Bills Digest 130 1996-97 Termination Payments Surcharge Imposition Bill 1997


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WARNING:
This Digest was prepared for debate. It reflects the legislation as introduced and does not canvass subsequent amendments. This Digest does not have any official legal status. Other sources should be consulted to determine the subsequent official status of the Bill.

CONTENTS

Passage History

Termination Payments Surcharge Imposition Bill 1997

Date Introduced: 13 February 1997
House: House of Representatives
Portfolio: Treasury
Commencement: Royal Assent

Purpose

To impose formally the surcharge payable under the proposed Termination Payments Surcharge (Assessment and Collection) Bill 1997

Background

The reader is referred to Digest for the Superannuation Contributions Surcharge (Assessment and Collection) Bill 1997.

Main Provisions

Clause 4 imposes formally the surcharge payable under the Termination Payments Surcharge (Assessment and Collection) Act 1997.

Clause 5 deals with the rate of surcharge payable. Where the assessable income and superannuation contributions of a taxpayer is between $70 000 and $84 999 the rate of surcharge that will apply on a termination payment made to or for them is the percentage obtained by using, as in the Superannuation Contributions Surcharge Imposition Bill 1997, the following formula:

adjusted taxable income minus $70 000 divided by $1 000

Where the assessable income and superannuation contributions of a taxpayer is over $85 000 the rate of surcharge that will apply on a termination payment made to or for them is 15% of the termination payment.

Contact Officer and Copyright Details

Chris Field
Ian Ireland
3 April 1997
Bills Digest Service
Information and Research Services

This Digest does not have any official legal status. Other sources should be consulted to determine whether the Bill has been enacted and, if so, whether the subsequent Act reflects further amendments.

IRS staff are available to discuss the paper's contents with Senators and Members and their staff but not with members of the public.

ISSN 1323-9031
Commonwealth of Australia 1996

Except to the extent of the uses permitted under the Copyright Act 1968, no part of this publication may be reproduced or transmitted in any form or by any means, including information storage and retrieval systems, without the prior written consent of the Parliamentary Library, other than by Members of the Australian Parliament in the course of their official duties.

Published by the Department of the Parliamentary Library, 1997.

This page was prepared by the Parliamentary Library, Commonwealth of Australia
Last updated: 10 April 1997



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