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.
CCH Note:
From 1997/98, the
surchargeable contributions threshold
is:
Year $
1997/98 2,092
1998/99 2,529
1999/2000 2,607
2000/01 3,105
2001/02 3,248
2002/03 3,880
2003/04 4,058
2004/05 4,273
Note: If the Superannuation Laws Amendment (Abolition of Surcharge) Bill 2005 which is currently before parliament is passed without amendment, there will be no surcharge on superannuation contributions and termination payments made on or after 1 July 2005. This will mean that thresholds and indexable amounts will not apply for 2005/06 and will also not be published for subsequent financial years.
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