Superannuation Guarantee (Administration) Act 1992

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

SECTION 64A   THE SHORTFALL COMPONENT FOR ONE BENEFITING EMPLOYEE  

64A(1)   [Application]  

This section applies if there is only one benefiting employee.

64A(2)   [Determining the shortfall component]  

The shortfall component for the payment is the lesser of the following amounts:

(a) the amount of the payment;

(b) the amount of the employee entitlement, calculated at the time when the payment is made (see subsection (3)).

64A(3)   [Determining the employee entitlement]  

The employee entitlement , calculated at a particular time, is the sum of the following amounts:

(a) the individual superannuation guarantee shortfall for the employee for the quarter;

(b) any general interest charge, in respect of non-payment of superannuation guarantee charge payable on that shortfall, that has been paid by, or is payable at, the particular time;

(c) any nominal interest component for the quarter that has been paid by, or is payable at, the particular time;

reduced (but not below zero) by the amounts of any previous payments to which this Part applies that relate to the same quarter, employer and employee.