SUPERANNUATION CONTRIBUTIONS TAX 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:

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

where: CMPT previous threshold means the surchargeable contributions threshold for the financial year immediately before the relevant financial year. CMPT indexation factor means the number worked out under subsections 9(4) and (5) of the Superannuation Contributions Tax (Assessment and Collection) Act 1997 for the relevant financial year. CMPT 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. CMPT 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.

CCH Note: From 1997/98, the surchargeable contributions threshold is:

   Year       $   
  1997/98   2,092  
  1998/99   2,529
 1999/2000  2,607
  2000/01   3,105
  2001/02   3,248
  2002/03   3,880
  2003/04   4,058
  2004/05   4,273

Note: If the Superannuation Laws Amendment (Abolition of Surcharge) Bill 2005 which is currently before parliament is passed without amendment, there will be no surcharge on superannuation contributions and termination payments made on or after 1 July 2005. This will mean that thresholds and indexable amounts will not apply for 2005/06 and will also not be published for subsequent financial years.

View history note

•

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.