Superannuation Laws Amendment (2004 Measures No. 2) Act 2004 (93 of 2004)
Schedule 1 Amendments
Superannuation Guarantee (Administration) Act 1992
6 Subsections 23(2) to (5)
Repeal the subsections, substitute:
Reduction of charge percentage where contributions are made by employer
(2) If, in a quarter, an employer contributes for the benefit of an employee to a complying superannuation fund or an RSA, then the charge percentage for the employer (as specified in subsection 19(2)) for the employee for the quarter is reduced by the number worked out using the formula:
(Contribution / Ordinary time earnings) * 100
contribution is the number of dollars in the amount of the contribution.
ordinary time earnings is the number of dollars in the ordinary time earnings of the employee for the quarter in respect of the employer.
Example: If the contribution is $60 and the ordinary time earnings are $1,000 then the charge percentage is reduced by 6. If there are no other contributions, and no reduction under section 22, then the charge percentage will be 3 (instead of 9).
(3) A reduction under subsection (2) in respect of a contribution is in addition to:
(a) any other reduction under that subsection in respect of any other contribution; and
(b) any reduction under section 22.