Taxation Laws Amendment Act (No. 4) 1994 (181 of 1994)

Schedule 5   AMENDMENTS RELATING TO THE PAYMENT OF INTEREST ON OVERPAYMENTS AND EARLY PAYMENTS

Part 4   APPLICATION AND TRANSITIONAL

47   Transitional - Superannuation Guarantee (Administration) Act 1992

(1) For the purposes of:

(a) calculating under subsection 31(1) of the Superannuation Guarantee (Administration) Act 1992 the nominal interest component in relation to an employer for any year commencing before the commencement of this Schedule; or

(b) calculating under subsection 49(2) of that Act additional superannuation charge;

in respect of:

(c) the period that:

(i) commences on 1 July 1994; and

(ii) ends immediately before the commencement of the first or only regulations made for the purposes of that subsection; or

(d) any other period to the extent that it consists of or includes the period in paragraph (c);

the rate applicable under that subsection in respect of that period, or that period to that extent, is, and is taken always to have been, in spite of anything in that Act, 10% per annum.

(2) Subitem (1) does not have the effect of making a person liable to:

(a) a penalty under Part 7 of the Superannuation Guarantee (Administration) Act 1992; or

(b) a penalty for an offence under any other Act; for any act or omission happening before the 28th day after the day on which this Schedule commences.

(3) Subitem (2) does not relieve a person from liability to a penalty of a kind mentioned in that subsection to the extent to which the liability would have existed if this item had not been enacted.