Commonwealth Numbered Acts

SUPERANNUATION CONTRIBUTIONS TAX (ASSESSMENT AND COLLECTION) ACT 1997 No. 70, 1997 - SECT 9

Surcharge threshold for 1996-97 financial year
9. (1) The surcharge threshold for the 1996-97 financial year is $70,000.

Surcharge threshold for later financial year

(2) The surcharge threshold for a later financial year is the amount
calculated using the formula:
Previous surcharge threshold x Indexation factor where:
previous surcharge threshold means the surcharge threshold for the financial
year immediately before the financial year for which the surcharge threshold
is being calculated.
indexation factor means the number calculated under subsections (4) and (5)
for the financial year for which the surcharge threshold is being calculated.

Rounding off of amount of surcharge threshold

(3) If an amount worked out for the purposes of subsection (2) is an amount of
dollars and cents:

   (a)  if the number of cents is less than 50-the amount is to be rounded
        down to the nearest whole dollar; or

   (b)  otherwise-the amount is to be rounded up to the nearest whole dollar.

Indexation factor

(4) The indexation factor for a financial year is the number calculated, to 3
decimal places, using the formula:
Index number for last quarter in current March year
Index number for last quarter in previous March year where:
index number, for a quarter, means the estimate of full-time adult average
weekly ordinary time earnings for the middle month of the quarter published by
the Australian Statistician.
current March year means the period of 12 months ending on 31 March
immediately before the financial year for which the surcharge threshold is
being calculated.
previous March year means the period of 12 months immediately before the
current March year.

Rounding up of indexation factor

(5) If the number calculated under subsection (4) for a financial year would,
if it were worked out to 4 decimal places, end with a number greater than 4,
the number so calculated is increased by 0.001.

Change in index numbers

(6) If at any time, whether before or after the commencement of this Act, the
Australian Statistician has published or publishes an index number for a
quarter in substitution for an index number previously published for the
quarter, the publication of the later index number is to be disregarded.

Surcharge threshold to be published

(7) The Commissioner must publish before, or as soon as practicable after, the
start of the 1997-98 financial year, and before the start of each later
financial year, the surcharge threshold for the financial year. Note: For the
purposes of this section, Australian Statistician means the Australian
Statistician referred to in subsection 5(2) of the Australian Bureau of
Statistics Act 1975.