Superannuation Legislation Amendment Act 1994 (Cth)
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
Short title
Commencement
PART 2-AMENDMENTS OF THE SUPERANNUATION ACT 1976
Division 1-Preliminary
Principal Act
Division 2-Directions and declarations by the Board
Object of Division
Statutory office holders
Invalidity pensioners returning to employment except as
permanent employees
Functions
Leave of absence without pay
Interpretation
Public employment
Repeal of section and substitution of new section:
Eligible superannuation schemes
Election for transfer value by people in relation to whom
deferred benefits apply
Special provisions affecting certain former contributors under
certain superannuation schemes
Determination by Board
Determination by Board
Annual report of Board
Division 3-Exercise of powers by Commissioner, Minister and
Governor-General
Object of Division
Certain references to Commissioner to be replaced by
references to the Board
Repeal of section
Commissioner for Superannuation
Insertion of new section:
Other functions of Commissioner not to be prejudiced
Repeal of section and substitution of new section:
Commissioner to keep records with respect to benefits paid
under superseded Act
Functions of Board
Insertion of new section:
Board to keep records with respect to contributions
etc.
Repeal of section
Investment of funds
Accounts and records
Interpretation
Interpretation
Interpretation-SG minimum contribution
Board may determine rate of fund contribution tax
Eligible employment
Transfer value
Deferred benefits
Special provisions affecting certain former contributors under
certain superannuation schemes
Application of Part to pensions payable to or in respect of
certain overseas employees
Interpretation
Annual report of Board
Repeal of section and substitution of new section:
Annual report of Commissioner in relation to
superseded Act
Minister may request the supply of information
Making false statements to Board, Commissioner etc.
Insertion of new section:
Exercise of certain powers by Minister
Regulations
Repeal of section and substitution of new section:
Assignment of life policies under superseded Act
Transfer of assets etc. to approved superannuation schemes
Transfer of assets etc. to Superannuation (1990) Scheme
Saving
Division 4-Remuneration of Chairperson of Commonwealth
Superannuation Board of Trustees No. 2
Object of Division
Remuneration
Division 5-Termination of appointment of certain members of the
Commonwealth Superannuation Board of Trustees No. 2
Object of Division
Termination of appointment of appointed members
Division 6-Payment of certain money to eligible roll-over funds
Object of Division
Interpretation
Preservation of portion of benefit
Payment of productivity benefit
Payment of top-up benefit-preservation
Payment of transfer values to Commissioner
Deferral of benefit payable under section 110P
Insertion of new section:
Payment of unclaimed money to eligible roll-over fund
Division 7-Fund to cease to be part of the Trust Fund
Object of Division
Establishment of Fund
Division 8-Refund of productivity contributions
Object of Division
Repeal of section and substitution of new section:
Effect of retrospective declaration under section 110E
Division 9-Other amendments
Object of Division
Insertion of new section:
4AA. Declarations, determinations, approvals etc. by Minister,
Board or Commissioner
Interpretation
Preservation of portion of benefit
Accumulated employer contributions
Interpretation
Payments into and out of Consolidated Revenue Fund
Correction of clerical errors
Regulations
Interpretation
Consequential amendments
PART 3-AMENDMENT OF THE SUPERANNUATION LEGISLATION AMENDMENT ACT 1990
Object of Part
Payments into and out of Consolidated Revenue Fund
PART 4-AMENDMENTS OF THE SUPERANNUATION ACT 1990
Division 1-Preliminary
Principal Act
Division 2-Amendments consequential on the Superannuation Industry
(Supervision) Act 1993
Object of Division
Interpretation
Amendment of Trust Deed
Election by certain people to join scheme under the
Superannuation Act 1976
Annual report and financial statements
Transfer of assets etc. to approved superannuation schemes
Certain authorities to pay part of costs of administration
Repeal of section and substitution of new section:
Exercise of certain powers by Minister
Regulations
Insertion of new section:
49. Regulations relating to the operation of the
Superannuation Industry (Supervision) Act 1993 and certain
other laws
Division 3-Other amendments
Object of Division
Insertion of new section:
Declarations etc. by Minister or Board
Disallowable instruments
PART 5-AMENDMENTS OF THE SUPERANNUATION BENEFITS
(SUPERVISORY MECHANISMS) ACT 1990
Principal Act
Object of Part
Interpretation
Insertion of new section:
Declarations etc. by Minister
Restrictions upon provision of superannuation
Repeal of section and substitution of new section:
Prescribed requirements for provision of superannuation
benefits
Effect of contravention of prescribed requirements
Consequential amendments and transitional provisions
SCHEDULE 1
Provisions of the Superannuation Act 1976 containing references to
the Commissioner for Superannuation that are to be replaced by
references to the Commonwealth Superannuation Board of Trustees No. 2
SCHEDULE 2
Provisions of Part XII of the Superannuation Act 1976 containing
references to the Board or the Superannuation Board that are to be
replaced by references to the former Board
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - LONG TITLE
SECT
An Act to amend certain Acts relating to superannuation for people
employed by the Commonwealth, and for certain other people, and for
related purposes
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - PART 1
PART 1-PRELIMINARY
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 1
Short title
SECT
1. This Act may be cited as the Superannuation Legislation Amendment Act
1994.
