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The Superannuation Contributions Surcharge was a tax introduced by the Commonwealth Government in August 1996. It was an additional tax of a maximum of 15% on the superannuation contributions made by an employer. The surcharge only applied to members whose combined taxable income and employer superannuation contributions, including salary sacrifice payments, exceeded an indexed threshold. For 2004-05 this threshold was $99,710.
There will be no further application of the surcharge to superannuation contributions made on and from 1 July 2005.
The last reporting of contributions for surcharge purposes was in relation to contributions made up to and including 30 June 2005. The Australian Taxation Office (ATO) made surcharge assessments in relation to those contributions in 2006. For members of the Tasmanian Accumulation Scheme, any surcharge payable was automatically deducted from your account on 30 June 2006.
Got an existing superannuation surcharge debt?
It is possible that you may have an existing debt if you are a member of the RBF Contributory Scheme. Due to the fact that RBF Contributory Scheme benefits are determined by a formula, the surcharge is not automatically deducted from Contributory Scheme accounts.
Surcharge debts will remain in existence until they are paid off. RBF is required by the ATO to apply interest to surcharge debts at the equivalent of the 10 year Treasury long term bond rate. For 30 June 2007 this amount was 6.26%. If you have a surcharge debt you may make a voluntary payment to RBF at any time to reduce the amount of the debt. You can also elect in writing to use money you have in the RBF Investment Account to help clear the debt.
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