Superannuation Guarantee (Administration) Act 1992

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

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History

Pt 8 heading substituted by No 51 of 2002, s 3 and Sch 1 item 159, effective 1 July 2003. For application and transitional provisions, see note under s 5(3). The heading formerly read:

PART 8 - DISTRIBUTION OF SHORTFALL COMPONENT OF CHARGE

SECTION 69A   RECOVERY OF SHORTFALL COMPONENT INCORRECTLY CREDITED TO AN ACCOUNT KEPT UNDER THE SMALL SUPERANNUATION ACCOUNTS ACT 1995  

69A(1)   [Application]  

This section applies if:

(a) an amount credited by the Commissioner under paragraph 65(1)(c) of this Act to an account kept under the Small Superannuation Accounts Act 1995 exceeds the amount that should have been credited to the account; and

(b) the balance of the account is attributable, in whole or in part, to the credit.

69A(2)   [Account to be debited]  

The account is to be debited by the amount of the excess.

69A(3)   [Special Account amount]  

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An amount equal to the excess is to be debited from the Superannuation Holding Accounts Special Account.

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History

S 69A(3) substituted by No 8 of 2005, s 3 and Sch 1 item 418, effective 22 February 2005. For savings provisions see note under s 65 . S 69A(3) formerly read:

69A(3)
An amount equal to the excess is to be:

(a) debited to the Superannuation Holding Accounts Reserve; and

(b) credited to the Consolidated Revenue Fund.

S 69A inserted by No 53 of 1995.

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