Document ID: chunk:federal_register_of_legislation:C2010C00404:clause:2_7
Version: federal_register_of_legislation:C2010C00404
Segment Type: clause
Provision Reference: sch 2 cl 7
Character Range: 14092–14872

7  After subsection 49(3)
Insert:

 (3A) For the purposes of this section and subsection 8AAC(3) of the Taxation Administration Act 1953, if:
 (a) the employer gives the Commissioner an election under section 23A at a time (the election time) after the time the superannuation guarantee charge is due to be paid; and
 (b) the effect of the election is to reduce the employer's liability to pay the superannuation guarantee charge by an amount (the offset amount);
then, from the election time, the proportion of the original unpaid amount that remains unpaid immediately before that time is taken to be reduced by the offset amount.

Note: The original unpaid amount will not be reduced by the offset amount during the period when the charge is payable before the election time.