SUPERANNUATION CONTRIBUTIONS TAX IMPOSITION ACT 1997

SECTION 6  SURCHARGEABLE CONTRIBUTIONS THRESHOLD  

6(1)   Surchargeable contributions threshold for the 1996-97 financial year.  

The surchargeable contributions threshold for the 1996-97 financial year is $2,000.

6(2)   Surchargeable contributions for a later financial year.  

The surchargeable contributions threshold for a financial year (the relevant financial year ) after the 1996-97 financial year is the amount worked out using the formula:

Previous     Indexation      Current charge percentage 
threshold  x  factor     x   --------------------------
                             Previous charge percentage
 
          

where: CMPT previous threshold means the surchargeable contributions threshold for the financial year immediately before the relevant financial year. CMPT indexation factor means the number worked out under subsections 9(4) and (5) of the Superannuation Contributions Tax (Assessment and Collection) Act 1997 for the relevant financial year. CMPT current charge percentage means the number that is specified in subsection 19(2) of the Superannuation Guarantee (Administration) Act 1992 for the quarter beginning on 1 July of the relevant financial year. CMPT previous charge percentage means the number that is specified in subsection 19(2) of the Superannuation Guarantee (Administration) Act 1992 for the quarter beginning on 1 July of the financial year immediately before the relevant financial year.




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