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Tax Laws Amendment (2008 Measures No. 6) Bill 2009

Schedule 3 Late payment offset for superannuation guarantee contributions

   

Superannuation Guarantee (Administration) Act 1992

1  Paragraph 23A(1)(a)

Repeal the paragraph, substitute:

                     (a)  the contribution is made:

                              (i)  after the end of the period of 28 days after the end of a quarter; and

                             (ii)  before the employer’s original assessment for that quarter is made; and

2  Paragraph 23A(2)(b)

Omit “superannuation guarantee charge for the quarter became payable”, substitute “original assessment for the quarter is made”.

3  Subsection 23A(3)

After “The contribution is offset”, insert “, at the time the employer’s original assessment for the quarter is made,”.

4  Subsection 49(3A)

Repeal the subsection, substitute:

          (3A)  To avoid doubt, for the purposes of this section and subsection 8AAC(3) of the Taxation Administration Act 1953 , an election under section 23A in relation to the superannuation guarantee has effect from the time the employer’s original assessment for the quarter is made.

5  Application

            The amendments made by this Schedule apply to elections under section 23A of the Superannuation Guarantee (Administration) Act 1992 made on or after the commencement of this Schedule.