SUPERANNUATION GUARANTEE (ADMINISTRATION) ACT 1992

PART 8 - PAYMENTS OF AMOUNTS OF SHORTFALL COMPONENTS FOR THE BENEFIT OF EMPLOYEES  

SECTION 65   PAYMENT OF SHORTFALL COMPONENT  

65(1)  


Except in a case covered by section 65AA , 65A , 66 , 66A or 67 , the Commissioner is required to deal with the amount of the shortfall component in one of the following ways:


(a) in any case - pay the amount of the component, for the benefit of the employee, to:


(i) an RSA; or

(ii) an account with a complying superannuation fund; or

(iii) an account with a complying approved deposit fund;
that is held in the name of the employee and that is determined by the Commissioner to belong to the employee;


(b) if the employee has nominated an RSA, a complying superannuation fund or a complying approved deposit fund in accordance with the regulations:


(i) pay the amount of the component to the RSA or fund for the benefit of the employee; or

(ii) make arrangements in accordance with the regulations to enable the amount of the component to be paid to the RSA or fund for the benefit of the employee;


(c) if the employee has not made a nomination under paragraph (b) - credit the amount of the component to an account kept under the Small Superannuation Accounts Act 1995 in the name of the employee.

65(2)  


A payment of the amount of a shortfall component made or arranged by the Commissioner for the benefit of an employee to a superannuation fund is conclusively presumed to be a payment to a complying superannuation fund for the purposes of subsection (1) if, at the time the payment is made, the Commissioner has obtained a written statement, provided by or on behalf of the trustee of the fund, that the fund:


(a) is a resident regulated superannuation fund within the meaning of the Superannuation Industry (Supervision) Act 1993 ; and


(b) is not subject to a direction under section 63 of that Act.

65(3)  


A payment of the amount of a shortfall component made or arranged by the Commissioner for the benefit of an employee to an approved deposit fund is conclusively presumed to be a payment to a complying approved deposit fund for the purposes of subsection (1) if subsection (4) applies.

65(4)  
This subsection applies if, at the time the payment is made, the Commissioner has obtained a written statement, provided by or on behalf of the trustee of the fund, that the fund is operated in accordance with the Superannuation Industry (Supervision) Act 1993 and regulations under that Act.

65(5)  


If an amount is to be credited under paragraph (1)(c), an amount equal to the credited amount is to be credited to the Superannuation Holding Accounts Special Account.

65(6)  


A payment under paragraph (1)(a) to a particular account is taken to be a payment to the complying superannuation fund or the complying approved deposit fund with which the account is held, for the purposes of this section and any other laws of the Commonwealth that refer to payments under this section.

 

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