TERMINATION PAYMENTS TAX IMPOSITION ACT 1997 (REPEALED)
In this section:
(a) for the 2003-2004 financial year - $114,981; and
(b) for the 2004-2005 financial year - that amount as indexed under section 6 .
View history note
Hide history note(a) for the 2003-2004 financial year - $94,691; and
(b) for the 2004-2005 financial year - that amount as indexed under section 6.
maximum surcharge percentage
means:
(a) for the 2003-2004 financial year - 14.5%; and
(b) for the 2004-2005 financial year - 12.5%.
(c) (Repealed by No 102 of 2005)
5(1)
If the taxpayer ' s adjusted taxable income for a financial year ( relevant adjusted taxable income ) is not less than the lower income amount but is less than the higher income amount, the rate of the termination payments surcharge payable on a termination payment made to or for the taxpayer in that year is the percentage (calculated to 5 decimal places) of the amount of the payment worked out using the formula:
|
Relevant adjusted taxable income
−
Lower income amount
A |
|
Higher income amount
−
Lower income amount
Maximum surcharge percentage × 100 |
5(1A)
If the percentage calculated under subsection (1) for a financial year would, if it were worked out to 6 decimal places, end with a number greater than 4, the number so calculated is increased by 0.00001.
5(2)
If the taxpayer ' s adjusted taxable income for a financial year is equal to, or greater than, the higher income amount, the rate of the termination payments surcharge payable in respect of a termination payment made to or for the taxpayer in that year is the maximum surcharge percentage of the amount of the payment.
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