quote his or her tax file number, the rate of surcharge that will apply to the member for a financial year (the
relevant financial year
) may be the maximum surcharge percentage of the member's surchargeable contributions for that year;
the following provisions have effect:
(d)
if contributed amounts in respect of contributions began to be paid for or by the member to a superannuation provider before 7 May 1997 and the member's surchargeable contributions for the relevant financial year exceed the surchargeable contributions threshold - the rate of surcharge that applies in respect of the member's surchargeable contributions for the relevant financial year is the maximum surcharge percentage of those contributions;
(e)
if contributed amounts in respect of contributions began to be paid for or by the member to a superannuation provider before 7 May 1997 and the member's surchargeable contributions for the relevant financial year do not exceed the surchargeable contributions threshold - the rate of surcharge that applies in respect of the member's surchargeable contributions for the relevant financial year is nil;
(f)
subject to subsection (5), if no contributed amounts in respect of contributions began to be paid for or by the member to a superannuation provider before 7 May 1997 - the rate of surcharge that applies in respect of the member's surchargeable contributions for the relevant financial year is the maximum surcharge percentage of those contributions.
5(5)
[Commissioner to send two letters]
If:
(a)
the Commissioner has written a letter to a member as mentioned in paragraph (4)(c); and
(b)
the member has not quoted his or her tax file number as mentioned in paragraph (4)(a) within 3 months after the letter was sent;
paragraph (4)(f) does not apply in respect of the member unless the Commissioner has, after that period, written a further letter to the member:
(c)
to an address determined by the Commissioner as most appropriate for the letter to reach the member; and
(d)
in the same terms as the earlier letter.
View history note
Hide history noteRelevant adjusted taxable income - Lower income amount
------------------------------------------------------
A
where:
A
is:
Higher income amount - Lower income amount
------------------------------------------
Maximum surcharge percentage x 100
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.