Document ID: chunk:federal_register_of_legislation:C2025C00014:clause:2d_2:p5
Version: federal_register_of_legislation:C2025C00014
Segment Type: clause
Provision Reference: sch 2D cl 2 (pt 5/9)
Character Range: 2184109–2186954

amount for the whole or the part of the period, or the sum of the required superannuation guarantee contribution amounts for the parts of the period, as the case may be.

           Step 2. Reduce the sum from Step 1 by the sum of amounts that the transition taxpayer actually contributed before the start of the transition year:

                (a) in payment of required award etc. contribution amounts or required superannuation guarantee contribution amounts for the employee that are included in the sum in Step 1; or
                (b) voluntarily to a superannuation fund for the purpose of providing superannuation benefits for the employee, or dependants of the employee;

            in respect of any period of employment of the employee with the transition taxpayer before the transition time.
           Step 3. If the result after applying Step 2 for a particular employee is less than nil, it is nil instead.
           Step 4. Add up the results for all of the employees. This final sum is the transition taxpayer's undischarged superannuation liability amount.

Meaning of superannuation guarantee period
 (6) The superannuation guarantee period is the period beginning on 1 July 1992 and ending at the transition time.

Meaning of required award etc. contribution amount
 (7) A required award etc. contribution amount is an amount required to be contributed to a superannuation fund by an employer for the benefit of an employee:
 (a) by an industrial award; or
 (b) by an occupational superannuation arrangement; or
 (c) by a law of the Commonwealth, a State or a Territory; or
 (d) otherwise.

Meaning of required superannuation guarantee contribution amount
 (8) A required superannuation guarantee contribution amount is an amount that an employer would need to contribute in respect of a period so as not to have a superannuation guarantee shortfall under the Superannuation Guarantee (Administration) Act 1992 in respect of that period.
Note: The relevant periods for which shortfalls are or were calculated under that Act are quarters (from 1 July 1993 onwards) or half‑years (from 1 July 1992 to 30 June 1993).

57‑52  Section 57‑50 does not apply if there is a surplus at transition time
  Section 57‑50 does not apply to a deduction of the kind mentioned in subsection 57‑50(1) if:
 (a) at the transition time, according to the accounts of the fund concerned, an amount is available to meet liabilities of the transition taxpayer in relation to the fund to provide superannuation benefits for, or for dependants of, employees of the transition taxpayer; and
 (b) the amount exceeds the value (as worked out according to actuarial principles) of the liabilities of that kind that have accrued as at the transition time.

57‑55  Deductions reduced under both sections 57‑40 and 57‑50
  If the amount of a deduction