Superannuation Amendment Regulation 2010 (NSW)

2010 No 581

New South Wales

Superannuation Amendment

Regulation 2010

under the

Superannuation Act 1916

Her Excellency the Governor, on the recommendation of STC, and with the advice of the Executive Council, has made the following Regulation under the Superannuation Act 1916.

MICHAEL DALEY, MP

Minister for Finance

Explanatory note
The objects of this Regulation are:

(a)	to prescribe the benefits payable under the Superannuation Act 1916 that may be reduced by the SAS Trustee Corporation (STC) under that Act if a contributor fails to provide his or her tax file number, and
(b)	to require STC to establish a debt account for each contributor in respect of whom a benefit is liable to be reduced and to have regard to the balance of that account when determining the amount of the reduced benefit, and
(c)	to require STC, at least once a year, to provide a contributor with a statement of the balance of the contributor’s debt account and to request the contributor’s tax file number if it has not been provided.

This Regulation is made under the Superannuation Act 1916, including sections 61RC and

86 (the general regulation-making power).

Published LW 8 October 2010	Page 1
2010 No 581
Clause 1	Superannuation Amendment Regulation 2010

Superannuation Amendment Regulation 2010

under the

Superannuation Act 1916

1      Name of Regulation

This Regulation is the Superannuation Amendment Regulation 2010.

2      Commencement

This Regulation commences on 8 October 2010 and is required to be published on the NSW legislation website.

2010 No 581

Superannuation Amendment Regulation 2010

Amendment of Superannuation Regulation 2006	Schedule 1
Schedule 1	Amendment of Superannuation Regulation 2006

[1]      Part 2 Reduction of benefits

Insert before clause 4:

Division 1 General

[2]      Clause 4 Application of Division

Omit “this Part”. Insert instead “this Division”.

[3]      Clause 8 Commutation of pensions for reduction of benefits

Omit “this Part” from clause 8 (1). Insert instead “this Division”.

[4]      Part 2, Division 2

Insert after clause 8:

Division 2 Benefit reductions relating to no-TFN tax

8AA Benefit reductions relating to no-TFN tax

(1)	For the purposes of section 61RC (1) (d) of the Act, the benefits provided under sections 27, 28A, 28AA, 29, 30, 37, 37A, 37B, 38A and 47D of the Act and Divisions 3A, 3B and 3D of Part 4 of the Act are prescribed.
(2)	STC must create a debt account in the Fund in respect of each contributor or former contributor in respect of whom a benefit is liable to be reduced under section 61RC of the Act.
(3)	STC must have regard to the debt account when determining the amount of the reduced benefit.
Note. Under section 61RC (3) of the Act, the amount of the reduced benefit is to be determined by STC after obtaining actuarial advice.

8AB Provision of information

STC must at least once a year:

(a)	provide each contributor and former contributor with a statement as to the balance of the debt account created by STC in respect of that contributor or former contributor, and
(b)	request that a contributor or former contributor provide his or her tax file number to STC, if the number has not previously been provided.