Commonwealth Consolidated Acts

PARLIAMENTARY CONTRIBUTORY SUPERANNUATION ACT 1948 - SECT 16A

Superannuation guarantee safety-net amount

             (1)  For the purposes of this Act, the superannuation guarantee safety-net amount in relation to a person 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;

                     (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.

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:

"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 .