3Substitution of amounts

3 Substitution of amounts

(1) For section 3D of the Superannuation (Productivity Benefit) Act 1988, the Table in the Schedule to that Act has effect, for each financial year commencing on or after 1 July 2014, as if the amounts specified in the following Table were substituted for the amounts specified in the Table in that Schedule (whether sums of money or percentages):

Table

<table cellspacing="0" cellpadding="0" style="margin-left:56.7pt; border-collapse:collapse"><tbody><tr><td style="width:148.65pt; border-top:1.5pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableHeading"><span>Pay period (weekly) rate of salary</span></p></td><td colspan="2" style="width:148.7pt; border-top:1.5pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableHeading"><span>Pay period (weekly) contribution</span></p></td></tr><tr><td colspan="2" style="width:149.5pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>Less than $A</span></p></td><td style="width:147.85pt; border-top:1.5pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>$13.53</span></p></td></tr><tr><td colspan="2" style="width:149.5pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>$A or more but less than $B</span></p></td><td style="width:147.85pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>The amount that is C% of the employee’s pay period rate of salary</span></p></td></tr><tr><td colspan="2" style="width:149.5pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>$B or more</span></p></td><td style="width:147.85pt; border-top:0.75pt solid #000000; border-bottom:1.5pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="Tabletext"><span>An amount equal to C% of $B</span></p></td></tr><tr style="height:0pt"><td style="width:159.45pt"></td><td style="width:0.85pt"></td><td style="width:158.65pt"></td></tr></tbody></table>

(2) 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.