Superannuation contributions surcharge is a tax on surchargeable superannuation contributions which applies if your adjusted taxable income exceeds 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 is more than the lower threshold of $99,710 will still be 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.