Superannuation Guarantee (Administration) (Charge Percentage) Regulations 1992 No. 288
EXPLANATORY STATEMENT
STATUTORY RULES 1992 No. 288
Superannuation Guarantee (Administration) Act 1992
Superannuation Guarantee (Administration) (Charge Percentage) Regulations
The Superannuation Guarantee (Administration) (Charge Percentage) Regulations will provide that under subsections 20(3) and 20(4) of the Superannuation Guarantee (Administration) Act 1992 (the Act), the charge percentage for the period 1 January 1993 to 30 June 1993 will be 5 per cent for certain employers. The charge percentage is the level of superannuation support an employer is expected to provide for an employee in order to avoid the superannuation guarantee charge. The effected employers are those who were employers for the whole of the 1991-92 year and whose annual national payroll for that year exceeded $1 million.
Subsections 20(3) and 20(4) of the Act provide that the charge percentage for the period 1 January 1993 to 30 June 1993 will he 5 per cent for these employers but only if a regulation prescribing this rate is made within 28 days of the Act receiving Royal Assent and that regulation is not disallowed by either House of the Parliament on or before the end of the second sitting day after 8 December 1992, or 31 December 1992, if earlier.
The regulations prescribe the charge percentage under subsections 20(3) and 20(4) of the Act to be 5 per cent for the period 1 January 1993 to 30 June 1993 for employers with annual national payrolls in excess of $1 million. Provided the regulations are not disallowed within the time set out above, a charge percentage of 5 per cent will operate from 1 January 1993. If the regulations are disallowed within this time they will have no effect and the charge percentage for 1 January 1993 to 30 June 1993 will be 4 per cent.