Bankruptcy Regulations 1996

PART 6 - ADMINISTRATION OF PROPERTY  

REGULATION 6.12B   SUPERANNUATION CONTRIBUTIONS  

6.12B(1)    
Subject to subregulation (2), for subparagraph (b)(v) of the definition of income in section 139L of the Act, the following contributions and payments made for the purpose of providing superannuation benefits for a bankrupt person are not income of the person:

(a) contributions made by, or on behalf of, each employer of the person to the extent that the contributions reduce the employer's potential liability for the superannuation guarantee charge imposed under section 5 of the Superannuation Guarantee Charge Act 1992 ;

(b) contributions made by, or on behalf of, each employer of the person in accordance with the employer's obligation to make contributions for the person under:

(i) an industrial award or determination made under a law of the Commonwealth, a State or a Territory; or

(ii) an industrial agreement registered, made or lodged under a law of the Commonwealth, a State or a Territory; or

(iii) a law of the Commonwealth, or of a State or Territory;

that exceed the contributions, made by or on behalf of the employer, mentioned in paragraph (a);

(c) payments of shortfall components made to, or for the benefit of, the person under sections 65 to 67 of the Superannuation Guarantee (Administration) Act 1992 .

6.12B(2)    

Contributions for a year are taken to be income of a person if:

(a) the contributions exceed 9% of the employee ' s ordinary time earnings for the year; and

(b) the employer has an obligation to make the contributions that arise under an individual industrial agreement; and

(c) the contributions are not contributions of the kind mentioned in subparagraph (1)(b)(iii).

6.12B(3)    

For this regulation:

individual industrial agreement
means an industrial agreement made solely between the employer and the person, including the following:

(a) an AWA, or an ITEA, to which the Fair Work (Transitional Provisions and Consequential Amendments) Act 2009 applies;

(b) a similar agreement under the law of a State or Territory.

ordinary time earnings
has the meaning given by section 6 of the Superannuation Guarantee (Administration) Act 1992 .

shortfall component
has the same meaning as it has in Part 8 of the Superannuation Guarantee (Administration) Act 1992 .