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Superannuation Contributions Tax Imposition Act 1997
6Surchargeable contributions threshold
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#### 6 Surchargeable contributions threshold
Surchargeable contributions threshold for the 1996‑97 financial year
(1) The surchargeable contributions threshold for the 1996‑97 financial year is $2,000.
Surchargeable contributions for a later financial year
(2) The surchargeable contributions threshold for a financial year (the relevant financial year) after the 1996‑97 financial year is the amount worked out using the formula:
where:
> previous threshold means the surchargeable contributions threshold for the financial year immediately before the relevant financial year.
> indexation factor means the number worked out under subsections 9(4) and (5) of the Superannuation Contributions Tax (Assessment and Collection) Act 1997 for the relevant financial year.
> current charge percentage means the number that is specified in subsection 19(2) of the Superannuation Guarantee (Administration) Act 1992 for the quarter beginning on 1 July of the relevant financial year.
> previous charge percentage means the number that is specified in subsection 19(2) of the Superannuation Guarantee (Administration) Act 1992 for the quarter beginning on 1 July of the financial year immediately before the relevant financial year.