Taxation Laws Amendment Act 1994 (56 of 1994)

Part 4   AMENDMENT OF THE SUPERANNUATION GUARANTEE (ADMINISTRATION) ACT 1992

Division 8   Reduction of notional earnings base and ordinary time earnings

105   Reduction of charge percentage if contribution made to fund other than defined benefit superannuation scheme

 

(1) Section 23 of the Principal Act is amended by adding at the end the following subsections:
        

(Reduction of notional earnings base if amount excluded from employee's salary or wages)

"(11) If an employee's notional earnings base includes an amount of the employee's salary or wages that, because of section 27 or 28, is not taken into account for the purpose of making a calculation under section 18 or 19, the employee's notional earnings base for the purposes of this section is taken to be reduced by that amount.

(Reduction of ordinary time earnings if amount excluded from employee's salary or wages)

"(12) If, because of section 27 or 28, an amount of an employee's salary or wages is not taken into account for the purpose of making a calculation under section 18 or 19, the employee's ordinary time earnings for the purposes of this section are taken to be reduced by that amount.".

      

(2) The amendment made by subsection (1) has effect as if that subsection had commenced on 1 July 1992, immediately after the commencement of the Principal Act.