Tax Laws Amendment (2008 Measures No. 2) Act 2008 (38 of 2008)

Schedule 2   Late payment offset for superannuation guarantee contributions

Superannuation Guarantee (Administration) Act 1992

6   Subsection 49(2)

Before “unpaid amount”, insert “original”.

7 After subsection 49(3)

Insert:

(3A) For the purposes of this section and subsection 8AAC(3) of the Taxation Administration Act 1953, if:

(a) the employer gives the Commissioner an election under section 23A at a time (the election time ) after the time the superannuation guarantee charge is due to be paid; and

(b) the effect of the election is to reduce the employer’s liability to pay the superannuation guarantee charge by an amount (the offset amount );

then, from the election time, the proportion of the original unpaid amount that remains unpaid immediately before that time is taken to be reduced by the offset amount.

Note: The original unpaid amount will not be reduced by the offset amount during the period when the charge is payable before the election time.