Commonwealth Consolidated Acts Commonwealth Consolidated ActsSuperannuation 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:
(iii) the lump sum amount;
(iv) the interest that would have accrued on the lump sum amount if it were assumed that:
(A) the lump sum amount had been a member contribution made on 1 July 1992 under the superannuation scheme established by deed under the Superannuation Act 1990 ; and
(B) interest on the contribution had accrued in accordance with determinations by CSC under that scheme as to rates of interest and the method of allocating interest.
(1AA) For the purposes of paragraph (1A)(b), the amount is the sum of:
(a) the person's minimum requisite benefit; and
(b) an amount, determined in writing by the Secretary of the Finance Department in relation to the person in accordance with advice received from an actuary, representing interest on the person's minimum requisite benefit.
(1AB) In determining an amount for the purposes of paragraph (1AA)(b), the Secretary must have regard to the following:
(a) the timing and amounts of the benefits paid to or in respect of the person under this Act;
(b) determinations by CSC under the superannuation scheme established by deed under the Superannuation Act 1990 as to rates of interest and the method of allocating interest;
(c) any other matter that the Secretary considers relevant.
(1AC) In working out the superannuation guarantee safety - net amount for the purposes of paragraph 19AB(1C)(b), increase the amount worked out under subsection (1AA) of this section by the person's surcharge deduction amount.
Refund of contributions
(2) For the purposes of this Act, if a superannuation guarantee safety - net amount is paid to a person, so much of that amount as is attributable to the person's contributions is taken to be a refund of the contributions.
Definitions--superannuation guarantee charge
(3) In this section:
"benefit certificate" means the benefit certificate (within the meaning of section 10 of the Superannuation Guarantee (Administration) Act 1992 ) that was in effect on the last day the person was entitled to a parliamentary allowance.
"changeover day" means the day on which Schedule 4 to the Parliamentary Business Resources Legislation Amendment (Review Implementation and Other Measures) Act 2024 commences.
"complying superannuation fund or scheme" has the same meaning as in the Superannuation Guarantee (Administration) Act 1992 .
"individual superannuation guarantee shortfall" has the same meaning as in the Superannuation Guarantee (Administration) Act 1992 .
"minimum requisite benefit" means the benefit certified by an actuary in the benefit certificate as the minimum requisite benefit for the person, as a member of the scheme constituted by the provisions of this Act, calculated at the last day the person was entitled to a parliamentary allowance.