Document ID: chunk:federal_register_of_legislation:C2004A00522:clause:1_13
Version: federal_register_of_legislation:C2004A00522
Segment Type: clause
Provision Reference: sch 1 cl 13
Character Range: 15192–16559

13  Subsections 15(1) and (2)
Repeal the subsections, substitute:

Commissioner to assess surcharge

 (1) For each financial year for which there are surchargeable contributions for a member, the Commissioner must make an assessment that:
 (a) calculates the member's adjusted taxable income; and
 (b) if the adjusted taxable income is greater than the surcharge threshold:
 (i) calculates the surchargeable contributions; and
 (ii) calculates the rate of surcharge that applies to the member; 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.

Commissioner to determine advance instalment in certain cases

 (2) If, under an assessment of superannuation contributions surcharge for a financial year made before 23 March 1999, an amount (other than a nil amount) of surcharge is payable, the Commissioner must make a determination specifying:
 (a) the amount of the member's surchargeable contributions for that financial year; and
 (b) the amount of the advance instalment payable in respect of the surcharge on the member's surchargeable contributions for the next financial year; and
 (c) the day by which the instalment is payable.