S 11(1) amended by No 102 of 2005, s 3 and Sch 1 item 41, by inserting " (being a financial year that ends before 1 July 2005) " after " each financial year " , effective 12 August 2005.

S 11(1) substituted by No 131 of 1999, s 3 and Sch 3 item 2, applicable to assessments of surcharge payable for the financial year beginning on 1 July 1999 and later financial years. S 11(1) formerly read:

11(1)
Commissioner to assess surcharge. For each financial year in which termination payments are made to or for a taxpayer, the Commissioner must:

(a) calculate the taxpayer ' s adjusted taxable income; and

(b) if the adjusted taxable income is greater than the surcharge threshold:

(i) calculate the termination payments; and

(ii) calculate the rate of surcharge that applies to the taxpayer; and

(iii) make an assessment, directed to the taxpayer, of any surcharge payable.

S 11(2) amended by No 44 of 2000, s 3 and Sch 3 item 69, by adding the Note, effective 22 December 1999.

S 11(3) substituted by No 131 of 1999, s 3 and Sch 3 item 3, applicable to assessments of surcharge payable for the financial year beginning on 1 July 1999 and later financial years. S 11(3) formerly read:

11(3)
Information to be included in an assessment. An assessment of surcharge must explain the calculations on which the assessment was based, including particulars of the adjusted taxable income for the financial year, the termination payments and the amount of surcharge, and must state the day by which the surcharge is payable.

S 11(4) substituted by No 131 of 1999, s 3 and Sch 3 item 3, applicable to assessments of surcharge payable for the financial year beginning on 1 July 1999 and later financial years. S 11(4) formerly read:

11(4)
Copy of assessment to be given to taxpayer. When an assessment (including an amended assessment) is made, the Commissioner must give a copy to the taxpayer.

S 11(5) substituted by No 131 of 1999, s 3 and Sch 3 item 3, applicable to assessments of surcharge payable for the financial year beginning on 1 July 1999 and later financial years. S 11(5) formerly read:

11(5)
Nil assessment. If the Commissioner calculates that no surcharge is payable by a taxpayer for a financial year, the calculation is taken, for the purposes of this Act other than subsection (4), to be an assessment on which a nil amount of surcharge was due and payable.

S 11(6) inserted by No 131 of 1999, s 3 and Sch 3 item 3, applicable to assessments of surcharge payable for the financial year beginning on 1 July 1999 and later financial years.

S 11(7) inserted by No 131 of 1999, s 3 and Sch 3 item 3, applicable to assessments of surcharge payable for the financial year beginning on 1 July 1999 and later financial years.