Superannuation Contributions Tax (Assessment and Collection) Act 1997

This section applies if:

after the making of an assessment of surcharge (the previous assessment) on a member’s surchargeable contributions for a financial year:

the member’s adjusted taxable income for the financial year is increased or reduced and the increase or reduction affects a person’s liability to pay the surcharge; or

the amount of the contributions is greater or less than the amount that was taken to be the amount of the contributions for the purposes of the previous assessment; and

the person who was the holder of the surchargeable contributions when the previous assessment was made is no longer the holder of the surchargeable contributions.

This section also applies if:

under an assessment of surcharge (the previous assessment) on a member’s surchargeable contributions for a financial year, the rate of surcharge that applies to the member on particular surchargeable contributions for that financial year was assessed to be nil because paragraph 5(3)(e) of the Superannuation Contributions Tax Imposition Act 1997 applied to the member; and

the rate of surcharge that applies to the member on those contributions for that financial year is afterwards determined to be greater than nil; and

the person who was the holder of the surchargeable contributions when the previous assessment was made is no longer the holder of the surchargeable contributions.

The Commissioner must comply with subsection 15(1) in respect of the member for the financial year as if the action previously taken by the Commissioner under that subsection had not been taken. However, nothing in this section affects the action previously taken.

If, under an assessment (the new assessment) made because of subsection (3), the amount of surcharge payable exceeds the amount payable under the previous assessment, only the amount of the excess is to be assessed as payable under the new assessment.

If, under an assessment (the new assessment) made because of subsection (3), the amount of surcharge payable is equal to the amount payable under the previous assessment, no amount of surcharge is to be assessed as payable under the new assessment.

If, under an assessment (the new assessment) made because of subsection (3), the amount of surcharge payable is less than the amount payable under the previous assessment:

no amount of surcharge is to be assessed as payable under the new assessment; and

the difference is to be applied in reduction of any liability of the holder of the surchargeable contributions under this Act; and

any amount remaining is to be paid to the holder of the surchargeable contributions.

The Commissioner must not make a new assessment if, were the new assessment an amendment of the previous assessment, section 17A would have precluded the amendment of the previous assessment.