Document ID: chunk:federal_register_of_legislation:C2016A00080:section:5
Version: federal_register_of_legislation:C2016A00080
Segment Type: section
Provision Reference: s 5
Character Range: 2195–2802

5  Amount of tax
 (1) The amount of the excess transfer balance tax is:
 (a) if the circumstances mentioned in subsection (2) apply—30% of the person's notional earnings for the excess transfer balance period; or
 (b) in any other case—15% of the person's notional earnings for the excess transfer balance period.
 (2) For the purposes of paragraph (1)(a), the circumstances are:
 (a) the excess transfer balance period starts on or after 1 July 2018; and
 (b) the person has previously been liable to pay excess transfer balance tax for an excess transfer balance period starting on or after 1 July 2018.