Commonwealth Consolidated Acts

SUPERANNUATION CONTRIBUTIONS TAX (MEMBERS OF CONSTITUTIONALLY PROTECTED SUPERANNUATION FUNDS) IMPOSITION ACT 1997 - SECT 7

Indexation of certain amounts for 2004 - 05 financial year

  (1)   Section   5 applies in relation to an indexing financial year as if each indexable amount were replaced by the amount worked out using the formula:

where:

"previous indexable amount" means the indexable amount for the financial year immediately before the indexing financial year.

"relevant indexation factor" means the indexation factor for the indexing financial year.

Rounding off of indexed amounts

  (2)   If an amount worked out under subsection   ( 1) is an amount of dollars and cents:

  (a)   if the number of cents is less than 50--the amount is to be rounded down to the nearest whole dollar; or

  (b)   otherwise--the amount is to be rounded up to the nearest whole dollar.

Indexation factor

  (3)   The indexation factor for an indexing financial year is the number calculated, to 3 decimal places, using the formula:

where:

"current March year" means the period of 12 months ending on 31   March immediately before the indexing financial year.

"previous March year" means the period of 12 months immediately before the current March year.

Rounding up of indexation factor

  (4)   If the number calculated under subsection   ( 3) for a financial year would, if it were worked out to 4 decimal places, end with a number greater than 4, the number so calculated is increased by 0.001.

Change in index numbers

  (5)   If, at any time, whether before or after the commencement of this Act, the Australian Statistician has published or publishes an index number for a quarter in substitution for an index number previously published for the quarter, the publication of the later index number is to be disregarded.

Indexable amounts to be published

  (6)   The Commissioner must publish before, or as soon as practicable after, the start of the 2004 - 05 financial year the indexable amounts as replaced under subsection   ( 1) for that year.

Definitions

  (7)   In this section:

"indexable amount" means:

  (a)   an amount stated in section   5; or

  (b)   if that amount has previously been altered under this section--the altered amount.

"indexing financial year" means the 2004 - 05 financial year.

"index number" , for a quarter, means the estimate of full - time adult average weekly ordinary time earnings for the middle month of the quarter published by the Australian Statistician.

Note:   For the purposes of this section, Australian Statistician means the Australian Statistician referred to in subsection 5(2) of the Australian Bureau of Statistics Act 1975 .

Notes to the Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Imposition Act 1997

Note 1

The Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Imposition Act 1997 as shown in this compilation comprises Act No.   184, 1997 amended as indicated in the Tables below.

For all relevant information pertaining to application, saving or transitional provisions see Table A.

Table of Acts

Act	Number and year	Date of Assent	Date of commencement	Application, saving or transitional provisions
Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Imposition Act 1997	184, 1997	7 Dec 1997	7 Dec 1997
Taxation Laws Amendment (Superannuation) Act (No.   2) 2002	51, 2002	29   June 2002	Schedule   1 (items   191, 192): 1   July 2003 Schedule   1 (item   202(5), (6)): Royal Assent	Sch. 1 (item 202(5), (6))
Superannuation (Surcharge Rate Reduction) Amendment Act 2003	112, 2003	12 Nov 2003	Schedule   1: 1   July 2003 Remainder: Royal Assent	Sch. 1 (item   32)
Superannuation Budget Measures Act 2004	106, 2004	30 June 2004	30 June 2004	Sch. 2 (item 11(1))
Superannuation Laws Amendment (Abolition of Surcharge) Act 2005	102, 2005	12 Aug 2005	12 Aug 2005	--

Table of Amendments

ad. = added or inserted       am. = amended       rep. = repealed       rs. = repealed and substituted
Provision affected	How affected
Note to s. 4 ...............	a d . No. 102, 2005
S. 5 ....................	am. No.   112, 2003 ; No. 106, 2004 ; No. 102, 2005
S. 6 ....................	am. No.   51, 2002
Subhead. to s. 7(1) .........	am. No.   112, 2003 ; No. 102, 2005
S. 7 ....................	am. No.   112, 2003 ; No. 102, 2005

Table A

Application, saving or transitional provisions

Taxation Laws Amendment (Superannuation) Act (No.   2) 2002 (No.   51, 2002)

Schedule   1

202   Application of amendments made by Part   2

(5)   Subject to subitem   ( 6), the amendments made by items   189 to 192 apply in relation to surcharge imposed by the Superannuation Contributions Tax Imposition Act 1997 and the Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Imposition Act 1997 for the 2003 - 2004 financial year and later financial years.

(6)   However, for the 2003 - 2004 year, the amount that is the previous charge percentage (which is a number that relates to the 2002 - 2003 year) is to be determined as if the amendments made by items   190 and 192 had not been made.

Superannuation (Surcharge Rate Reduction) Amendment Act 2003
(No.   112, 2003)

Schedule   1

32   Application of amendments made by Part   1

The amendments made by Part   1 apply in relation to liability to surcharge in respect of the 2003 - 04 financial year and later financial years.

Note:   The Acts amended by Part   1 continue to apply in relation to liability to surcharge in respect of financial years that ended before 1   July 2003 as if the amendments made by Part   1 had not been made.

Superannuation Budget Measures Act 2004 (No.   1 06, 2004 )

Schedule   2

11   Application of amendments

(1)   The amendments made by Part   1 of this Schedule apply in relation to liability to surcharge in respect of the 2004 - 05 financial year and later financial years.