Commonwealth Numbered Acts

SUPERANNUATION CONTRIBUTIONS TAX IMPOSITION AMENDMENT ACT 1997 NO. 186, 1997 - SCHEDULE 1

After "percentage", insert "(calculated to 5 decimal places)".

2 After subsection 5(1)

Insert:

(1A) If the percentage calculated under subsection (1) for a financial year would, if it were worked out to 6 decimal places, end with a number greater than 4, the number so calculated is increased by 0.00001.

3 Paragraph 5(3)(c)

Repeal the paragraph, substitute:

(c) the Commissioner has written a letter to the member at the member's last-known address telling the member that, if the member does not quote his or her tax file number, the rate of surcharge that will apply to the member for a financial year (the relevant financial year ) may be 15% of the member's surchargeable contributions for the relevant financial year;

Repeal the paragraphs, substitute:

(d) if contributed amounts in respect of contributions began to be paid for or by the member to a superannuation provider before 7 May 1997 and the member's surchargeable contributions for the relevant financial year exceed the surchargeable contributions threshold--the rate of surcharge that applies in respect of the member's surchargeable contributions for the relevant financial year is 15% of those contributions;

(e) if contributed amounts in respect of contributions began to be paid for or by the member to a superannuation provider before 7 May 1997 and the member's surchargeable contributions for the relevant financial year do not exceed the surchargeable contributions threshold--the rate of surcharge that applies in respect of the member's surchargeable contributions for the relevant financial year is nil;

(f) subject to subsection (4), if no contributed amounts in respect of contributions began to be paid for or by the member to a superannuation provider before 7 May 1997--the rate of surcharge that applies in respect of the member's surchargeable contributions for the relevant financial year is 15% of those contributions.

Repeal the subsection, substitute:

(4) If:

(a) the Commissioner has written a letter to a member as mentioned in paragraph (3)(c); and

(b) the member has not quoted his or her tax file number as mentioned in paragraph (3)(a) within 3 months after the letter was sent;

(c) to an address determined by the Commissioner as most appropriate for the letter to reach the member; and

(d) in the same terms as the earlier letter.