Superannuation (Surcharge Rate Reduction) Amendment Act 2003 (112 of 2003)

Schedule 1   Superannuation surcharge

Part 2   Amendments related to reduction of the surcharge cap

Superannuation Contributions Tax (Application to the Commonwealth - Reduction of Benefits) Act 1997

28   After subsection 4(2)

Insert:

(2A) The amount of the reduction under subsection (1) may not be more than the total of the following amounts:

(a) 15% of the employer-financed component of any part of the benefits payable to the member that accrued between 20 August 1996 and 1 July 2003;

(b) 14.5% of the employer-financed component of any part of the benefits payable to the member that accrued in the 2003-2004 financial year;

(c) 13.5% of the employer-financed component of any part of the benefits payable to the member that accrued in the 2004-2005 financial year;

(d) 12.5% of the employer-financed component of any part of the benefits payable to the member that accrued after 30 June 2005.