(Minister's second reading speech made in-
Senate on 23 March 1994
House of Representatives on 8 June 1994)
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 2
Commencement
SECT
2.(1) Except as otherwise provided by this section, this Act commences on
the day on which it receives the Royal Assent.
(2) Divisions 2 to 8 of Part 2, paragraphs 66(a) and (c) and sections 79 to
87 and 92 to 98 commence, or are taken to have commenced, as the case may be,
on 1 July 1994.
(3) Paragraph 66(b) and section 67 are taken to have commenced on 1 July 19
93.
(4) Section 69 is taken to have commenced on 1 July 1992.
(5) Section 76 is taken to have commenced on 1 July 1990.
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - PART 2
PART 2-AMENDMENTS OF THE SUPERANNUATION ACT 1976
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - DIVISION 1
Division 1-Preliminary
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 3
Principal Act
SECT
3. In this Part, "Principal Act" means the Superannuation Act 1976.*1*
*1* No. 31, 1976, as amended. For previous amendments, see No. 51, 1976; No.
80, 1977; Nos. 17, 134, 169 and 170, 1978; Nos. 52 and 155, 1979; No. 177,
1980; No. 92, 1981; No. 92, 1983; Nos. 63 and 165, 1984; Nos. 80, 93, 151 (as
amended by No. 141, 1987) and 153, 1986; Nos. 38 and 130, 1988; Nos. 71, 97
(as amended by No. 105, 1989), 125 and 153, (as amended by No. 28, 1991),
1989; Nos. 39, (as amended by No. 130, 1991) and 40, 1990; Nos. 13, 122 and
130, 1991; Nos. 95, 185, 187 and 196, 1992; and No. 82, 1993.
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - DIVISION 2
Division 2-Directions and declarations by the Board
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 4
Object of Division
SECT
4. The object of this Division is to amend the Principal Act so as to ens
ure that the rules of the superannuation scheme provided for in that Act are
consistent with section 58 of the Superannuation Industry (Supervision) Act
1993.
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 5
Statutory office holders
SECT
5. Section 14 of the Principal Act is amended:
(a) by inserting after "office" in paragraph (1)(a) "to which the person has
been appointed on a full-time basis";
(b) by omitting subsections (2) and (3).
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 6
Invalidity pensioners returning to employment except as permanent
employees
SECT
6. Section 15 of the Principal Act is amended:
(a) by inserting after "office" in paragraph (1)(a) "to which the person was
appointed on a full-time basis";
(b) by omitting subsection (2).
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 7
Functions
SECT
7. Section 27C of the Principal Act is amended by omitting subsections (6)
and (7).
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 8
Leave of absence without pay
SECT
8.(1) Section 51 of the Principal Act is amended by omitting subsections
(1), (1A), (2), (2A), (2B) and (2C) and substituting the following
subsections:
(1) This section applies to a personif:
(a) the person is, or at any time has been, an eligible employee; and
(b) the person, while an eligible employee, has been on leave of absence
without pay for a period longer than 12 weeks; and
(c) the period of leave of absence is not an excluded period of leave of
absence.
(2) For the purposes of subsection (1), the following periods of leave of
absence of a person are, subject to subsection (2B), excluded periods of leave
of absence:
(a) a period of leave of absence during which the person's liability to make
contributions is deferred under subsection 54( 1);
(b) a period of sick leave without pay that is a continuous period of less
than 2 years;
(c) if a period of sick leave without pay is a continuous period of 2 years
or longer-the part of the period that is less than 2 years;
(d) a period of compensation leave granted under the Safety, Rehabilitation
and Compensation Act 1988;
(e) a period of leave of absence granted for the purpose of undertaking a
course of studies approved by the person's employer except:
(i) a period in respect of which the person elects not to make basic
contributions; or
(ii) if the period of leave of absence is a continuous period of 2
years or longer-the part of the period that begins on the last day of those 2
years;
(f) subject to subsection (2A), a period of leave of absence for the purpose
of engaging in other employment (other than employment by an approved
organisation) if:
(i) in respect of a person who is employed in a Department (within
the meaning of the Public Service Act)-the Secretary (within the meaning of
that Act) of the Department is satisfied that the engaging by the person in
the other employment is in the interests of the Australian Public Service; or
(ii) in respect of any other person-the person's employer is
satisfied that the engaging by the person in the other employment is in the
employer's interests;
(g) subject to subsection (2A), a period of leave of absence for the purpose
of engaging in employment by an approved organisation;
(h) subject to subsection (2BC), a period of leave of absence in respect of
which there is in force an agreement made (whether before or after the end of
the period) between the Minister and the Board declaring the period to be an
excluded period of leave of absence.
