SUPERANNUATION CONTRIBUTIONS TAX (MEMBERS OF CONSTITUTIONALLY PROTECTED SUPERANNUATION FUNDS) IMPOSITION ACT 1997

SECTION 6   SURCHARGEABLE CONTRIBUTIONS THRESHOLD  

6(1)   Surchargeable contributions threshold for the 1996-97 financial year.  

The surchargeable contributions threshold for the 1996-97 financial year is $2,000.

6(2)   Surchargeable contributions for a later financial year.  

The surchargeable contributions threshold for a financial year (the relevant financial year ) after the 1996-97 financial year is the amount worked out using the formula:

                            Current charge percentage
Previous  x  Indexation  x  --------------------------
threshold      factor       Previous charge percentage
          

where:

previous threshold means the surchargeable contributions threshold for the financial year immediately before the relevant financial year.

indexation factor means the number worked out under subsections 10(4) and (5) of the Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997 for the relevant financial year.

current charge percentage means the number that is specified in subsection 19(2) of the Superannuation Guarantee (Administration) Act 1992 for the quarter beginning on 1 July of the relevant financial year.

previous charge percentage means the number that is specified in subsection 19(2) of the Superannuation Guarantee (Administration) Act 1992 for the quarter beginning on 1 July of the financial year immediately before the relevant financial year.