Published on 01 Oct 03
by "AUSTRALIAN TAX FORUM" JOURNAL ARTICLE
The Superannuation Surcharge Tax (SST) is a hidden tax, with significant effects on (so-called) higher income taxpayers. The SST was introduced in August 1996, and, according to the Australian Taxation Office, 'is intended to limit the concessionality of employer and deductible personal superannuation contributions for high income earners'. For the 2000/01 year it is levied at a rate of up to 15% on the surchargeable contributions of fund members whose adjusted taxable income exceeds the surcharge threshold of $81,493. This paper is based on research conducted on the hidden costs of Superannuation Surcharge Tax and it investigates the compliance costs on the industry. Other aspects such as SST start-up costs are also assessed for the year 2000/01. Findings are based on an in-depth survey of 40 fund managers and administrators, representing 6.5% of superannuation fund members in Australia and 3.8% of superannuation assets in Australia.
Prafula is a Lecturer in Business Law at Curtin University.
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