S 53 repealed by No 179 of 1999, s 3 and Sch 2 item 81, effective 22 December 1999. Despite this repeal, s 53 continues to have effect in relation to:

(a) a person who becomes a liquidator before 1 July 2000; or

(b) a receiver, or receiver and manager, who takes possession of a company's assets before 1 July 2000; or

(c) an agent who is instructed, before 1 July 2000, to wind up the principal's business in Australia;

as appropriate.

S 53 formerly read:

SECTION 53 RECEIVERS  
53(1)
If a person (the `asset holder ' ), as a receiver or a receiver and manager for debenture holders of an employer that is a company, takes possession of assets of the employer, the asset holder must, within 14 days, give written notice of the fact to the Commissioner.

53(2)
The Commissioner must, as soon as practicable, give the asset holder written notice of the amount that, in the Commissioner's opinion, is sufficient to provide for any amount of superannuation guarantee charge that is or may become payable by the employer (the `notified charge amount ' ).

53(3)
The asset holder:

(a) must not, without the Commissioner's permission, part with any of the company's assets before receiving notice of the notified charge amount; and

(b) must set aside, out of the assets available for paying the company's ordinary debts, assets having the value worked out using the formula:

53(4)
The asset holder is liable to pay the superannuation guarantee charge payable by the company to the extent of the value of the assets that the asset holder is required to set aside.

53(5)
Paragraph (3)(a) does not prevent the asset holder from parting with the company's assets to pay the company's debts that are not ordinary debts.

53(6)
For the purposes of subsections (3) and (5), a company's debt is an ordinary debt if:

(a) it is unsecured; and

(b) it is not required, under a Commonwealth, State or Territory law, to be paid in priority to some or all of the company's other debts.

53(7)
If the asset holder, without reasonable excuse, contravenes this section or fails to pay the superannuation guarantee charge for which the asset holder is liable under subsection (4), the asset holder is guilty of an offence punishable on conviction by a fine not exceeding $1,000.

53(8)
This section is not taken to limit an obligation or liability of the asset holder arising otherwise than under this section.

53(9)
If 2 or more persons are asset holders in relation to the same company, the obligations and liabilities imposed on an asset holder by this section are imposed on both or all of the persons jointly.

53(10)
In this section:

'notified tax amount'
means an amount that the Commissioner has notified to the company or the respective asset holder under a section of another Act that corresponds to this section;

'superannuation guarantee charge'
includes additional superannuation guarantee charge under section 49 or Part 7.