Taxation Administration Act 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

Note: See section 3AA .

Chapter 2 - Collection, recovery and administration of income tax  

PART 2-35 - EXCESS SUPERANNUATION CONTRIBUTIONS  

Division 97 - Excess contributions determinations  

Subdivision 97-B - Excess non-concessional contributions determinations  

Operative provisions

SECTION 97-30   ASSOCIATED EARNINGS  

97-30(1)  
You are taken to have associated earnings equal to the sum (rounded down to the nearest dollar) of the amounts worked out under the following formula for each of the days during the period:


(a) starting on the first day of the contributions year; and


(b) ending on the day the Commissioner makes the first *excess non-concessional contributions determination you receive for the contributions year.

Associated earnings

where:

excess
means the amount of the excess referred to in paragraph 97-25(1)(a) .

proxy rate
means the lower of:


(a) the rate worked out under subsection 8AAD(1) for the first day of that period as if the base interest rate (within the meaning of subsection 8AAD(2) ) for that day were the average of the base interest rates for each of the days of the contributions year; and


(b) a rate determined under subsection (2) for the contributions year.

sum of earlier daily proxy amounts
means the sum of the amounts worked out under the formula for each of the earlier days (if any) during that period.

Note:

Any excess non-concessional contributions determination you receive after the first one for the contributions year is an amended determination.

97-30(2)  
The Minister may, by legislative instrument, determine a rate for a specified *financial year.




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