Superannuation Amendment Act 1976

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Legislation au C2004A01463 In force Act

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SUPERANNUATION AMENDMENT ACT 1976

No. 32 of 1976

 

An Act to amend the Superannuation Act 1922-1974, and for related purposes.

 

BE IT ENACTED by the Queen, and the Senate and House of Representatives of the Commonwealth of Australia, as follows:—

Short title and citation.

1. (1) This Act may be cited as the Superannuation Amendment Act 1976.

(2) The Superannuation Act 1922-1974 is in this Act referred to as the Principal Act.

(3) The Principal Act, as amended by this Act, may be cited as the Superannuation Act 1922-1976.

Commencement.

2. (1) Sections 1, 2, 89 and 90 shall come into operation on the day on which this Act receives the Royal Assent.

(2) Paragraph 7(b), section 11, sub-sections 29(1) and 52(1) and sections 62, 65, 66, 71 and 72 shall be deemed to have come into operation on 29 June 1974.

(3) Paragraphs 3(b) and (f) shall be deemed to have come into operation on 1 April 1975.

(4) Paragraph 3(a) shall be deemed to have come into operation on 1 July 1975.

(5) Section 8, paragraph 10(b) and section 48 shall be deemed to have come into operation on 5 February 1976.

(6) Paragraph 9(c) and sections 12 and 46 shall be deemed to have come into operation on 13 February 1976.

(7) The remaining provisions of this Act shall come into operation on 1 July 1976.

Interpretation.

3. Section 4 of the Principal Act is amended—

(a) by omitting from the definition of “approved authority” in sub-section (1) the words “the Canberra Hospital Management Board” and substituting the words “the Capital Territory Health Commission”;

(b) by inserting in the definition of “approved authority” in sub-section (1), after the words “Australian National University”, the words “, Aboriginal Hostels Limited”;

(c) by inserting in sub-section (1), after the definition of “The Board”, the following definition:—

“‘The Commissioner for Superannuation’ means the Commissioner for Superannuation under the Superannuation Act 1976;”;

(d) by inserting in sub-section (1), after the definition of “The maximum age for retirement”, the following definition:—

“‘The new Superannuation Fund’ means the Superannuation Fund established by the Superannuation Act 1976;”;

(e) by adding at the end of sub-section (1) the following definition:—

“‘The Superannuation Fund Investment Trust’ means the Superannuation Fund Investment Trust established by the Superannuation Act 1976”; and

(f) by adding at the end thereof the following sub-section:—

“(9) For the purposes of sub-section (6) in its application in relation to Aboriginal Hostels Limited, that body shall be deemed to be constituted under an Act administered by the Minister for Aboriginal Affairs.


Superannuation provision for certain persons by way of life assurance.

4. Section 7 of the Principal Act is amended by inserting after sub-section (1) the following sub-section:—

“(1a) An arrangement shall not be made under sub-section (1) of this section on or after 1 July 1976.

Repeal of Part II.

5. (1) Part II of the Principal Act is repealed.

(2) Notwithstanding the repeal effected by sub-section…

Overview

The Superannuation Amendment Act 1976 was enacted by the Australian Parliament to amend the Superannuation Act 1922-1974 and address certain issues and gaps within the existing legislation. The Act introduces several changes to superannuation provisions, including the cessation of certain contributions, modifications to pension entitlements, and adjustments to the legal framework governing superannuation. Key provisions of the Act include the termination of contributions for additional units of pension, restrictions on elections related to pension units, and alterations to the calculation of pension rates. Additionally, the Act introduces new provisions related to the management and administration of superannuation funds, including the establishment of the Commissioner for Superannuation and the Superannuation Fund Investment Trust. The policy objective of the Act is to ensure the efficient and effective administration of superannuation benefits while addressing specific issues identified within the existing legislative framework.

Scope and Application

The Superannuation Amendment Act 1976 amends the Superannuation Act 1922-1974, applying Commonwealth-wide. The Act applies to various entities, including employees who transition from private employment or state employment to Commonwealth employment, and it governs contributions, benefits, and pensions related to superannuation schemes. It specifically addresses the transition of certain superannuation benefits and contributions for employees who move from state or private employment to Commonwealth employment, ensuring that their previous superannuation rights are preserved and appropriately transitioned into the new system. The Act also introduces changes to pension calculations, benefit payments, and the administration of superannuation funds, including the establishment of a new Superannuation Fund and the appointment of a Commissioner for Superannuation to manage it. The Act includes provisions for the calculation of pension increases based on the Consumer Price Index and makes amendments to various sections of the Principal Act to reflect these changes, including the repeal of certain sections and the introduction of new provisions. The Act also includes transitional provisions to ensure that changes apply effectively to existing employees and their superannuation benefits.

Key Provisions

  • The Superannuation Amendment Act 1976 amends the Superannuation Act 1922-1974, making several changes to the superannuation provisions for certain individuals. Key changes include the introduction of the Superannuation Amendment Act 1976, which modifies the Superannuation Act 1922-1974. The Act updates definitions and terminology to reflect changes in the superannuation system, including the introduction of the new Superannuation Fund and the Commissioner for Superannuation. It also introduces provisions for the preservation of superannuation rights for individuals transferring from private or state employment, as well as for those transferring from state funds.
  • The Act imposes various obligations on contributors and employers, including the requirement to make contributions to the superannuation fund, the prohibition of contributions after certain dates, and the establishment of the Provident Account for certain employees. It also outlines the rights of employees to make elections regarding their superannuation contributions and pension entitlements.
  • Breach of the provisions of this Act may result in civil or criminal consequences, depending on the nature and severity of the breach. Penalties may include fines, imprisonment, or both, as specified in the Act or in other relevant legislation. The Act also provides for the payment of pensions and other benefits out of the Consolidated Revenue Fund and specifies the circumstances in which pensions are not payable.
  • Overall, the Superannuation Amendment Act 1976 aims to update and modernise the superannuation system in Australia, ensuring that it remains fair, efficient, and effective in meeting the needs of contributors and beneficiaries.

Legal classification tags

Area of Law
Superannuation Law
Instrument
Act
Concepts
Definitions & Interpretation
Repeal & Amendment
Transitional Provisions
Offence Provisions
Licensing & Registration
Enforcement Powers
Regulatory Standards

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Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.