Meaning of superannuation contribution
3 Meaning of superannuation contribution
A superannuation contribution is a monetary or non-monetary contribution paid or payable by an employer for an employee, or by a company for a director of the company—
as a superannuation guarantee charge under the Superannuation Guarantee Act; or
to a superannuation fund under the Superannuation Industry (Supervision) Act 1993 (Cwlth); or
to another form of superannuation, provident or retirement fund or scheme, including, for example, the following—
a retirement savings account under the Retirement Savings Accounts Act 1997 (Cwlth);
a wholly or partly unfunded fund or scheme.
Examples of non-monetary contribution—
1 marketable securities
2 real property
In this section—
Superannuation Guarantee Act means the Superannuation Guarantee (Administration) Act 1992 (Cwlth).
superannuation guarantee charge does not include the following—
an additional superannuation guarantee charge under section 49 or part 7 of the Superannuation Guarantee Act;
the part of a superannuation guarantee charge equal to a superannuation contribution mentioned in subsection (1)(b) or (c) that is payable, and for which payroll tax has been paid to the commissioner, to the extent the contribution would have resulted in a reduction in the charge percentage under section 23 of the Superannuation Guarantee Act if the contribution had been paid.
unfunded, for a superannuation, provident or retirement fund or scheme, means the extent that an amount paid or payable by an employer for an employee, or by a company for a director of the company, covered by the fund or scheme is not paid or payable while the employee is employed by the employer, or the director is appointed as a director of the company.
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