Taxation Laws Amendment Act (No. 2) 1996 (76 of 1996)

Schedule 3   Amendment of the Superannuation Guarantee (Administration) Act 1992

7   After section 23(4C)

Insert:

(4D) Subject to subsections (6), (6A) and (7), if, during a contribution period, an employer contributes an amount (the actual contribution amount) for the benefit of an employee to the Aberfoyle Award Superannuation Fund that was established by a trust deed on 18 May 1987, the charge percentage for the employer, as calculated under section 20 or 21, in respect of the employee for the contribution period, is reduced in accordance with subsection (4E).

(4E) The reduction is in addition to any other reduction under this section or section 22 and its amount is worked out using the formula:

(Actual contribution amount / (Notional earnings base (see subsection (4F)) * Contribution period factor)) * Employment factor * 100%

(4F) In subsection (4E):

contribution period factor means:

(a) if, in the contribution period, the period for which the employer contributes for the benefit of the employee to the Aberfoyle Award Superannuation Fund is less than the whole of the contribution period-the fraction that represents the period for which the employer so contributes as a proportion of the whole of the contribution period; or

(b) in any other case-1.

employment factor means:

(a) if, in the contribution period, the period for which the employee is employed by the employer is greater than the period for which the employer contributes for the benefit of the employee to the Aberfoyle Award Superannuation Fund -the fraction that represents the period for which the employer so contributes as a proportion of the period of employment; or

(b) in any other case-1.

notional earnings base means:

(a) if the employee is a full-time employee-the notional earnings base of the employee within the meaning of section 13; or

(b) if the employee is a part-time employee-the amount worked out using the formula:

(Number of hours employed / Full time employee's hours) * Notional earnings within the meaning of section 13

where:

full-time employee's hours means the number of ordinary hours of work for which an equivalent full-time employee would have been employed in the period in which the employee is employed in the contribution period.

number of hours employed means the number of hours for which the employee is employed in the contribution period.