TERMINATION PAYMENTS TAX (ASSESSMENT AND COLLECTION) ACT 1997 (REPEALED)

PART 1 - PRELIMINARY  

SECTION 6  

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

• If any termination payments have been or are made to or for a taxpayer after 7.30 pm on 20 August 1996 and before 1 July 2005, the Commissioner will calculate the taxpayer ' s adjusted taxable income for the financial year in which the payments were or are made.

• If the amount calculated is greater than the surcharge threshold, the Commissioner will calculate the rate of surcharge and assess the amount of surcharge payable by the taxpayer on the payments. Only part of certain employment-related termination payments is subject to the surcharge.

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

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

• A taxpayer may object against an assessment of surcharge in the way set out in Part IVC of the Taxation Administration Act 1953 for objecting against assessment of income tax.

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

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History

S 6 amended by No 102 of 2005, s 3 and Sch 1 item 39, by inserting " and before 1 July 2005 " after " 20 August 1996 " , effective 12 August 2005.

S 6 amended by No 131 of 1999, s 3 and Sch 3 item 1, by substituting the fifth dot point, effective 13 October 1999. The fifth dot point formerly read: " • The provisions in the Taxation Administration Act 1953 for objecting against assessments of income tax apply to assessments of surcharge. " .

S 6 amended by No 11 of 1999, s 3 and Sch 1 items 376 and 377, by substituting " the general interest charge is payable on the additional surcharge " for " interest is payable on the additional surcharge " and by omitting " • The Commissioner may remit interest or late payment penalty: a refusal to remit is reviewable by the Administrative Appeals Tribunal. ' ' from the end, applicable in relation to amounts that are to be paid on or after 1 July 1999.

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