Superannuation Contributions and Termination Payments Taxes Legislation Amendment Act 1997 (191 of 1997)
Schedule 4 Amendment of the Superannuation Contributions Tax (Assessment and Collection) Act 1997
4 At the end of subsection 8(1)
Add:
In the case of members of accumulated benefits schemes, the surchargeable contributions are calculated by reference to amounts actually paid to the superannuation providers.
In the case of members of defined benefits schemes, the surchargeable contributions are based on their respective annual salaries multiplied by a notional factor to equate the effective increase in the values of the benefits under the schemes in the financial year to the level of contributions to equivalent accumulated benefits schemes.