TERMINATION PAYMENTS TAX (ASSESSMENT AND COLLECTION) ACT 1997 (REPEALED)

PART 2 - LIABILITY TO SURCHARGE

SECTION 9 SURCHARGE PAYABLE ONLY ON PART OF CERTAIN TERMINATION PAYMENTS

9(1)
This section applies if a termination payment has been or is made to or for a taxpayer after 20 August 1996.

9(2)
In the case of a termination payment made at or before 7.30 pm by legal time in the Australian Capital Territory on 22 May 2001, surcharge is payable only on the part of the termination payment that is worked out using the formula:

Post-20 August 1996 period
Total period

Termination payment

9(3)
In the case of a termination payment made after 7.30 pm by legal time in the Australian Capital Territory on 22 May 2001, surcharge is payable only on the part of the termination payment that is worked out using the formula:

9(4)
For the purposes of this section:

excessive component
means the part (if any) of the termination payment that the Commissioner has determined under section 140R of the Income Tax Assessment Act to be in excess of the RBLs of the taxpayer.

post-20 August 1996 period
means the number of days in the period of the taxpayer ' s employment for which the termination payment was made that occurred after 20 August 1996.

total period
means the number of days in the period of the taxpayer ' s employment for which the termination payment was made.

View history note

History

S 9 substituted by No 96 of 2001, s 3 and Sch 3 item 3, applicable only to payments made after 7.30 pm by legal time in the Australian Capital Territory on 22 May 2001. For further application provision, see the history note to s 8(1). S 9 formerly read:

SURCHARGE PAYABLE ONLY ON PART OF CERTAIN TERMINATION PAYMENTS
9(1) Termination payments made before 20 August 2001.
If a termination payment has been or is made to or for a taxpayer after 20 August 1996 and before 20 August 2001, surcharge is payable only on the part of the termination payment that is worked out using the formula:

Post-20 August 1996 period
Total period × Termination payment

where:

post-20 August 1996 period
means the number of days in the period of the taxpayer ' s employment for which the termination payment was made that occurred after 20 August 1996.

total period
means the number of days in the period of the taxpayer ' s employment for which the termination payment was made.

9(2) Termination payments made on or after 20 August 2001.
If:

(a) a termination payment is made to or for a taxpayer on or after 20 August 2001; and

(b) the taxpayer is entitled to the payment under a written agreement between the taxpayer and his or her employer that was entered into before 7.30 pm by legal time in the Australian Capital Territory on 20 August 1996;
surcharge is payable only on the part of the termination payment that is worked out using the formula:

Post-20 August 1996 period
Total period × Termination payment

where:

post-20 August 1996 period
means the number of days in the period of the taxpayer ' s employment in respect of which the termination payment was made that occurred after 20 August 1996.

total period
means the number of days in the period of the taxpayer ' s employment in respect of which the termination payment was made.

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