Superannuation Guarantee (Administration) Act 1992

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

SECTION 64B   THE SHORTFALL COMPONENT FOR MORE THAN ONE BENEFITING EMPLOYEE  

64B(1)   [Application]  

This section applies if there is more than one benefiting employee. In this situation, separate shortfall components are worked out for each of the benefiting employees.

64B(2)   [Determining the shortfall component]  

The shortfall component for a payment, in respect of a particular employee, is the employee ' s proportion of the lesser of the following amounts:

(a) the amount of the payment;

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

64B(3)   [Determining the employee ' s proportion]  

Subject to subsection (3A), an employee ' s proportion of an amount is the following proportion:

Employer ' s individual superannuation guarantee       shortfall for the employee for the quarter       Total of the employer ' s individual superannuation guarantee shortfalls for the quarter

64B(3A)    

The Commissioner may vary an employee ' s proportion of an amount if the amount of the charge payment has been affected by:

(a) the application of the monetary limit imposed by subsection 556(1A) of the Corporations Act 2001 in respect of the employee; or

(b) the application of the monetary limit imposed by paragraph 109(1)(e) of the Bankruptcy Act 1966 in respect of the employee.

64B(4)   [Determining the total employee entitlement]  

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

(a) the employer ' s individual superannuation guarantee shortfalls for the quarter;

(b) any general interest charge, in respect of non-payment of superannuation guarantee charge payable on those shortfalls, 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 employees.