Taxation Administration Act 1953
Note: See section 3AA .Chapter 3 - Collection, recovery and administration of other taxes
You are taken to have associated earnings equal to the sum of the amounts worked out under subsection (2) for each contribution counted in your *FHSS releasable contributions amount. 138-40(2)
The amount for a contribution is equal to the sum (rounded down to the nearest dollar) of the amounts worked out under the following formula for each of the days during the period mentioned in subsection (3).
|Shortfall interest charge rate||×||(||Amount of contribution||+||Sum of earlier daily proxy amounts||)|
shortfall interest charge rate
means the rate, worked out under subsection 280-105(2) , for the day.
The period starts:
(a) if the contribution is made in the *financial year starting on 1 July 2017 - on 1 July 2017; and
(b) if the contribution is made in the financial year starting on 1 July 2018, or a later financial year - on the first day of the month in which the contribution is made or taken to have been made (see subsection 138-30(2) );
and ends on the day the Commissioner makes the *first home super saver determination for which the associated earnings are being worked out.
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