PGPA Act Determination (Superannuation Clearing House Special Account 2020) (Cth)

PGPA Act Determination (Superannuation Clearing House Special Account 2020)

I, MATHIAS HUBERT PAUL CORMANN, Minister for Finance, make the following determination.

Dated     05    /  08   /  2020

MATHIAS HUBERT PAUL CORMANN

Minister for Finance

Contents

Part 1—Establishment   1

1  Name........................................................................................................................................ 1

2  Commencement........................................................................................................................ 1

3  Authority.................................................................................................................................. 1

4  Definitions................................................................................................................................ 1

5  Establishment of the special account......................................................................................... 2

6  Accountable authority responsible for the special account........................................................ 2

Part 2—Special account credits and debits  2

7  Amounts that may be credited to the special account................................................................ 2

8  Purposes of the special account................................................................................................ 2

Part 3—Transitional and repeal provisions  3

9  Opening balance of the special account.................................................................................... 3

10  Repeal of SBSCH determination............................................................................................ 3

11  Additional repeal provisions................................................................................................... 3

Part 1—Establishment

1  Name

This instrument is the PGPA Act Determination (Superannuation Clearing House Special Account 2020).

2  Commencement

(1)  Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Column 1	Column 2	Column 3
Provisions	Commencement	Date/Details
The whole of this instrument	The day mentioned in paragraph 79(5)(a) of the Act.

(2)  Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any version of this instrument published on the Federal Register of Legislation.

3  Authority

This instrument is made under subsections 78(1) and 78(3) of the Act.

4  Definitions

In this instrument:

Act means the Public Governance, Performance and Accountability Act 2013.

SBSCH special account means the Superannuation Clearing House Special Account established by the SBSCH determination.

SBSCH determination means the Financial Management and Accountability Determination 2010/05 – Superannuation Clearing House Special Account Establishment 2010.

Superannuation Clearing House means the Australian Taxation Office in its capacity as an approved clearing house (within the meaning of the Superannuation Guarantee (Administration) Act 1992).

the special account means the Superannuation Clearing House Special Account 2020 established by this instrument.

5  Establishment of the special account

For paragraph 78(1)(a) of the Act, the Superannuation Clearing House Special Account 2020 is established as a special account (the special account).

6  Accountable authority responsible for the special account

For paragraph 78(1)(d) of the Act, the accountable authority responsible for the special account is the Commissioner of Taxation.

Part 2—Special account credits and debits

7  Amounts that may be credited to the special account

For paragraph 78(1)(b) of the Act, amounts received by the Superannuation Clearing House from any person (including an employer) for one or more purposes of the special account may be credited to the special account

8  Purposes of the special account

For paragraph 78(1)(c) of the Act, the purposes of the special account, in relation to which amounts may be debited from the special account, are:

(a)    to make payments on behalf of small business employers to:

(i)superannuation funds (within the meaning of the Superannuation Industry (Supervision) Act 1993); and

(ii)retirement savings accounts (within the meaning of the Retirement Savings Accounts Act 1997); and

(iii)superannuation schemes (within the meaning of the Superannuation Guarantee (Administration) Act 1992);

(b)   to repay to an original payer amounts credited to the special account, including the residual after any necessary payments are made for the purpose mentioned in paragraph (a);

(c)    to reduce the balance of the special account (and, therefore, the available appropriation for the special account) without making a real or notional payment;

(d)   to repay an amount where a court order, Act or other law requires or permits the repayment of an amount received. 

Part 3—Transitional, revocation and repeal provisions

9  Opening balance of the special account

(1)For paragraph 78(1)(b) of the Act, the amount in subsection 9(2) (opening balance) is required to be credited to the special account immediately after its establishment.

(2)The opening balance is equal to the amount standing to the credit of the SBSCH special account immediately prior to the commencement of this instrument.

10  Revocation of SBSCH determination

For subsection 78(3) of the Act, the SBSCH determination is revoked.

11  Additional repeal provisions

(1)For subsection 78(3) of the Act, Part 3 of this instrument is repealed at the end of the seventh day after the revocation of the SBSCH determination under section 10 (date of repeal).

(2)For subsection 78(3) of the Act, the following definitions in section 4 are repealed on the date of repeal:

(a)    definition of SBSCH determination;

(b)   definition of SBSCH special account.

(3)Despite subsection 11(1), the effects of Part 3 of this instrument remain in force after the date of repeal.