Repeal the item, substitute:

Add:

You cannot deduct under this Act a contribution made for an employee of yours if you elect under subsection 23A(1) of the Superannuation Guarantee

(Administration)

Act 1992 that the contribution be offset against your liability to pay superannuation guarantee charge.

Superannuation Guarantee (Administration) Act 1992

Repeal the subsection, substitute:

(3)

Part 8 has effect as if any superannuation guarantee charge for a quarter in respect of a superannuation guarantee shortfall of the Commonwealth had been paid on:

(a) for a quarter beginning on 1 January—28 May in the next quarter; and
(b) for a quarter beginning on 1 April—28 August in the next quarter; and
(c) for a quarter beginning on 1 July—28 November in the next quarter; and
(d) for a quarter beginning on 1 October—28 February in the next quarter.

Insert:

Insert:

(1)

A contribution to a complying superannuation fund or an RSA made by an employer for the benefit of an employee is offset under subsection (3) if:

(a) the contribution is made:
(i) after the end of the period of 28 days after the end of a quarter; and
(ii) before the end of the 28th day of the second month after the end of the quarter; and
(b) the employer elects, in the approved form, that the contribution be offset.

(2)

The election must be made within 4 years after the employer's superannuation guarantee charge for the quarter became payable. The election cannot be revoked.

(3)

The contribution is offset against the employer's liability to pay superannuation guarantee charge to the extent that the liability relates to:

(a) that part of the employer's nominal interest component for the quarter that relates to the employee; or
(b) the employer's individual superannuation guarantee shortfall for the employee for the quarter.

(4)

The contribution is offset against that part of the employer's nominal interest component for the quarter that relates to the employee before any remainder is offset against the employer's individual superannuation guarantee shortfall for the employee for the quarter.

(5)

A contribution to a superannuation fund or an RSA made by an employer for the benefit of an employee that is taken into account under this section in relation to a quarter is not to be taken into account:

(a) under this section in relation to any other quarter; or
(b) under section 22 or 23.

Repeal the subsection, substitute:

(1)

An employer who has a superannuation guarantee shortfall for a quarter must lodge a superannuation guarantee statement for the quarter on or before:

(a) for a quarter beginning on 1 January—28 May in the next quarter; and
(b) for a quarter beginning on 1 April—28 August in the next quarter; and
(c) for a quarter beginning on 1 July—28 November in the next quarter; and
(d) for a quarter beginning on 1 October—28 February in the next quarter.

Repeal the paragraph, substitute:

(d) the assessment is taken to have been made on the later of the day on which the statement was lodged and the following day:
(i) for a quarter beginning on 1 January—28 May in the next quarter; and
(ii) for a quarter beginning on 1 April—28 August in the next quarter; and
(iii) for a quarter beginning on 1 July—28 November in the next quarter; and
(iv) for a quarter beginning on 1 October—28 February in the next quarter.

Repeal the definition, substitute:

Add:

In working out the amount of superannuation guarantee charge payable by an employer for a quarter for the purposes of this Part, disregard the amount of any offset under section 23A (about offsetting late payments against charge).

(1) The amendments made by items 1, 2, 4, 5 and 9 of this Schedule apply to contributions made on or after 1 January 2006.
(2) The amendments made by items 3, 6, 7 and 8 of this Schedule apply to obligations relating to the quarter beginning on 1 October 2005 and later quarters.