(2A) Subject to subsection (2BA), paragraph (2)(f) or (g) does not apply in
respect of a period, or a part of a period, of leave of absence granted to a
person unless the following requirements have been complied with:
(a) if the person is ordinarily employed by one of the following
Governments, authorities or bodies (the 'usual employer'):
(i) the Government of the Australian Capital Territory or of the
Northern Territory;
(ii) an authority or body established by or under a law of the
Australian Capital Territory or of the Northern Territory;
(iii) the Australian National University;
(iv) the Snowy Mountains Hydro-electric Authority;
(v) another authority or body declared by the Minister, by signed
writing, to be an authority or body to which this subparagraph applies;
the person's employer in respect of the employment engaged in during the
period, or the part of the period, of leave of absence (the 'temporary
employer') makes payments to the usual employer of such amounts, or at such
rates, as are determined in respect of the person during the period or the
part of the period by:
(vi) if the usual employer is an authority or body established by or
under a law of the Australian Capital Territory or of the Northern
Territory-the Government of the Territory concerned; or
(vii) otherwise-the usual employer;
(b) if the person is ordinarily employed by one of the following authorities
or bodies (the 'usual employer') that is not an authority or body referred to
in paragraph (a):
(i) an approved authority;
another authority or body referred to in subsection 159(1);
(iii) a body referred to in item 2.1 of Schedule 1 to the
Superannuation (Continuing Contributions for Benefits) Regulations;
the person's employer in respect of the employment engaged in during the
period, or the part of the period, of leave of absence (the 'temporary
employer'):
(iv) makes payments to the usual employer of such amounts, or at
such rates, as the Minister determines in respect of the person during the
period or the part of the period; and
(v) makes those payments at the times at which payments are required
to be made to the Commonwealth under section 159 by authorities or bodies to
which that section applies;
(c) if the person is ordinarily employed by someone other than a Government,
authority or body referred to in paragraph (a) or (b)-the person's employer in
respect of the employment engaged in during the period, or the part of the
period, of leave of absence (the 'temporary employer') makes payments to the
Commonwealth of such amounts or at such rates, and at such times, as the
Minister determines in respect of the person during the period or the part of
the period.
(2B) Subject to subsection (2BA), except in respect of a person who is not a
productivity employee or is, under an agreement made between the Minister and
the Board, exempted from the operation of this subsection, subsection (2) does
not apply in respect of a period, or a part of a period, of leave of absence
granted to a person unless:
(a) if the leave of absence was granted so that the person could engage in
other employment-the other employer; or
(b) otherwise-the employer by whom the person is ordinarily employed;
makes payments to the Board in respect of the person, during the period, or
the part of the period, of leave of absence, of productivity contributions of
the amounts worked out under section 110C.
(2BA) Subsections (2A) and (2B) have effect in relation to a particular
period of leave granted to a person, or a particular part of such a period,
subject to any modifications agreed between the Minister and the Board in
relation to the person in respect of the period or the part of the period, as
the case may be.
(2BB) In paragraphs (2)(f) and (g):
'approved organisation' means:
(a) an organisation registered under the Industrial Relations Act 1988 whose
membership includes people who are eligible employees or members of the
Superannuation (1990) Scheme; or
(b) a body consisting of organisations referred to in paragraph (a).
(2BC) An agreement made under paragraph (2)(h) in respect of a period of
leave of absence may be subject to such conditions as are set out in the
agreement, and, if any such conditions are contravened in relation to the
period or a part of the period, that paragraph does not apply in respect of
the period or the part of the period, as the case may be.
(2BD) The Minister and the Board may at any time vary or terminate an
agreement made under paragraph (2)(h).".
(2) The amendments made by subsection (1) apply only to periods of leave of
absence beginning on or after 1 July 1994 and, despite the amendments, section
51 of the Principal Act continues to have effect in respect of periods of
leave of absence beginning before that date as if the amendments had not been
made.
