Commonwealth Numbered Acts

SUPERANNUATION CONTRIBUTIONS TAX (ASSESSMENT AND COLLECTION) ACT 1997 No. 70, 1997 - SECT 20

Application
20. (1) This section applies if:

   (a)  after the making of an assessment of surcharge (the previous
        assessment) on a member's surchargeable contributions for a financial
        year:

        (i)    the member's adjusted taxable income for the financial year is
               increased or reduced and the increase or reduction affects a
               person's liability to pay the surcharge; or

        (ii)   the amount of the contributions is greater or less than the
               amount that was taken to be the amount of the contributions for
               the purposes of the previous assessment; and

   (b)  the person to whom the previous assessment was directed is no longer
        the holder of the contributions.

Additional application

(2) This section also applies if:

   (a)  under an assessment of surcharge (the previous assessment) on a
        member's surchargeable contributions for a financial year, the rate of
        surcharge that applies to the member on particular surchargeable
        contributions for that financial year was assessed to be nil because
        paragraph 5(3)(e) of the Superannuation Contributions Tax Imposition 
        Act 1997 applied to the member; and

   (b)  the rate of surcharge that applies to the member on those
        contributions for that financial year is afterwards determined to be
        greater than nil; and

   (c)  the person to whom the previous assessment was directed is no longer
        the holder of the surchargeable contributions.

Further assessment

(3) The Commissioner must comply with subsection 15(1) in respect of the
member for the financial year as if the action previously taken by the
Commissioner under that subsection had not been taken. However, nothing in
this section affects the action previously taken.

Increase in surcharge

(4) If, under an assessment (the new assessment) made because of subsection
(3), the amount of surcharge payable exceeds the amount payable under the
previous assessment, only the amount of the excess is to be assessed as
payable under the new assessment.

No change in surcharge

(5) If, under an assessment (the new assessment) made because of subsection
(3), the amount of surcharge payable is equal to the amount payable under the
previous assessment, no amount of surcharge is to be assessed as payable under
the new assessment.

Reduction in surcharge

(6) If, under an assessment (the new assessment) made because of subsection
(3), the amount of surcharge payable is less than the amount payable under the
previous assessment:

   (a)  no amount of surcharge is to be assessed as payable under the new
        assessment; and

   (b)  the difference is to be paid to the holder of the surchargeable
        contributions.