TERMINATION PAYMENTS TAX IMPOSITION ACT 1997 (REPEALED)

SECTION 5   RATE OF TERMINATION PAYMENTS SURCHARGE  

5(1AA)    
In this section:

higher income amount
means:

(a) for the 2003-2004 financial year - $114,981; and

(b) for the 2004-2005 financial year - that amount as indexed under section 6 .

lower income amount
means:

(a) for the 2003-2004 financial year - $94,691; and

(b) for the 2004-2005 financial year - that amount as indexed under section 6.

maximum surcharge percentage
means:

(a) for the 2003-2004 financial year - 14.5%; and

(b) for the 2004-2005 financial year - 12.5%.

(c) (Repealed by No 102 of 2005)

5(1)    
If the taxpayer ' s adjusted taxable income for a financial year ( relevant adjusted taxable income ) is not less than the lower income amount but is less than the higher income amount, the rate of the termination payments surcharge payable on a termination payment made to or for the taxpayer in that year is the percentage (calculated to 5 decimal places) of the amount of the payment worked out using the formula:

Relevant adjusted taxable income − Lower income amount A

where:

A
is:

Higher income amount − Lower income amount Maximum surcharge percentage × 100

5(1A)    
If the percentage calculated under subsection (1) for a financial year would, if it were worked out to 6 decimal places, end with a number greater than 4, the number so calculated is increased by 0.00001.

5(2)    
If the taxpayer ' s adjusted taxable income for a financial year is equal to, or greater than, the higher income amount, the rate of the termination payments surcharge payable in respect of a termination payment made to or for the taxpayer in that year is the maximum surcharge percentage of the amount of the payment.