Bankruptcy Regulations 1996
Subject to subregulation (2), for subparagraph (b)(v) of the definition of income in section 139L of the Act, the following contributions and payments made for the purpose of providing superannuation benefits for a bankrupt person are not income of the person:
(a) contributions made by, or on behalf of, each employer of the person to the extent that the contributions reduce the employer's potential liability for the superannuation guarantee charge imposed under section 5 of the Superannuation Guarantee Charge Act 1992 ;
(b) contributions made by, or on behalf of, each employer of the person in accordance with the employer's obligation to make contributions for the person under:
(i) an industrial award or determination made under a law of the Commonwealth, a State or a Territory; or
(ii) an industrial agreement registered, made or lodged under a law of the Commonwealth, a State or a Territory; or
that exceed the contributions, made by or on behalf of the employer, mentioned in paragraph (a);
(iii) a law of the Commonwealth, or of a State or Territory;
(c) payments of shortfall components made to, or for the benefit of, the person under sections 65 to 67 of the Superannuation Guarantee (Administration) Act 1992 .
Hide history note
View history noteReg 6.12B(1) amended by SLI No 50 of 2006, reg 3 and Sch 55 item 1, by substituting para (b)(ii), effective 27 March 2006. Para (b)(ii) formerly read:
(ii) an industrial agreement approved or registered under a law of the Commonwealth, a State or a Territory; or
6.12B(2)
Contributions for a year are taken to be income of a person if:
(a) the contributions exceed 9% of the employee ' s ordinary time earnings for the year; and
(b) the employer has an obligation to make the contributions that arise under an individual industrial agreement; and
(c) the contributions are not contributions of the kind mentioned in subparagraph (1)(b)(iii).
Reg 6.12B(2) substituted by SLI 2010 No 195, reg 3 and Sch 1 item 11, effective 1 August 2010. Reg 6.12B(2) formerly read:
6.12B(2)
If:
(a) the employer has an obligation to make contributions that arises under an industrial agreement made solely between the employer and the person; and
(b) the contributions are not contributions of the kind mentioned in subparagraph (1)(b)(iii); contributions that, for a particular financial year, exceed an amount equal to 9% of the employee's ordinary time earnings for the year are taken to be income of the person.
6.12B(3)
For this regulation:
individual industrial agreement
means an industrial agreement made solely between the employer and the person, including the following:
(a) an AWA, or an ITEA, to which the Fair Work (Transitional Provisions and Consequential Amendments) Act 2009 applies;
(b) a similar agreement under the law of a State or Territory.
ordinary time earnings
has the meaning given by section 6 of the
Superannuation Guarantee (Administration) Act 1992
.
shortfall component
has the same meaning as it has in Part 8 of the
Superannuation Guarantee (Administration) Act 1992
.
Reg 6.12B(3) amended by SLI 2010 No 195, reg 3 and Sch 1 item 12, by substituting the definition of " industrial agreement made solely between the employer and the person " for the definition of " individual industrial agreement " , effective 1 August 2010. The definition formerly read:
industrial agreement made solely between the employer and the person
includes an Australian Workplace Agreement under the Workplace Relations Act 1996 or a similar agreement under the law of a State or Territory.
Reg 6.12B inserted by SR No 255 of 2002, reg 3 and Sch 1 item 8, effective 6 November 2002.
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