OUTLINE OF ACT  
6
The following is a simplified outline of this Act.

• If there are surchargeable contributions for a member for the 1996-97 financial year or a later financial year, the Commissioner will calculate the member's adjusted taxable income for the financial year.

• If the amount calculated is greater than the surcharge threshold amount, the Commissioner will calculate the rate of surcharge and make an assessment, directed to the member, of surcharge payable on the contributions. Only contributions paid, or relating to a time, after 7.30 pm on 20 August 1996 are subject to surcharge.

• If the contributions are held under a defined benefits superannuation scheme, the surcharge is payable on an amount calculated by reference to a notional surchargeable contributions factor determined for the member and the member's annual salary for the purposes of the scheme.

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

• The member is liable to pay the surcharge on the member's surchargeable contributions for a financial year, but the surcharge is not payable until benefits become payable.

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

• The provisions in the Taxation Administration Act 1953 for objecting against assessments of income tax apply to assessments of surcharge in so far as the assessments relate to the calculation of a member's adjusted taxable income.

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

Transitional - superannuation providers to give corrective statements  
25
If a superannuation provider has, before the commencement of this item [ 13.10.99], given a statement to the Commissioner under section 12 of the Superannuation Contributions Tax (Members of Constitutionally Protected Funds) Assessment and Collection Act 1997 that did not comply with the requirements that would have applied if the amendments made by items of this Schedule that are taken to have commenced on 5 June 1997 had been in force, the provider must give to the Commissioner not later than a date fixed by the Minister by notice published in the Gazette , in substitution for the first-mentioned statement, a further statement that complies with those requirements. Transitional - retrospective objections  
26
If a notice of assessment was given to a member before the day on which this Act received the Royal Assent [ 13.10.99]:

(a) if the member did not object against the assessment before that day, then, for the purpose of calculating under section 14ZW of the Taxation Administration Act 1953 the period within which the member may object against the assessment, the notice is taken to have been served on that day; and

(b) if the member objected against the assessment before the day on which this Act received the Royal Assent, the member may make a further objection against the assessment and, for the purpose of calculating under section 14ZW of the Taxation Administration Act 1953 the period within which the member may make the further objection against the assessment, the notice is taken to have been served on that day. Transitional - amendments of assessments  
27
Nothing in section 15A of the Superannuation Contributions Tax (Members of Constitutionally Protected Funds) Assessment and Collection Act 1997 prevents the amendment of an assessment for the purpose of giving effect:

(a) to any amendment made by this Schedule or to item 25 or 26; or

(b) to anything done under a provision of that Act as amended by this Schedule or under item 25 or 26.