Superannuation (Productivity Benefit) (Continuing Contributions) Amendment Declaration 2014 (No. 1)

Link to law: https://www.comlaw.gov.au/Details/F2014L00696

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Superannuation (Productivity Benefit) (Continuing Contributions) Amendment Declaration 2014 (No. 1)1, 2
 
 
I, MATHIAS HUBERT PAUL CORMANN, Minister for Finance, make the following Declaration under section 3D of the Superannuation (Productivity Benefit) Act 1988.
Dated 2 JUNE 2014
 
 
MATHIAS HUBERT PAUL CORMANN
Minister for Finance
1              Name of Declaration
                This Declaration is the Superannuation (Productivity Benefit) (Continuing Contributions) Amendment Declaration 2014 (No. 1).
2              Commencement
                This Declaration commences on 1 July 2014.
3              Amendment of Superannuation (Productivity Benefit) (Continuing Contributions) Declaration 2013
                Schedule 1 amends the Superannuation (Productivity Benefit) (Continuing Contributions) Declaration 2013.
Schedule 1        Amendment
(section 3)
 
 
[1]           subsection 3(1)
                Omit “1 July 2013”, substitute “1 July 2014”.
[2]           Table in subsection 3(1)
Omit
Table
Pay period (weekly) rate of salary
Pay period (weekly) contribution

Less than $150.33
$13.53

$150.33 or more but less than $X
The amount that is Y% of the employee’s pay period rate of salary

$X or more
An amount equal to Y% of $X

 
 
 
Substitute
Table
Pay period (weekly) rate of salary
Pay period (weekly) contribution

Less than $A
$13.53

$A or more but less than $B
The amount that is C% of the employee’s pay period rate of salary

$B or more
An amount equal to C% of $B

 
[3]       subsection 3(2)
Substitute
                In this section:
                $A means an amount equal to $13.53 divided by the relevant charge percentage for the relevant financial year, as specified in the table at subsection 19(2) of the Superannuation Guarantee (Administration) Act 1992, and rounded to the nearest cent.
                $B means an amount equal to the maximum contribution base for the relevant quarter, as defined under section 15 of the Superannuation Guarantee (Administration) Act 1992, divided by 13 and rounded to the nearest cent.
                C% means a percentage amount for the relevant financial year equal to the charge percentage for that year, as specified in the table at subsection 19(2) of the Superannuation Guarantee (Administration) Act 1992.
Note
1.       This Declaration amends F2013L00813.
2.       All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See www.frli.gov.au.