• Amending surcharge assessments

    The process to amend an assessment can be initiated by you, your fund or us. An amendment may be required when:

    • there is a change to your adjusted taxable income – this may occur if your income tax assessment for that financial year was amended, or
    • your super fund may change the amount of surchargeable contributions reported to us, or
    • your TFN is provided after an assessment was issued, because we could not match your TFN with reported information.

    We will send the amended assessment to the holder of your contributions. This may be:

    • the fund that received the original assessment, or
    • the new fund you rolled the contributions into, or
    • yourself, if you retired or were paid the contributions as part of a benefit.

    If an assessment is amended, one of two things may happen:

    • If the holder of the contributions has paid too much surcharge, we may need to pay interest when we refund the overpaid surcharge (depending on the circumstances).
    • If the holder of the contributions has not paid enough surcharge, they may need to pay us a general interest charge as well as the additional surcharge.

    If you're the holder of the contributions and receive an assessment, you must declare any interest paid to you in your tax return for the financial year in which the interest is paid. General interest charges are deductible in your tax return for the financial year they are incurred. Surcharge assessments can generally only be amended within four years of the date they issue or from when the surcharge becomes due and payable. There are exceptions that allow assessments to be amended after the general time limit has expired. We will advise you in writing if you, or your fund, have requested an amendment outside the time limit.

    See also:

      Last modified: 30 Aug 2017QC 18956