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)  

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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.

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History

Definition of ``current charge percentage'' substituted by No 51 of 2002, s 3 and Sch 1 items 191 and 202, applicable in relation to surcharge imposed by the Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Imposition Act 1997 for the 2003-2004 financial year and later financial years. The definition formerly read:

current charge percentage means the number that is the employer's charge percentage under the Superannuation Guarantee (Administration) Act 1992 for 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.

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History

Definition of ``previous charge percentage'' substituted by No 51 of 2002, s 3 and Sch 1 items 192 and 202, applicable in relation to surcharge imposed by the Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Imposition Act 1997 for the 2003-2004 financial year and later financial years. However, for the 2003-2004 year, the amount that is the ``previous charge percentage'' (which is a number that relates to the 2002-2003 year) is to be determined as if the amendment had not been made. The definition formerly read:

previous charge percentage means the number that is the employer's charge percentage under the Superannuation Guarante (Administration) Act 1992 for the financial year immediately before the relevant financial year.

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