Document ID: chunk:federal_register_of_legislation:C2022C00095:section:64b
Version: federal_register_of_legislation:C2022C00095
Segment Type: section
Provision Reference: s 64B
Character Range: 142533–144193

64B  The shortfall component for more than one benefiting employee
 (1) This section applies if there is more than one benefiting employee. In this situation, separate shortfall components are worked out for each of the benefiting employees.
 (2) The shortfall component for a payment, in respect of a particular employee, is the employee's proportion of the lesser of the following amounts:
 (a) the amount of the payment;
 (b) the amount of the total employee entitlement, calculated at the time when the payment is made.
 (3) Subject to subsection (3A), an employee's proportion of an amount is the following proportion:

 (3A) The Commissioner may vary an employee's proportion of an amount if the amount of the charge payment has been affected by:
 (a) the application of the monetary limit imposed by subsection 556(1A) of the Corporations Act 2001 in respect of the employee; or
 (b) the application of the monetary limit imposed by paragraph 109(1)(e) of the Bankruptcy Act 1966 in respect of the employee.
 (4) The total employee entitlement, calculated at a particular time, is the sum of the following amounts:
 (a) the employer's individual superannuation guarantee shortfalls for the quarter;
 (b) any general interest charge, in respect of non‑payment of superannuation guarantee charge payable on those shortfalls, that has been paid by, or is payable at, the particular time;
 (c) any nominal interest component for the quarter that has been paid by, or is payable at, the particular time;
reduced (but not below zero) by the amounts of any previous payments to which this Part applies that relate to the same quarter, employer and employees.