8Termination payments surcharge

#### 8 Termination payments surcharge Surcharge payable on termination payments (1) Subject to subsection (1A), termination payments surcharge is payable on any termination payments made to or for a taxpayer. No surcharge is payable on excessive part of termination payments (1A) In the case of a termination payment made after 7.30 pm by legal time in the Australian Capital Territory on 22 May 2001, surcharge is not payable on any part of the payment that the Commissioner has determined under section 140R of the Income Tax Assessment Act to be in excess of the RBLs of the taxpayer. No surcharge is payable unless adjusted taxable income is greater than surcharge threshold (2) Surcharge is payable only if the taxpayer’s adjusted taxable income for the financial year in which the payments are made is greater than the surcharge threshold for the financial year. No surcharge is payable by residents of external Territories (3) Surcharge is not payable on any termination payments made to or for a taxpayer in a financial year if the taxpayer is a Territory resident for the purposes of Division 1A of Part III of the Income Tax Assessment Act as it applies to the year of income that comprises that financial year. Taxpayer liable for surcharge (4) The taxpayer is liable to pay the surcharge.