Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) Subject to subregulation (2), for subparagraph (b) (v) of the definition of income in section 139L of the Act, the following contributions and payments made for the purpose of providing superannuation benefits for a bankrupt person are not income of the person:
(a) contributions made by, or on behalf of, each employer of the person to the extent that the contributions reduce the employer's potential liability for the superannuation guarantee charge imposed under section 5 of the Superannuation Guarantee Charge Act 1992 ;
(b) contributions made by, or on behalf of, each employer of the person in accordance with the employer's obligation to make contributions for the person under:
(i) an industrial award or determination made under a law of the Commonwealth, a State or a Territory; or
(ii) an industrial agreement registered, made or lodged under a law of the Commonwealth, a State or a Territory; or
(iii) a law of the Commonwealth, or of a State or Territory;
that exceed the contributions, made by or on behalf of the employer, mentioned in paragraph (a);
(c) payments of shortfall components made to, or for the benefit of, the person under sections 65 to 67 of the Superannuation Guarantee (Administration) Act 1992 .
(2) If:
(a) the employer has an obligation to make contributions that arises under an industrial agreement made solely between the employer and the person; and
(b) the contributions are not contributions of the kind mentioned in subparagraph (1) (b) (iii);
contributions that, for a particular financial year, exceed an amount equal to 9% of the employee's ordinary time earnings for the year are taken to be income of the person.
(3) For this regulation:
"industrial agreement made solely between the employer and the person" includes an Australian Workplace Agreement under the Workplace Relations Act 1996 or a similar agreement under the law of a State or Territory.
"ordinary time earnings" has the meaning given by section 6 of the Superannuation Guarantee (Administration) Act 1992 .
"shortfall component" has the same meaning as it has in Part 8 of the Superannuation Guarantee (Administration) Act 1992 .