S 64A and 64B substituted for s 64 by No 51 of 2002, s 3 and Sch 1 item 161, effective 1 July 2003. For application and transitional provisions, see note under s 5(3). S 64 formerly read:
SECTION 64 WHAT IS THE
"
SHORTFALL COMPONENT
"
?
64(1)
If a payment of superannuation guarantee charge relates only to one employee, the shortfall component of the payment is the amount of the payment less:
(a)
any amount in respect of the administration component for the year to which the payment relates; and
(b)
any amount of penalty charge (other than penalty charge under section
49
that does not relate to additional superannuation guarantee charge under Part
7
) included in the payment.
64(2)
If a payment of superannuation guarantee charge relates to 2 or more employees, the shortfall component of the payment is worked out in the following manner:
(a)
the following amounts are deducted:
(i)
any amount in respect of the administration component for the year to which the payment relates;
(ii)
any amount of penalty charge (other than penalty charge under section
49
that does not relate to additional superannuation guarantee charge under Part
7
) included in the payment;
(b)
the amount remaining after the amounts referred to in paragraph (a) have been deducted represents the total of the shortfall components for all of the employees concerned;
(c)
the shortfall component in relation to a particular employee is the amount worked out using the formula:
where:
'
A
'
is the total amount referred to in paragraph (b);
'
B
'
is the employer's individual superannuation guarantee shortfall in relation to the particular employee for the year concerned;
'
C
'
is the total of the employer's individual superannuation guarantee shortfalls in relation to all employees to whom the payment or payments related for the year concerned.
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