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

31   Subsection 19(5)

Repeal the subsection, substitute:

Amendment reducing surcharge

(5) If, as a result of the amendment of the assessment, the amount of surcharge is reduced:

(a) the amount by which the surcharge is reduced is taken never to have been payable; and

(b) the Commissioner must:

(i) refund the amount of any surcharge overpaid; or

(ii) apply that amount against any liability of the holder of the surchargeable contributions to the Commonwealth under this Act, and refund to the holder any part of that amount not so applied.