Tax Laws Amendment (Loss Recoupment Rules and Other Measures) Act 2005 (147 of 2005)

Schedule 6   Superannuation guarantee charge

Superannuation Guarantee (Administration) Act 1992

5   After section 23

Insert:

23A Offsetting late payments against charge

(1) A contribution to a complying superannuation fund or an RSA made by an employer for the benefit of an employee is offset under subsection (3) if:

(a) the contribution is made:

(i) after the end of the period of 28 days after the end of a quarter; and

(ii) before the end of the 28th day of the second month after the end of the quarter; and

(b) the employer elects, in the approved form, that the contribution be offset.

(2) The election must be made within 4 years after the employer's superannuation guarantee charge for the quarter became payable. The election cannot be revoked.

(3) The contribution is offset against the employer's liability to pay superannuation guarantee charge to the extent that the liability relates to:

(a) that part of the employer's nominal interest component for the quarter that relates to the employee; or

(b) the employer's individual superannuation guarantee shortfall for the employee for the quarter.

(4) The contribution is offset against that part of the employer's nominal interest component for the quarter that relates to the employee before any remainder is offset against the employer's individual superannuation guarantee shortfall for the employee for the quarter.

(5) A contribution to a superannuation fund or an RSA made by an employer for the benefit of an employee that is taken into account under this section in relation to a quarter is not to be taken into account:

(a) under this section in relation to any other quarter; or

(b) under section 22 or 23.