Document ID: chunk:federal_register_of_legislation:C2004A04478:body:0:p13
Version: federal_register_of_legislation:C2004A04478
Segment Type: other
Provision Reference: 
Character Range: 31093–34181

in paragraph (4)(d) "aggregate" after "amount of the";

     (c)     by inserting in paragraph (4A)(c) "aggregate" after "amount of the";

     (d)    by inserting in paragraph (4A)(d) "aggregate" after "amount of the";

     (e)     by omitting paragraph (7)(b) and substituting the following paragraph:

       "(b) either:

              (i) the Commissioner is satisfied that the person intends to leave Australia permanently; or

             (ii) the Insurance and Superannuation Commissioner has approved the payment of the benefit;";

   (f) by adding at the end the following subsection:

     "(9) For the purposes of subsections (4) and (4A), the aggregate benefit, in relation to a person, is the total of the following amounts:

         (a)     the amount of superannuation guarantee top-up benefit payable to the person;

         (b)     the amount of the accumulated employer contributions in respect of the person;

         (c)     any amount of a kind preserved or applied under subsection 128(4A).".

Insertion of new Part

  26. After Part VIA of the Principal Act the following Part is inserted:

                 "PART VIAA—SUPERANNUATION GUARANTEE TOP-UP BENEFIT

Purpose of Part

"110SA. The purpose of this Part is to establish, in respect of certain persons who cease to be eligible employees, an entitlement to a benefit (called 'superannuation guarantee top-up benefit') so that an employer of such a person while the person was an eligible employee does not have an individual superannuation guarantee shortfall within the meaning of the Superannuation Guarantee (Administration) Act 1992 in relation to that person in respect of the period, or any part of the period, during which the person was an eligible employee.

Interpretation

  "110SB.(1) In this Part, unless the contrary intention appears:

'accumulated government body contributions', in relation to a person's relevant period of employment, means the total of:

    (a)     the total amount of the productivity contributions applicable to the person in respect of the period; and

    (b)     notional interest on the amount worked out under paragraph (a);

'government body scheme' means a superannuation scheme:

  (a) established by, or operating for the benefit of employees of:

      (i) an authority of the Commonwealth; or

      (ii) a State or an authority of a State; or

      (iii) a Territory or an authority of a Territory; or

         (iv) a body corporate in which the Commonwealth, or a person of the kind referred to in paragraph (i), (ii) or

         (iii), either individually or in combination with one or more other such persons, has a controlling interest; and

  (b)     that has eligible employees as members; and

    (c)     under which productivity contributions accrue in respect of those eligible employees;

'notional accumulated SG contributions', in relation to a person's relevant period of employment, means an amount equal to the sum of:

    (a)     the person's SG minimum contributions in relation to that period as reduced by an amount specified in,