TERMINATION PAYMENTS TAX (ASSESSMENT AND COLLECTION) ACT 1997 (REPEALED)

SURCHARGE PAYABLE ONLY ON PART OF CERTAIN TERMINATION PAYMENTS  
9(1) Termination payments made before 20 August 2001.  

If a termination payment has been 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 termination payment that is worked out using the formula:

Post-20 August 1996 period Total period

×

Termination payment

where:

post-20 August 1996 period
means the number of days in the period of the taxpayer ' s employment for which the termination payment was made that occurred after 20 August 1996.

total period
means the number of days in the period of the taxpayer ' s employment for which the termination payment was made.

9(2) Termination payments made on or after 20 August 2001.  

If:

(a) a termination payment is made to or for a taxpayer on or after 20 August 2001; and

(b) the taxpayer is entitled to the payment under a written agreement between the taxpayer and his or her employer that was entered into before 7.30 pm by legal time in the Australian Capital Territory on 20 August 1996;

surcharge is payable only on the part of the termination payment that is worked out using the formula:

Post-20 August 1996 period Total period

×

Termination payment

where:

post-20 August 1996 period
means the number of days in the period of the taxpayer ' s employment in respect of which the termination payment was made that occurred after 20 August 1996.

total period
means the number of days in the period of the taxpayer ' s employment in respect of which the termination payment was made.