Superannuation contribution debts not admissible to proof
553AB Superannuation contribution debts not admissible to proof
Whole of superannuation contribution debt
In a winding up, the liquidator must determine that the whole of a debt by way of a superannuation contribution is not admissible to proof against the company if:
a debt by way of superannuation guarantee charge, or by way of a liability to pay the amount of an estimate under Division 268 in Schedule 1 to the Taxation Administration Act 1953:
has been paid; or
is, or is to be, admissible to proof against the company; and
the liquidator is satisfied that the superannuation guarantee charge or estimate liability is attributable to the whole of the first‑mentioned debt.
If the liquidator determines, under subsection (1), that the whole of a debt is not admissible to proof against the company, the whole of the debt is extinguished.
Part of superannuation contribution debt
In a winding up, the liquidator must determine that a particular part of a debt by way of a superannuation contribution is not admissible to proof against the company if:
a debt by way of superannuation guarantee charge, or by way of a liability to pay the amount of an estimate under Division 268 in Schedule 1 to the Taxation Administration Act 1953:
has been paid; or
is, or is to be, admissible to proof against the company; and
the liquidator is satisfied that the superannuation guarantee charge or estimate liability is attributable to that part of the first‑mentioned debt.
If the liquidator determines, under subsection (3), that a part of a debt is not admissible to proof against the company, that part of the debt is extinguished.
Definition
In this section:
superannuation contribution has the same meaning as in section 556.
This Act’s bill:Explanatory memorandumSecond reading speech
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