Document ID: chunk:federal_register_of_legislation:C2004A04478:body:0:p16
Version: federal_register_of_legislation:C2004A04478
Segment Type: other
Provision Reference: 
Character Range: 39044–41978

the person's fortnightly rate of salary that, for the purposes of section 46, was payable on the most recent anniversary of birth of the person; or

    (c)     if the relevant government body scheme is a defined benefit superannuation scheme within the meaning of the Superannuation Guarantee (Administration) Act 1992 that provides for a productivity related benefit applicable to all eligible employees who are members of the scheme—the contribution percentage, in relation to that benefit, of the earnings of the person for the accrual period based on the person's fortnightly rate of salary that, for the purposes of section 46, was payable on the most recent anniversary of birth of the person.

"(3) For the purposes of paragraph (2)(c), 'contribution percentage' means the rate of contribution, expressed as a percentage of the eligible employees' earnings and certified by an actuary, required to provide the productivity related benefit.

"(4) The percentage referred to in paragraph (2)(a) or (b) must be certified by the person's employer.

"(5) For the purposes of the definition of 'notional accumulated SG contributions' in subsection (1), the Australian Government Actuary is to determine:

    (a)     an amount representing the cost of death and invalidity cover relevant to the person's SG minimum contributions; or

  (b)     a means of working out such an amount.

Interpretation—SG minimum contribution

"110SC.(1) The SG minimum contribution in respect of an eligible employee on a contribution day during the eligible employee's relevant period of employment is 4% of the fortnightly rate of salary that, for the purposes of section 46, was payable to the eligible employee on the anniversary of his or her. birth immediately preceding the contribution day.

"(2) The Minister may vary the percentage mentioned in subsection (1) by determination.

"(3) In so determining, the Minister is to have regard to the charge percentages set out in sections 20 and 21 of the Superannuation Guarantee (Administration) Act 1992.

"(4) Subject to subsection (5), the determination is a disallowable instrument.

"(5) The determination is a Statutory Rule for the purposes of the Statutory Rules Publication Act 1903.

Minister may determine rate of fund contribution tax

"110SD.(l) The Minister may vary the percentage mentioned in the definition of 'rate of fund contribution tax' in subsection 62A(1) or 110SB(1) by determination.

  "(2) The determination:

    (a)     takes effect from such date as is specified in the determination; and

  (b)     may provide for a percentage of nil.

"(3) In making the determination, the Minister is to have regard to the rate of tax payable on employer contributions paid to a superannuation fund.

"(4) Subject to subsection (5), the determination is a disallowable instrument.

"(5) The determination is a Statutory Rule for the purposes of the Statutory Rules Publication Act