Superannuation Amendment (Surcharge Deduction Amount) Regulation 2004 (NSW)

2004 No 674

New South Wales

Superannuation Amendment

(Surcharge Deduction Amount)

Regulation 2004

under the

Superannuation Act 1916

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

JOHN DELLA BOSCA, M.L.C.,

Special Minister of State

Explanatory note
Under the Superannuation Contributions Tax (Assessment and Collection) Act 1997 of the Commonwealth, superannuation contributions surcharge may be payable to the Commissioner of Taxation in respect of employer contributions paid to the State Superannuation Fund on behalf of a contributor. Before a superannuation benefit is paid, the SAS Trustee Corporation is required to deduct from the benefit an amount to offset the surcharge that may be payable.
On the commencement of proposed clause 12 of the Superannuation Regulation 2001 on 1 October 2004, the maximum surcharge deduction amounts that may be determined by the SAS Trustee Corporation as payable in relation to a period when the benefit payable to the contributor or former contributor accrued will be prescribed by the Superannuation Regulation 2001.
The object of this Regulation is to amend the Superannuation Regulation 2001 to decrease the maximum surcharge deduction amounts payable in relation to certain periods as a consequence of new maximum surcharge rates to be phased in by the Commonwealth.
This Regulation is made under the Superannuation Act 1916, including sections 61RA and

86 (the general regulation-making power).

Published in Gazette No 153 of 1 October 2004, page 7782	Page 1
2004 No 674	Superannuation Amendment (Surcharge Deduction Amount)
Clause 1	Regulation 2004

Superannuation Amendment (Surcharge Deduction

Amount) Regulation 2004

under the

Superannuation Act 1916

1      Name of Regulation

This Regulation is the Superannuation Amendment (Surcharge
Deduction Amount) Regulation 2004.

2      Commencement

This Regulation commences on 1 October 2004.

3 Amendment of Superannuation Regulation 2001

The Superannuation Regulation 2001 is amended as set out in
Schedule 1.

Superannuation Amendment (Surcharge Deduction Amount)	2004 No 674
Regulation 2004
Amendments	Schedule 1
Schedule 1	Amendments

(Clause 3)

[1]      Clause 12 Surcharge deduction amount

Omit “13.5%” from clause 12 (c). Insert instead “12.5%”.

[2]      Clause 12 (d)

Omit “12.5%”. Insert instead “10%”.

BY AUTHORITY