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
Termination Payments Surcharge Imposition Bill
1997
Date Introduced: 13 February 1997
House: House of Representatives
Portfolio: Treasury
Commencement: Royal Assent
To impose formally the surcharge payable under the proposed
Termination Payments Surcharge (Assessment and Collection) Bill
1997
The reader is referred to Digest for the Superannuation
Contributions Surcharge (Assessment and Collection) Bill 1997.
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.
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
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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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