12Contributions for employees who fund their own superannuation

12 Contributions for employees who fund their own superannuation

12 Contributions for employees who fund their own superannuation

(1) This section applies to an employee, other than an executive officer, who is employed under a contract under which contributions made by the employer to the employee’s superannuation form part of the total remuneration package of the employee and are deducted from the monetary remuneration otherwise payable to the employee.

(2) An employee to whom this section applies may give his or her employer a written notice requiring the employer to cease to make the compulsory employer superannuation contribution in respect of an amount of salary or wages of the employee that exceeds the maximum contribution base.

(3) An employer who is given such a notice—

(a) must comply with it, and

(b) is not required to make the compulsory employer superannuation contribution in respect of that part of the salary or wages of the employee that exceeds the maximum contribution base, as applicable from time to time.

(4) A notice given under this section may be revoked by the employee by further written notice given to the employer.

(5) If the notice is revoked, the employer is required to resume making the compulsory employer superannuation contribution in respect of that part of the salary or wages of the employee that exceeds the maximum contribution base in the financial year that commences after the notice of revocation is given to the employer.

ss 9–12: Ins 2005 No 91, Sch 2.1 [11].