SUPERANNUATION CONTRIBUTIONS TAX (ASSESSMENT AND COLLECTION) ACT 1997

PART 3 - ASSESSMENT AND COLLECTION OF SURCHARGE AND ADVANCE INSTALMENTS  

SECTION 15B   STATEMENT ETC. BY SELF-ASSESSING SUPERANNUATION PROVIDER  

15B(1)   Application.  

This section applies to a superannuation provider in relation to a member for a financial year that ends before 1 July 2005 if:


(a) the superannuation provider is a self-assessing superannuation provider for the financial year; and


(b) the superannuation provider holds contributed amounts in relation to the member for the financial year; and


(c) the superannuation provider does not give a statement to the Commissioner under subsection 13(2) in relation to the member for the financial year on or before 31 October following the financial year or such later date (if any) as the Commissioner allowed under that subsection.

15B(2)   Statement by superannuation provider.  

The superannuation provider must, not later than the notification date for the financial year:


(a) prepare a statement in relation to each member that contains the particulars referred to in subsection 13(2); and


(b) calculate the member ' s adjusted taxable income for the financial year; and


(c) if the adjusted taxable income is greater than the surcharge threshold:


(i) calculate the surchargeable contributions; and

(ii) calculate the rate of surcharge that applies to the member; and

(iii) calculate any surcharge payable; and


(d) give the statement to the Commissioner by electronic transmission.

15B(3)   Provider to pay surcharge in respect of 1999-2000 financial year or later financial years.  

If the financial year is the 1999-2000 financial year or a later financial year, the superannuation provider must pay to the Commissioner, not later than 7 days after the day on which the statement is given to the Commissioner under paragraph (2)(d), an amount equal to the total of the amounts of surcharge so calculated to be payable in respect of all the members.

15B(4)   How amounts paid are to be applied.  

When an amount is paid to the Commissioner by a superannuation provider under subsection (3):


(a) the Commissioner is to apply the amount in reduction of any surcharge that is assessed to be payable on the member ' s surchargeable contributions for the financial year; and


(b) if the amount exceeds the surcharge:


(i) the excess is to be applied in reduction of any liability of the provider in respect of the member under this Act; and

(ii) any amount remaining is to be paid to the provider.

15B(5)   Offence.  

A superannuation provider who contravenes this section commits an offence punishable on conviction by a fine of not more than 60 penalty units.

Note 1:

Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

Note 2:

The amount of a penalty unit is stated in section 4AA of the Crimes Act 1914 . If a body corporate is convicted of an offence, subsection 4B(3) of that Act allows a court to impose a fine that is not greater than 5 times the maximum fine that could be imposed by the court on an individual convicted of the same offence.

15B(6)   Superannuation provider not required to give information about calculation of adjusted taxable income.  

A member is not required to give to a superannuation provider any information relevant to the calculation of the member ' s adjusted taxable income for a financial year.




This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.