Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Superannuation guarantee top - up benefit is payable to or in respect of a person who ceases to be an eligible employee in respect of his or her relevant period of employment if an amount greater than nil is worked out, under whichever of subsections (3) and (4) is applicable, in relation to the person for that period.
(2) The top - up benefit is:
(a) if paragraph (b) does not apply--a lump sum benefit equal to the amount referred to in subsection (1); or
(b) if:
(i) the person's surcharge debt account is in debit when the top - up benefit becomes payable; and
(ii) the top - up benefit is to be paid to the person or to a preservation fund for the benefit of the person;
a lump sum benefit equal to the difference between the amount referred to in subsection (1) ( basic amount ); and
(iii) if subparagraphs (iv) and (v) do not apply--the person's surcharge deduction amount; or
(iv) if part of the person's surcharge deduction amount has, under another provision of this Act, been deducted from a benefit payable to the person--the balance of the surcharge deduction amount; or
(v) if the person's surcharge deduction amount, or the balance of the surcharge deduction amount referred to in subparagraph (iv), is greater than the basic amount--so much of the surcharge deduction amount, or of the balance of the surcharge deduction amount, as is equal to the basic amount.
(2A) Paragraph (2)(b) does not apply if the whole of the person's surcharge deduction amount has, under another provision of this Act, been deducted from a benefit payable to the person.
(3) If the person's employer was liable to pay productivity contributions under section 110H in respect of the person for his or her relevant period of employment, the amount mentioned in subsection (1) is the amount worked out using the formula:
where:
"NASGC" is the notional accumulated SG contributions in respect of the person for the person's relevant period of employment.
"AEC" is that part of the accumulated employer contributions in respect of the person that is based on the operation of paragraphs 110Q(1)(a) and (b) in relation to productivity contributions paid or payable after 30 June 1992.
"TR" is the percentage figure representing the rate of fund contribution tax applicable to that period.
"OVB" is the person's other vested benefit in respect of that period.
(3A) Reductions under Division 3 of Part IXB are to be disregarded in applying subsection (3) of this section.
(4) If the person's employer was liable to pay productivity contributions to a government body scheme in respect of the person for his or her relevant period of employment, the amount mentioned in subsection (1) is whichever of the following amounts is determined by CSC after having regard to the views of the government body:
(a) an amount of nil;
(b) an amount worked out using the formula:
;
(c) an amount worked out using the formula:
;
(d) an amount worked out using the formula:
;
where:
"NASGC" is the notional accumulated SG contributions in respect of the person for the person's relevant period of employment.
"AGBC" is the accumulated government body contributions in respect of the person for the relevant period of employment.
"OVB" is the person's other vested benefit in respect of that period.
"GBB" is the benefit paid or payable from the government body scheme in respect of the person for the person's relevant period of employment plus, except where the person ceases to be both a member of the government body scheme and an eligible employee, notional interest on that benefit.
"TR" is the percentage figure representing the rate of fund contribution tax applicable to that period.
"GBPROD" is the total of:
(a) that part of the amount that has been paid to the Commissioner or CSC under section 110MA in respect of the person for the person's relevant period of employment less the amount in the nature of income tax (if any) that is relevant to that amount; and
(b) interest on the paid amount referred to in paragraph (a).
(5) In determining the benefit paid or payable from a government body scheme in respect of a person, CSC may accept a statement from the trustees, the administrator on behalf of the trustees or, if there are no trustees, the administrator of the government body scheme as to:
(a) the amount of benefit paid or payable; or
(b) the date on which it was paid or is payable; or
(c) the period in respect of which the benefit was paid or is payable; or
(d) rates of interest applicable to amounts of money paid to the scheme; or
(e) any other matter in connection with the payment of the benefit.
(6) Despite anything else in this section, top - up benefit does not become payable to or in respect of a person if an actuary has certified that, in his or her opinion, because of the value of other benefits payable to or in respect of the person, an employer of the person while an eligible employee will not, for the person for a quarter, have an individual superannuation guarantee shortfall within the meaning of the Superannuation Guarantee (Administration) Act 1992 .