House of Representatives
Superannuation Guarantee (Administration) Bill 1992
Superannuation Guarantee Charge Bill 1992
Explanatory Memorandum
(Circulated by the authority of the Treasurer, the Hon John Dawkins, M.P.)Glossary of Commonly Used Terms
Set out below are brief descriptions of commonly used terms in the Bill. Some of these terms are explained in detail in the chapters of this document. In such cases the terms will not be explained in this glossary, but a reference will be given to the chapter where the term is explained.
| Actuary: | a Fellow or Accredited Member of The Institute of Actuaries of Australia. |
| Administration component: | explained in chapter 4 |
| Annual national payroll: | the total amount of salary and wages paid during the year by the employer in Australia and outside Australia for services performed or rendered wholly in Australia. |
| Base year: | in relation to an employer means:
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| Complying superannuation fund and complying superannuation scheme: | explained in chapter 3 in the section "Actual level of superannuation support an employer is providing" |
| Contribution period: | for the 1992-93 year, that year. For the 1993-94 year and subsequent years, a calendar month commencing on or after 1 July 1993. This term is used for determining when an employer's level of superannuation support must be measured. For the 1992-93 year it is on an annual basis, while for the 1993-94 year and subsequent years it is on a monthly basis. |
| Defined benefit superannuation scheme: | explained in chapter 3 in the section "Measuring employer support in a defined benefit superannuation scheme" |
| Employee and employer: | explained in chapter 2. |
| Individual superannuation guarantee shortfall: | explained in chapter 3. |
| Industrial award: | explained in chapter 3. |
| Month: | begins on the first day of any of the 12 months of the year. |
| Nominal interest component: | explained in chapter 4 |
| Occupational superannuation arrangement: | explained in chapter 3. |
| Ordinary time earnings: | the total of the employee's earnings for ordinary hours of work and also earnings for over-ward payments shift loading or commission |
| Part-time employee: | a person who is employed by the employer for 30 hours or less during a week. |
| Public sector scheme: | explained in chapter 3 in the section "Measuring employer support in a defined benefit superannuation scheme". |
| Resident of Australia: | explained in chapter 2 in the section "Exemptions". |
| Salary or wages: | explained in chapter 2. |
| Superannuation fund: | a superannuation fund for purposes of subsection 3(1)of the Occupational Superannuation Standards Act 1987. |
| Superannuation guarantee charge: | the charge imposed on an employer's superannuation guarantee shortfall by the Superannuation Guarantee Charge Act 1992. |
| Superannuation scheme: | explained in chapter 3. |
| Year: | a financial year. That is, a year commencing on 1 July. |