Document ID: chunk:federal_register_of_legislation:C2024C00651:section:16a:p1
Version: federal_register_of_legislation:C2024C00651
Segment Type: section
Provision Reference: s 16A (pt 1/3)
Character Range: 54280–57067

16A  Superannuation guarantee safety‑net amount

Superannuation guarantee safety‑net amount
 (1A) The superannuation guarantee safety‑net amount, in relation to a person, is the greater of:
 (a) the amount worked out under subsection (1); and
 (b) the amount worked out under subsection (1AA).
 (1) For the purposes of paragraph (1A)(a), the amount is the sum of the following amounts:
 (a) the contributions made by the person during so much of the person's period of service as occurred after 30 June 1992;
 (b) the interest that would have accrued on the contributions covered by paragraph (a) if it were assumed that:
 (i) the contributions had been member contributions made under the superannuation scheme established by deed under the Superannuation Act 1990; and
 (ii) interest on those contributions had accrued in accordance with determinations by CSC under that scheme as to rates of interest and the method of allocating interest; and
 (iii) no interest on those contributions had accrued during any period when the person was not entitled to a parliamentary allowance;
 (c) the total of the minimum amounts that the Commonwealth would have had to contribute to a complying superannuation fund or scheme for the benefit of the person in order to avoid having any individual superannuation guarantee shortfalls in respect of the person if it were assumed that:
 (i) the only capacity in which the person was, or had ever been, an employee of the Commonwealth (within the meaning of the Superannuation Guarantee (Administration) Act 1992) were the person's capacity as a member (see subsection 12(4) of that Act); and
 (ii) the scheme constituted by the provisions of this Act did not exist; and
 (iii) those contributions were made on a monthly basis before the changeover day; and
 (iv) those contributions were made on a fortnightly basis after the changeover day;
 (d) the interest that would have accrued on the contributions covered by paragraph (c) if it were assumed that:
 (i) the contributions had been member contributions made under the superannuation scheme established by deed under the Superannuation Act 1990; and
 (ii) interest on those contributions had accrued in accordance with determinations by CSC under that scheme as to rates of interest and the method of allocating interest; and
 (iii) no interest on those contributions had accrued during any period when the person was not entitled to a parliamentary allowance;
 (e) if:
 (i) the person was entitled to a parliamentary allowance at all times since the end of 30 June 1992; and
 (ii) an amount (the lump sum amount) would have been payable to the person under subsection 18(4) if it were assumed that the person had retired voluntarily at the end of 30 June 1992;
  the sum of the following amounts: