Superannuation Legislation Amendment Act 1994

Administered by Department of the Treasury

Legislation au C2004A04762 In force Act

Select Document

SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994

Making Information
- Assented to 23 June 1994

SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - TABLE OF PROVISIONS

TABLE
                      TABLE OF PROVISIONS
                      PART 1-PRELIMINARY
Section
     1.   Short title
     2.   Commencement
            PART 2-AMENDMENTS OF THE SUPERANNUATION ACT 1976
                        Division 1-Preliminary
     3.   Principal Act
            Division 2-Directions and declarations by the Board
     4.   Object of Division
     5.   Statutory office holders
     6.   Invalidity pensioners returning to employment except as
          permanent employees
     7.   Functions
     8.   Leave of absence without pay
     9.   Interpretation
    10.   Public employment
    11.   Repeal of section and substitution of new section:
          134.    Eligible superannuation schemes
    12.   Election for transfer value by people in relation to whom
          deferred benefits apply
    13.   Special provisions affecting certain former contributors under
          certain superannuation schemes
    14.   Determination by Board
    15.   Determination by Board
    16.   Annual report of Board
        Division 3-Exercise of powers by Commissioner, Minister and
                           Governor-General
    17.   Object of Division
    18.   Certain references to Commissioner to be replaced by
          references to the Board
    19.   Repeal of section
    20.   Commissioner for Superannuation
    21.   Insertion of new section:
          17A.    Other functions of Commissioner not to be prejudiced
    22.   Repeal of section and substitution of new section:
    27.   Commissioner to keep records with respect to benefits paid
          under superseded Act
    23.   Functions of Board
    24.   Insertion of new section:
          27CA.     Board to keep records with respect to contributions
                    etc.
    25.   Repeal of section
    26.   Investment of funds
    27.   Accounts and records
    28.   Interpretation
    29.   Interpretation
    30.   Interpretation-SG minimum contribution
    31.   Board may determine rate of fund contribution tax
    32.   Eligible employment
    33.   Transfer value
    34.   Deferred benefits
    35.   Special provisions affecting certain former contributors under
          certain superannuation schemes
    36.   Application of Part to pensions payable to or in respect of
          certain overseas employees
    37.   Interpretation
    38.   Annual report of Board
    39.   Repeal of section and substitution of new section:
          161A.     Annual report of Commissioner in relation to
                    superseded Act
    40.   Minister may request the supply of information
    41.   Making false statements to Board, Commissioner etc.
    42.   Insertion of new section:
          167AB.      Exercise of certain powers by Minister
    43.   Regulations
    44.   Repeal of section and substitution of new section:
          191.    Assignment of life policies under superseded Act
    45.   Transfer of assets etc. to approved superannuation schemes
    46.   Transfer of assets etc. to Superannuation (1990) Scheme
    47.   Saving
        Division 4-Remuneration of Chairperson of Commonwealth
               Superannuation Board of Trustees No. 2
    48.   Object of Division
    49.   Remuneration
     Division 5-Termination of appointment of certain members of the
            Commonwealth Superannuation Board of Trustees No. 2
    50.   Object of Division
    51.   Termination of appointment of appointed members
      Division 6-Payment of certain money to eligible roll-over funds
    52.   Object of Division
    53.   Interpretation
    54.   Preservation of portion of benefit
    55.   Payment of productivity benefit
    56.   Payment of top-up benefit-preservation
    57.   Payment of transfer values to Commissioner
    58.   Deferral of benefit payable under section 110P
    59.   Insertion of new section:
          158A.    Payment of unclaimed money to eligible roll-over fund
          Division 7-Fund to cease to be part of…

Overview

The Superannuation Legislation Amendment Act 1994 (No. 86, 1994) was enacted by the Australian Parliament to address gaps and issues within the existing superannuation legislation, particularly in light of the Superannuation Industry (Supervision) Act 1993. This Act amends several pieces of legislation, including the Superannuation Act 1976, the Superannuation Act 1990, and the Superannuation Benefits (Supervisory Mechanisms) Act 1990. The primary aim of this legislation is to ensure that the rules governing superannuation schemes are consistent with the provisions of the Superannuation Industry (Supervision) Act 1993. The Act also seeks to correct various technical defects and make necessary administrative adjustments to improve the efficiency and oversight of superannuation schemes.

