Taxation Laws Amendment Act (No. 3) 1999 (11 of 1999)

Schedule 1   Running balance accounts, general interest charge and related matters

Part 1   Amendments

Superannuation Guarantee (Administration) Act 1992

345   Section 49

Repeal the section, substitute:

49 Unpaid superannuation guarantee charge

(1) If any of the superannuation guarantee charge which an employer is liable to pay remains unpaid after the time by which it is due to be paid, the employer is liable to pay the general interest charge on the unpaid amount.

Note: The general interest charge is worked out under Division 1 of Part IIA of theTaxation Administration Act 1953.

(2) However, the unpaid amount must be reduced by those amounts in respect of:

(a) the employer's administration component for the year; and

(b) the employer's nominal interest component for the year.

(3) The employer is liable to pay the general interest charge for each day in the period that:

(a) started at the beginning of the day by which the superannuation guarantee charge was due to be paid; and

(b) finishes at the end of the last day on which, at the end of the day, any of the following remains unpaid:

(i) the superannuation guarantee charge;

(ii) general interest charge on any of the superannuation guarantee charge.

(4) The amount of the general interest charge is taken to be additional superannuation guarantee charge payable under this section.

(5) In this section:

superannuation guarantee charge includes additional superannuation guarantee charge under Part 7.