Commonwealth: Superannuation Guarantee (Administration) Amendment Act 2012 (Cth)

Superannuation Guarantee (Administration) Amendment Act 2012 No. 22, 2012 An Act to improve superannuation coverage for employees and change the way of working out employers' individual superannuation guarantee shortfalls, and for related purposes Contents 1 Short title 2 Commencement 3 Schedule(s) Schedule 1—Superannuation guarantee age and percentage Superannuation Guarantee (Administration) Act 1992 Superannuation Guarantee (Administration) Amendment Act 2012 No. 22, 2012 An Act to improve superannuation coverage for employees and change the way of working out employers' individual superannuation guarantee shortfalls, and for related purposes [Assented to 29 March 2012] The Parliament of Australia enacts: 1 Short title This Act may be cited as the Superannuation Guarantee (Administration) Amendment Act 2012. 2 Commencement (1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms. Commencement information Column 1 Column 2 Column 3 Provision(s) Commencement Date/Details 1. Sections 1 to 3 and anything in this Act not elsewhere covered by this table The day this Act receives the Royal Assent. 29 March 2012 2. Schedule 1 1 July 2013. 1 July 2013 However, the provision(s) do not commence at all unless all of the following Acts have commenced before 1 July 2013: (a) the Minerals Resource Rent Tax Act 2012; (b) the Minerals Resource Rent Tax (Imposition—Customs) Act 2012; (c) the Minerals Resource Rent Tax (Imposition—Excise) Act 2012; (d) the Minerals Resource Rent Tax (Imposition—General) Act 2012. Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act. (2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act. 3 Schedule(s) Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms. Schedule 1—Superannuation guarantee age and percentage Superannuation Guarantee (Administration) Act 1992 1 Subsection 19(1) (paragraphs (a) and (b) of the definition of charge percentage) After "subsection (2)", insert "for the quarter". 2 Subsection 19(2) Repeal the subsection, substitute: (2) The charge percentage for a quarter in a year described in column 1 of an item of the table is the number specified in column 2 of the item. Charge percentage (unless reduced under section 22 or 23) Item Column 1 Column 2 Year Charge percentage 1 Year starting on 1 July 2013 9.25 2 Year starting on 1 July 2014 9.5 3 Year starting on 1 July 2015 10 4 Year starting on 1 July 2016 10.5 5 Year starting on 1 July 2017 11 6 Year starting on 1 July 2018 11.5 7 Year starting on or after 1 July 2019 12 3 Subsection 23(2) (example) Omit "If there are no other contributions, and no reduction under section 22, then the charge percentage will be 3 (instead of 9).". 4 Paragraph 27(1)(a) Repeal the paragraph. 5 Application The amendments made by this Schedule apply for the purpose of calculations under section 19 of the Superannuation Guarantee (Administration) Act 1992 for quarters starting on and after 1 July 2013. [Minister's second reading speech made in— House of Representatives on 2 November 2011 Senate on 7 February 2012] (223/11)