• Surchargeable contributions

    The surcharge applies to contributions if the sum of an individual's taxable income and certain other amounts reach a given threshold for the relevant financial year.

    Surchargeable contributions for members of accumulation funds include:

    • employer contributions
    • personal contributions for which a tax deduction has been claimed
    • the post- 20 August 1996 portion of an employer eligible termination payment rolled over on or after 1 July 1997
    • allocated surplus amounts (this is any amount allocated to a member's account on or after 1 July 1997 by a super provider from surplus that exceeds an amount considered reasonable by an eligible actuary).

    Surchargeable contributions for members of defined benefit funds are determined by an actuary using a formula to calculate the value of the benefits and expenses relating to the membership for a financial year.

    Personal contributions for which no income tax deduction has been claimed are not surchargeable contributions.

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      Last modified: 30 Aug 2017QC 18957