Superannuation Guarantee (Administration) Act 1992
PART 8
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PAYMENTS OF AMOUNTS OF SHORTFALL COMPONENTS FOR THE BENEFIT OF EMPLOYEES
SECTION 64B
THE SHORTFALL COMPONENT FOR MORE THAN ONE BENEFITING EMPLOYEE
64B(1)
This section applies if there is more than one benefiting employee. In this situation, separate shortfall components are worked out for each of the benefiting employees.
64B(2)
The shortfall component for a payment, in respect of a particular employee, is the employee ' s proportion of the lesser of the following amounts: (a) the amount of the payment; (b) the amount of the total employee entitlement, calculated at the time when the payment is made.
64B(3)
Subject to subsection (3A) , an employee ' s proportion of an amount is the following proportion:
64B(3A)
The Commissioner may vary an employee ' s proportion of an amount if the amount of the charge payment has been affected by: (a) the application of the monetary limit imposed by subsection 556(1A) of the Corporations Act 2001 in respect of the employee; or (b) the application of the monetary limit imposed by paragraph 109(1)(e) of the Bankruptcy Act 1966 in respect of the employee.
64B(4)
The total employee entitlement , calculated at a particular time in relation to the assessment, is the sum of the following amounts: (a) the total of the employer ' s individual final superannuation guarantee shortfalls for all employees and the QE day specified in the assessment; (b) the total of the employer ' s individual notional earnings components for all employees and the QE day; (c) the total of the employer ' s choice loadings for all employees and the QE day; (d) so much of any general interest charge as:
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Hide history noteThis section applies if there is more than one benefiting employee. In this situation, separate shortfall components are worked out for each of the benefiting employees.
64B(2)
The shortfall component for a payment, in respect of a particular employee, is the employee ' s proportion of the lesser of the following amounts: (a) the amount of the payment; (b) the amount of the total employee entitlement, calculated at the time when the payment is made.
64B(3)
Subject to subsection (3A) , an employee ' s proportion of an amount is the following proportion:
| Total of the employer ' s individual final superannuation guarantee shortfall, individual notional earnings component and choice loading for the employee and the QE day specified in the assessment | |
| Total of the employer ' s individual final superannuation guarantee shortfalls, individual notional earnings components and choice loadings for all employees and the QE day specified in the assessment |
64B(3A)
The Commissioner may vary an employee ' s proportion of an amount if the amount of the charge payment has been affected by: (a) the application of the monetary limit imposed by subsection 556(1A) of the Corporations Act 2001 in respect of the employee; or (b) the application of the monetary limit imposed by paragraph 109(1)(e) of the Bankruptcy Act 1966 in respect of the employee.
64B(4)
The total employee entitlement , calculated at a particular time in relation to the assessment, is the sum of the following amounts: (a) the total of the employer ' s individual final superannuation guarantee shortfalls for all employees and the QE day specified in the assessment; (b) the total of the employer ' s individual notional earnings components for all employees and the QE day; (c) the total of the employer ' s choice loadings for all employees and the QE day; (d) so much of any general interest charge as:
(i) relates to non-payment of superannuation guarantee charge payable in relation to the totals in paragraphs (a) , (b) and (c) ; and
(ii) has been paid by, or is payable at, the particular time;
reduced (but not below zero) by the amounts of any previous payments to which this Part applies that relate to the QE day, employer and employees.
Note:
The employee ' s entitlement does not include so much of any general interest charge as relates to the employer ' s administrative uplift amount for the QE day (see subparagraph (d)(i) ).
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