Members may be assessed for surcharge for the financial years 1997–2005.
We keep a surcharge debt account for each member assessed. This records the amount of surcharge assessed for the 1997–2005 financial years, and any voluntary payments the member makes.
We also calculate and add interest to the outstanding balance of these surcharge debt accounts on 30 June each year using the 10-year Treasury bond rate. Interest ensures the value of the accumulated surcharge debt is maintained over time.
The member's final liability is calculated after the fund lodges the Superannuation member exit statement for constitutionally protected funds (PDF, 169KB)This link will download a file.
The final liability is the lesser of the:
- balance of the surcharge debt account we hold
- employer-financed component amount.
Members of constitutionally protected funds do not need to pay their surcharge liability until their super benefit is payable. This happens when:
- a member receives a lump sum, or begins receiving a pension or annuity
- a member transfers contributions
- a payment to a non-member spouse occurs due to marriage breakdown
- a benefit payment is made upon a member's death
- the super fund ceases to be a constitutionally protected super fund.
We will send the final liability notice to the member. The member must pay us the final liability amount within three months of the date of issue of the notice.
If the amount is transferred to another super provider, the new fund can be directed by the member to pay all or part of the liability on the member's behalf.
Fund members may make voluntary payments to reduce their surcharge debt accounts. However, we recommend they seek professional financial advice before doing so.