Scope and Application

The Superannuation Legislation Amendment Act 1994 (C2004A04762) applies to persons employed by the Commonwealth, as well as certain other people, and pertains to superannuation arrangements. It amends several Acts, including the Superannuation Act 1976, the Superannuation Act 1990, and the Superannuation Benefits (Supervisory Mechanisms) Act 1990. The Act aims to ensure that superannuation schemes provided for in these Acts are consistent with the Superannuation Industry (Supervision) Act 1993. It makes various amendments to the Acts, such as altering the definitions of certain terms, changing the roles of the Commonwealth Superannuation Board of Trustees No. 2, modifying the investment of funds, and adjusting the reporting requirements for the Board. The Act also includes provisions for the payment of benefits, transfer of assets, and other related matters. The amendments generally apply to decisions made, agreements entered into, and benefits provided on or after 1 July 1994, with some exceptions.

Key Provisions

The Superannuation Legislation Amendment Act 1994 amends the Superannuation Act 1976, the Superannuation Act 1990, and the Superannuation Benefits (Supervisory Mechanisms) Act 1990. The primary focus of the amendments is to align the superannuation schemes with the Superannuation Industry (Supervision) Act 1993, and to update and refine various provisions to ensure consistency and efficiency. Key provisions include amendments to the definitions and roles of statutory office holders, leave of absence without pay, and the functions of the Commonwealth Superannuation Board of Trustees No. 2 (CSB No. 2). The Act also updates the roles and responsibilities of the Commissioner for Superannuation and introduces new provisions regarding the payment and preservation of benefits, as well as the appointment and remuneration of Board members. Offences and penalties are outlined for making false statements, engaging in unauthorised declarations, and contravening prescribed requirements for the provision of superannuation benefits.
The Act requires entities and individuals governed by the superannuation legislation to comply with new definitions and roles, such as the amendment of leave of absence without pay provisions and the introduction of productivity contributions. It also imposes obligations on the CSB No. 2 to keep records, make annual reports, and exercise certain powers in consultation with the Minister. The Act further outlines the consequences for contravening prescribed requirements, including the nullification of acts to the extent of contravention.
In terms of penalties, the Act specifies that contravention of prescribed requirements for the provision of superannuation benefits renders the act void to the extent of contravention. Additionally, making false statements to the Board or other authorised persons can result in an order to pay a penalty equal to the amount of benefit received as a result of the offence. These provisions ensure that the superannuation schemes operate within the legal framework established by the Superannuation Legislation Amendment Act 1994 and its associated acts.

Area of Law: Superannuation Law; Administrative Law
Instrument: Act
Concepts: Commencement Provisions; Repeal & Amendment; Regulatory Standards; Licensing & Registration; Enforcement Powers; Reporting & Disclosure Obligations

12 Application of Part

This Part applies in relation to any matter arising under this Act, subject to the conditions prescribed by the regulations and to any determination made by the Minister under section 9.

(1) A person must not engage in conduct referred to in subsection (2) unless the person holds an authority issued under this Division and complies with the conditions of that authority.

(2) For the purposes of subsection (1), the conduct includes any act done in the course of carrying on a business, whether or not for profit, within the meaning given by section 4.

13 Powers of the Minister

The Minister may, by notice published in the Gazette, specify the matters to be taken into account in determining an application, and may vary or revoke any such notice.

(3) Nothing in this section limits the operation of any other provision of this Act or the regulations in relation to the matters referred to in this Part.

Continue reading Superannuation Legislation Amendment Act 1994

Citations

Interactions

On this page

Citations

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.

Legislation content

Overview

Scope and Application

Key Provisions

Legal classification tags

Continue reading Superannuation Legislation Amendment Act 1994

Citations

Interactions

Authorises

All Versions