TERMINATION PAYMENTS TAX (ASSESSMENT AND COLLECTION) ACT 1997 (REPEALED)

• If any termination payments have been or are made to or for a taxpayer after 7.30 pm on 20 August 1996 and before 1 July 2005, the Commissioner will calculate the taxpayer ' s adjusted taxable income for the financial year in which the payments were or are made.

• If the amount calculated is greater than the surcharge threshold, the Commissioner will calculate the rate of surcharge and assess the amount of surcharge payable by the taxpayer on the payments. Only part of certain employment-related termination payments is subject to the surcharge.

• If, after the assessment of surcharge, the taxpayer ' s adjusted taxable income is found to be different from the amount that was previously calculated or the termination payments are found to be different from the amount on which the assessment was based, the Commissioner may amend the assessment.

• If liability for surcharge is increased as a result of an amendment of an assessment, the general interest charge is payable on the additional surcharge.

• A taxpayer may object against an assessment of surcharge in the way set out in Part IVC of the Taxation Administration Act 1953 for objecting against assessment of income tax.

• A late payment penalty applies if surcharge is not paid on time.