Commonwealth Consolidated Acts Commonwealth Consolidated ActsSurchargeable contributions threshold for the 1996 - 97 financial year
(1) The surchargeable contributions threshold for the 1996 - 97 financial year is $2,000.
Surchargeable contributions for a later financial year
(2) The surchargeable contributions threshold for a financial year (the relevant financial year ) after the 1996 - 97 financial year is the amount worked out using the formula:
where:
"previous threshold" means the surchargeable contributions threshold for the financial year immediately before the relevant financial year.
"indexation factor" means the number worked out under subsections 9(4) and (5) of the Superannuation Contributions Tax (Assessment and Collection) Act 1997 for the relevant financial year.
"current charge percentage" means the number that is specified in subsection 19(2) of the Superannuation Guarantee (Administration) Act 1992 for the quarter beginning on 1 July of the relevant financial year.
"previous charge percentage" means the number that is specified in subsection 19(2) of the Superannuation Guarantee (Administration) Act 1992 for the quarter beginning on 1 July of the financial year immediately before the relevant financial year.