The surcharge was an additional income-tested tax which applied between 20 August 1996 and 30 June 2005. In some instances, the ATO may request payment of an outstanding surcharge amount.
The surcharge is applied to the Surcharge Account (of a member of the Seafarers or Maritime Super division) or the Offset Account (of a Permanent (Defined Benefit) member of the Stevedores division), and is applied in reduction of any benefit paid. In the meantime, interest is applied to the Offset or Surcharge account.
Any surcharge tax paid on behalf of a member of the Stevedores division of the Fund to the ATO is deducted from the member’s accumulation account(s) (with the exception of members of the Permanent (Defined Benefit) category).