Paid Parental Leave Amendment (Adding Superannuation for a More Secure Retirement) Act 2024 (90 of 2024)

Schedule 1   Main amendments

Paid Parental Leave Act 2010

4   Section 6

Insert:

base contribution : see subsection 115C(2).

base interest rate for a day has the same meaning as in section 8AAD of the Taxation Administration Act 1953.

Commissioner means the Commissioner of Taxation.

complying superannuation fund has the same meaning as in the Income Tax Assessment Act 1997.

constitutionally protected fund has the same meaning as in the Income Tax Assessment Act 1997.

credit to an RSA that is a policy (within the meaning of the Life Insurance Act 1995) means pay as a premium in relation to the policy.

general interest charge means the charge worked out under Part IIA of the Taxation Administration Act 1953.

legal personal representative of a person who has died means an executor or administrator of the person's estate.

nominal interest rate amount : see subsection 115C(5).

payment date means:

(a) for a PPL superannuation contribution - the date worked out in accordance with the PPL rules made for the purposes of section 115H; or

(b) for an underpaid amount of a PPL superannuation contribution - the date worked out in accordance with the PPL rules made for the purposes of section 115M.

PPL superannuation contribution (short for Paid Parental Leave superannuation contribution) means a PPL superannuation contribution payable under section 115B.

provider of an RSA has the same meaning as in the Retirement Savings Accounts Act 1997.

RSA has the same meaning as in the Retirement Savings Accounts Act 1997.

SG charge percentage : see subsection 115C(4).

Superannuation Holding Accounts Special Account means the Superannuation Holding Accounts Special Account continued in existence by section 8 of the Small Superannuation Accounts Act 1995.

superannuation provider means:

(a) the trustee of a complying superannuation fund; or

(b) the provider of an RSA; or

(c) the trustee of a constitutionally protected fund.

taxation officer means a person who is a taxation officer within the meaning of subsection 355-30(2) in Schedule 1 to the Taxation Administration Act 1953.

trustee of a superannuation fund, or constitutionally protected fund, means:

(a) if there is a trustee (within the ordinary meaning of that expression) of the fund - the trustee; or

(b) otherwise - the person who manages the fund.

underpaid amount of a PPL superannuation contribution has the meaning given by subsection 115K(2).