Superannuation (Surcharge Rate Reduction) Amendment Act 2003 (112 of 2003)

Schedule 1   Superannuation surcharge

Part 1   Amendments related to reduction of the surcharge rate

Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Imposition Act 1997

9   Before subsection 5(1)

Insert:

(1A) In this section:

higher income amount means:

(a) for the 2003-2004 financial year - $114,981; and

(b) for each later 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 each later 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 - 13.5%; and

(c) for the 2005-2006 financial year and later financial years - 12.5%.