The superannuation contributions surcharge

The superannuation surcharge is a tax on surchargeable superannuation contributions and only applies when your adjusted taxable income exceeds the superannuation surcharge lower income amount set out in the law.

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

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

For more information see The facts about the superannuation contributions surcharge or the PSS Super Book.