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