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.