New South Wales Consolidated Acts

COAL AND OIL SHALE MINE WORKERS (SUPERANNUATION) ACT 1941 - SECT 19

19 Special rate contributions required to be paid to the Amalgamated Fund

(1) An owner must make contributions at a special rate at intervals determined by the Corporate Trustee in respect of each mine worker employed by the owner for crediting to Part 3 of the Fund.

(2) The amount of the special rate is the amount determined from time to time by the Corporate Trustee after considering a relevant report of the actuary.

(3) If a contribution required to be paid under this section is overdue for more than 21 days, the Corporate Trustee may charge interest on the overdue amount at the rate of interest that, at the time when the interest first becomes payable, is advertised as the overdraft reference rate of the Commonwealth Bank for amounts in excess of $100,000.

(4) Interest payable under this section is recoverable in the same way as unpaid contributions and any interest paid or recovered is to be credited to the Amalgamated Fund.

(5) Contributions under this section are in addition to the amount of any contributions to superannuation that are payable in respect of each mine worker under the AUSCOAL Trust Deed, this or any other Act of the State or any Act of the Commonwealth.

Note: Liability for minimum employer contributions to employee superannuation arises under the Superannuation Guarantee Charge Act 1992 of the Commonwealth and is regulated under the Superannuation Guarantee (Administration) Act 1992 of the Commonwealth.