Commonwealth contributions surcharge
If you have an outstanding surcharge tax debt, your Annual Statement will show the balance of your debt and changes to your account.
The superannuation contributions surcharge ('surcharge') is a Commonwealth Government tax that was levied on the surchargeable superannuation contributions of higher-income individuals in the financial years from 1997 to 2005.
The surcharge was calculated using the adjusted taxable income for a financial year. If your adjusted taxable income exceeded a minimum threshold in a financial year, the surcharge was applied to your surchargeable contributions.
The Commonwealth legislation has been amended to effectively remove any new surcharge assessments in respect of employer superannuation contributions made for employer-financed benefits accruing to members after 30 June 2005.
However, surcharge remains payable in respect of any surcharge liability that existed at 30 June 2005, and any subsequent ATO surcharge assessments in respect of surchargeable contributions up to 30 June 2005.
For additional information please see STC Fact Sheet 1: Information about the Commonwealth contributions surcharge.