Superannuation Guarantee (Administration) Act 1992
Pt 7 heading substituted by No 51 of 2002, s 3 and Sch 1 item 153, effective 1 July 2003. For application and transitional provisions, see note under s 5(3). The heading formerly read:
PART 7 - PENALTY CHARGE
(Repealed by No 91 of 2000)
S 61 repealed by No 91 of 2000, s 3 and Sch 2 item 63, effective 1 July 2000. S 61 formerly read:
SECTION 61 PENALTY SUPERANNUATION GUARANTEE CHARGE WHERE ARRANGEMENT TO AVOID SUPERANNUATION GUARANTEE CHARGE
If, under section 30 , an employer is liable to pay an amount of superannuation guarantee charge (in this section called the " amount payable " ) that is greater than the amount that would have been payable if section 30 had not applied to the employer (in this section called the " notional amount " ), the employer is also liable to pay, by way of penalty, additional superannuation guarantee charge worked out using the formula:
2 × [Amount payable - Notional amount].
Sch 2 of No 91 of 2000 contains the following transitional provision:
Transitional - existing RBAs
Although the A New Tax System (Pay As You Go) Act 1999 repealed subsection 8AAZL(3) of the Taxation Administration Act 1953 , special priority credits referred to in that subsection are to continue to be applied in accordance with that subsection.
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