Commonwealth Numbered Acts

TERMINATION PAYMENTS TAX (ASSESSMENT AND COLLECTION) ACT 1997 No. 73 of 1997 - SECT 9

Termination payments made before 20 August 2001

(1) If a termination payment has been or is made to or for a taxpayer after 20
August 1996 and before 20 August 2001, surcharge is payable only on the part
of the termination payment that is worked out using the formula:
Post-20 August 1996 period x Termination payment
Total period where:
post-20 August 1996 period means the number of days in the period of the
taxpayer's employment for which the termination payment was made that occurred
after 20 August 1996.
total period means the number of days in the period of the taxpayer's
employment for which the termination payment was made.

Termination payments made on or after 20 August 2001

(2) If:

   (a)  a termination payment is made to or for a taxpayer on or after 20
        August 2001; and

   (b)  the taxpayer is entitled to the payment under a written agreement
        between the taxpayer and his or her employer that was entered into
        before 7.30 pm by legal time in the Australian Capital Territory on 20
        August 1996; surcharge is payable only on the part of the termination
        payment that is worked out using the formula:
Post-20 August 1996 period x Termination payment
Total period where:
post-20 August 1996 period means the number of days in the period of the
taxpayer's employment in respect of which the termination payment was made
that occurred after 20 August 1996.
total period means the number of days in the period of the taxpayer's
employment in respect of which the termination payment was made.