Associated earnings
97-30 Associated earnings
You are taken to have associated earnings equal to the sum (rounded down to the nearest dollar) of the amounts worked out under the following formula for each of the days during the period:
starting on the first day of the contributions year; and
ending on the day the Commissioner makes the first *excess non‑concessional contributions determination you receive for the contributions year.
Start formula Proxy rate times open bracket Excess plus Sum of earlier daily proxy amounts close bracket end formula
where:
excess means the amount of the excess referred to in paragraph 97‑25(1)(a).
proxy rate means the lower of:
the rate worked out under subsection 8AAD(1) for the first day of that period as if the base interest rate (within the meaning of subsection 8AAD(2)) for that day were the average of the base interest rates for each of the days of the contributions year; and
a rate determined under subsection (2) for the contributions year.
sum of earlier daily proxy amounts means the sum of the amounts worked out under the formula for each of the earlier days (if any) during that period.
Any excess non‑concessional contributions determination you receive after the first one for the contributions year is an amended determination.
The Minister may, by legislative instrument, determine a rate for a specified *financial year.
This Act’s bill:Second reading speech
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