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Tuesday, 3 May 1994
Page: 88

(Question No. 730)

Senator Watson asked the Minister representing the Treasurer, upon notice, on 21 October 1993:

  (1) Are employers obliged to make a payment to a superannuation fund in respect of their employees on or before 28 October 1993.

  (2) Is there currently some doubt whether contributions made after that date will be counted in determining the liability that the employer may have under the superannuation guarantee charge legislation.

Senator Cook —The Assistant Treasurer has provided the following answer to the honourable senator's question:

  (1) No. As advised in my press release of 28 October 1993, the Government has deferred until 1994-95 the requirement for employers to pay the Superannuation Guarantee on a quarterly basis. Accordingly, employers were not required to make superannuation contributions on behalf of their employees on or before 28 October 1993 to satisfy their superannuation guarantee obligations for the 1993-94 year. Those employers who chose not to make quarterly payments will not incur the Superannuation Guarantee Charge.

  The amendments to the Superannuation Guarantee (Administration) Act 1992 (SGAA) which give effect to the deferral of quarterly payments are included in Taxation Laws Amendment Bill (No. 4) 1993. This Bill was introduced in Parliament on 14 December 1993.

  (2) No, the amendment contained in Taxation Laws Amendment Bill (No. 4) 1993 sets out the position in relation to contributions made between 1 July 1993 and 28 July 1994. When passed, the amendment will allow contributions made to a complying fund by an employer for the benefit of an employee in the period commencing on 1 July 1993 and ending on 28 July 1994 to be taken into account under section 23 of the SGAA as if they were made in any of the contribution periods in the 1993-94 income year.