Commonwealth Numbered Acts

SUPERANNUATION CONTRIBUTIONS TAX (ASSESSMENT AND COLLECTION) ACT 1997 No. 70, 1997 - SECT 8

Application
8. (1) This section explains what are a member's surchargeable contributions
for a financial year.

When amounts are paid to superannuation (accumulated benefits) provider

(2) If:

   (a)  any amounts (the contributed amounts) are paid for or by a member to a
        superannuation (accumulated benefits) provider for a financial year;
        and

   (b)  where the provider is the trustee of a superannuation fund or of an
        approved deposit fund-the superannuation fund is a complying
        superannuation fund or the approved deposit fund is a complying
        approved deposit fund, as the case may be, for the purposes of the
        year of income comprising the financial year; the member's
        surchargeable contributions for the financial year are the sum of so
        much of the contributed amounts as:

   (c)  are taxable contributions under subparagraph 274(1)(a)(i), (b)(ii),
        (ba)(i) or (ba)(iv) or paragraph 274(1)(d) or (e) of the Income Tax
        Assessment Act; or

   (d)  are allowed as deductions to the member under section 82AAT of that
        Act; or

   (e)  are specified roll-over amounts that constitute the roll-over of
        amounts that are eligible termination payments under paragraph (a) of
        the definition of eligible termination payment in subsection 27A(1) of
        that Act.

Defined benefits superannuation scheme

(3) The surchargeable contributions for a financial year of a member of a
defined benefits superannuation scheme are taken to be the amount worked out
using the formula:
Annual salry x Notional surchargeable contributions factor where:
annual salary means:

   (a)  if paragraph (b) does not apply-the amount that is the member's annual
        salary for the financial year; or

   (b)  if another amount is taken to be the member's annual salary for the
        purposes of the scheme as it applies to the member for the financial
        year-that other amount.
notional surchargeable contributions factor means the notional surchargeable
contributions factor applying to the member for the financial year.

Transitional provision for 1996-97 financial year

(4) For the 1996-97 financial year, a member's surchargeable contributions
are:

   (a)  if the contributed amounts were paid to a superannuation (accumulated
        benefits) provider-the part of so much of those amounts that would
        otherwise be the member's surchargeable contributions as was paid to
        the provider after 7.30 pm by legal time in the Australian Capital
        Territory on 20 August 1996; or

   (b)  if the member is a member of a defined benefits superannuation
        scheme-so much of the amounts that would otherwise be the member's
        surchargeable contributions as is certified by an eligible actuary,
        according to Australian actuarial practice, to relate to the part of
        the financial year that started immediately after 7.30 pm by legal
        time in the Australian Capital Territory on 20 August 1996.