Document ID: chunk:federal_register_of_legislation:C2004A00522:clause:3_2
Version: federal_register_of_legislation:C2004A00522
Segment Type: clause
Provision Reference: sch 3 cl 2
Character Range: 65205–65964

2  Subsection 11(1)
Repeal the subsection, substitute:

Commissioner to assess surcharge

 (1) For each financial year in which termination payments are made to or for a taxpayer, the Commissioner must make an assessment that:
 (a) calculates the taxpayer's adjusted taxable income; and
 (b) if the adjusted taxable income is greater than the surcharge threshold:
 (i) calculates the termination payments; and
 (ii) calculates the rate of surcharge that applies to the taxpayer; and
 (iii) specifies the amount of the surcharge payable or, if no surcharge is payable, states that a nil amount of surcharge is payable; and
 (c) if the adjusted taxable income is equal to or less than the surcharge threshold—states that a nil amount of surcharge is payable.