TERMINATION PAYMENTS TAX (ASSESSMENT AND COLLECTION) ACT 1997 (REPEALED)
This Act provides for the payment of surcharge on certain payments ( termination payments ) made to or for high-earning taxpayers (see subsection 8(2)) in consequence of the termination of their employment.
7(2) Definition of termination payment .A termination payment is a payment that:
(a) is made after 7.30 pm by legal time in the Australian Capital Territory on 20 August 1996 and before 1 July 2005; and
(b) is the retained amount of an eligible termination payment for the purposes of Subdivision AA of Division 2 of Part III of the Income Tax Assessment Act because of paragraph (a) of the definition of eligible termination payment in subsection 27A(1) of that Act;
but does not include the retained amount of any post-June 1994 invalidity component or CGT exempt component of such a payment or an eligible termination payment from an employee share acquisition scheme.
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