11Assessment of liability to pay surcharge

#### 11 Assessment of liability to pay surcharge Commissioner to assess surcharge (1) For each financial year (being a financial year that ends before 1 July 2005) 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. When surcharge is payable (2) Surcharge assessed under subsection (1) is payable within one month after the day on which the assessment is made. > Note: For provisions about collection and recovery of termination payments surcharge and other related amounts, see Part 4‑15 in Schedule 1 to the Taxation Administration Act 1953. Notice of assessment (3) When an assessment (including an amended assessment) is made, the Commissioner must, subject to subsection (4), give notice of the assessment to the taxpayer. No notice if nil amount assessed (4) The Commissioner is not required under subsection (3) to give a notice of an assessment if the assessment states that a nil amount of surcharge is payable. Particulars in notice of assessment (5) A notice of assessment must include particulars of the matters contained in the assessment under subsection (1). How a notice is to be given (6) A notice of assessment may be given in any manner prescribed by the regulations. Non‑compliance not to affect validity of assessment (7) The validity of any assessment is not affected by any non‑compliance with a provision of this Act.