SUPERANNUATION CONTRIBUTIONS TAX (ASSESSMENT AND COLLECTION) ACT 1997

PART 3 - ASSESSMENT AND COLLECTION OF SURCHARGE AND ADVANCE INSTALMENTS  

SECTION 17   CREDIT OR REFUND OF ADVANCE INSTALMENT  

17(1)   Application.  

This section applies to an advance instalment, paid by a superannuation provider, of surcharge on a member's surchargeable contributions for a financial year.

17(2)   Advance instalment to reduce surcharge.  

If surcharge is assessed on the contributions:


(a) the Commissioner is to apply the advance instalment to reduce the surcharge payable; and


(b) if the instalment exceeds the surcharge:


(i) the excess is to be applied in reduction of any liability of the holder of the contributions under this Act; and

(ii) any amount remaining is to be paid to the holder of the contributions.

17(3)   Repayment of advance instalment if no surcharge.  

If no surcharge is assessed on the contributions:


(a) the advance instalment is to be applied in reduction of any liability of the holder of the contributions under this Act; and


(b) any amount remaining is to be paid to the holder of the contributions.




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