Surcharge

Superannuation contributions surcharge was a tax on surchargeable superannuation contributions which applied only if your adjusted taxable income exceeded the superannuation surcharge lower income amount set out under legislation.

This tax was abolished in August 2005; it does not apply from the 2005/06 financial year onwards. However, members whose adjusted taxable income was more than the lower threshold of $99,710 were still subject to the tax for 2004/05. Amendments to previous financial year assessments will continue to be applied.

Please note that any debit balance in your surcharge debt account at 30 June each year will be charged interest at the 10-year Treasury bond rate.