Commonwealth legislation

Superannuation Guarantee (Administration) (Charge Percentage) Regulations

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

288 of 1992

Collection

legislative instrument

Plain English Summary

1/10 complexity

This regulation set the minimum superannuation contribution rate for large employers in 1993.

What it does:

Requires employers with an annual national payroll over $1 million to contribute 5% of their employees' ordinary earnings to superannuation for the contribution period starting 1 January 1993.

Who it affects:

Larger employers (those with payroll exceeding $1 million in the base year) during the specified six-month contribution period.

Why it matters:

This formed part of Australia's introduction of compulsory superannuation. The "charge percentage" is the minimum percentage of wages that employers must pay into their workers' superannuation funds to avoid the Superannuation Guarantee Charge (a penalty tax). By setting this at 5% for bigger employers—higher than the standard rate at the time—the regulation imposed stronger superannuation obligations on large businesses during the early phase of the compulsory super system.

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Current sections

Direct links to the current provisions in Superannuation Guarantee (Administration) (Charge Percentage) Regulations.

Superannuation Guarantee (Administration) (Charge Percentage) Regulations

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Statutory Rules 1992 No. 288 1

__________________

Superannuation Guarantee (Administration) (Charge Percentage) Regulations

I, The Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council and under section 4 of the Acts Interpretation Act 1901, make the following Regulations under the Superannuation Guarantee (Administration) Act 1992.

Dated 1 September 1992.

Governor-General

By His Excellency’s Command,

JOHN DAWKINS

Treasurer

____________

Citation

These Regulations may be cited as the Superannuation Guarantee (Administration) (Charge Percentage) Regulations.

[NOTE : These Regulations commence on gazettal: see Acts Interpretation Act 1901, s. 48]

Interpretation

In these Regulations, “the Act” means the Superannuation Guarantee (Administration) Act 1992.

Charge percentage for certain employers

For the purposes of paragraph 20 (4) (a) of the Act, a charge percentage of 5 is prescribed for the contribution period commencing on 1 January 1993 in relation to an employer whose annual national payroll for the base year exceeded $1,000,000.

___________________________________________________________

NOTE

Note: 1. Notified in the Commonwealth of Australia Gazette on 8 September 1992.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Superannuation Guarantee (Administration) (Charge Percentage) Regulations

Statutory Rules 1992 No. 288 1

__________________

Superannuation Guarantee (Administration) (Charge Percentage) Regulations

Dated 1 September 1992.

Governor-General

By His Excellency’s Command,

JOHN DAWKINS

Treasurer

____________

Citation

These Regulations may be cited as the Superannuation Guarantee (Administration) (Charge Percentage) Regulations.

[NOTE : These Regulations commence on gazettal: see Acts Interpretation Act 1901, s. 48]

Interpretation

In these Regulations, “the Act” means the Superannuation Guarantee (Administration) Act 1992.

Charge percentage for certain employers

For the purposes of paragraph 20 (4) (a) of the Act, a charge percentage of 5 is prescribed for the contribution period commencing on 1 January 1993 in relation to an employer whose annual national payroll for the base year exceeded $1,000,000.

___________________________________________________________

NOTE

Note: 1. Notified in the Commonwealth of Australia Gazette on 8 September 1992.