(3) If a person was granted leave of absence before 1 July 1994 for a period
(the "relevant period") beginning before that date but ending on or after that
date, the reference in subsection (2) to a period of leave of absence
beginning before that date:
(a) includes a reference to the part of the relevant period that occurs on
or after that date; but
(b) does not include a reference to the period of any extension of the
relevant period that is granted on or after that date.
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 9
Interpretation
SECT
9. Section 110A of the Principal Act is amended:
(a) by inserting "of the Superannuation Act 1976 as in force immediately
before the commencement of the Superannuation Legislation Amendment Act 1994"
after "51(1)" in paragraph (a) of the definition of "LWOP employee";
(b) by inserting after paragraph (a) of the definition of "LWOP employee"
the following paragraph:
is on leave of absence for a period that:
(i) is more than 12 weeks; and
(ii) is an excluded period of leave of absence for the purposes of
subsection 51(1); or";
(c) by adding at the end of the definition of "productivity employee" (but
not as part of paragraph (b) of that definition) "but does not include an
eligible employee whom the Minister and the Board have agreed to exempt from
the operation of subsection 51(2B);".
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 10
Public employment
SECT
10.(1) Section 133 of the Principal Act is amended:
(a) by omitting subsections (1), (1AA), (1A), (1B) and (1C) and substituting
the following subsections:
(1) The Minister and the Board may agree that employment, whether within or
outside Australia, by a person, or by persons included in a class of persons,
is public employment for the purposes of this Division.
(1A) The Minister and the Board may at any time vary or terminate an
agreement made under subsection (1).";
(b) by omitting from paragraph (1D)(a) "declared" and substituting
"agreed";
(c) by omitting from subsection (1D) "Board may, by instrument published in
the Gazette, declare" and substituting "Minister and the Board may agree";
(d) by omitting subsections (2), (2A) and (3) and substituting the following
subsections:
(2) An agreement made under this section may be expressed to have taken
effect on a day earlier than the day on which the agreement is made but not
earlier than 1 July 1976.
(2A) An agreement made under this section or a variation of such an
agreement:
(a) may be expressed to apply only in relation to employment of a person
included in a class of persons referred to in the agreement; and
(b) may be expressed to apply only until a time stated in the agreement.
(2B) The Board must cause notice of the making of an agreement under this
section, or of the variation or termination of such an agreement, to be
published in the Gazette.
(3) A person is taken, for the purposes of this Division, to have been
employed in public employment at a particular time before 1 July 1994 if, and
(except as otherwise provided by an Act other than this Act) only if:
(a) the employer by whom the person was employed at that time was a person,
or was included in a class of persons, referred to in a declaration by the
Board under subsection 133(1) of the Superannuation Act 1976 as in force at
that time and, if the declaration was expressed to apply only in relation to
the employment of a person included in a class of persons, the person was
included in that class; or
(b) a declaration by the Board under subsection 133(1D) of the
Superannuation Act 1976 as in force at that time was, or is taken to have
been, in force at that time in relation to the person.
(3A) A person is taken, for the purposes of this Division, to have been
employed in public employment at a particular time on or after 1 July 1994 if,
and (except as otherwise provided by an Act other than this Act) only if:
(a) the employer by whom the person was employed at that time was a person,
or was included in a class of persons, referred to in an agreement under
subsection (1) that was in force at that time and, if the agreement was
expressed to apply only in relation to the employment of a person included in
a class of persons, the person was included in the class; or
(b) an agreement made between the Minister and the Board under subsection
(1D) was, or is taken to have been, in force at that time in relation to the
person.";
(e) by omitting from subsection (4) "A declaration" and substituting "An
agreement".
(2) A declaration made by the Board under subsection 133(1) of the Principal
Act (including, to remove any doubt, a declaration that is taken, by
subsection 46(2) of the Superannuation Legislation Amendment Act 1991, to have
been made by the Board under subsection 133(1) of the Superannuation Act 1976)
is taken, for the purposes of section 133 (other than subsection 133(3)) of
the Principal Act as amended by this section, to be an agreement made between
the Minister and the Board under subsection 133(1) of the Principal Act as
amended by this section.
(3) A declaration made by the Board under subsection 133(1D) of the
Principal Act is taken, for the purposes of section 133 of the Principal Act
as amended by this section, to be an agreement made between the Minister and
the Board under subsection 133(1D) of the Principal Act as amended by this
section.
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 11
Repeal of section and substitution of new section
SECT
11.(1) Section 134 of the Principal Act is repealed and the following
section is substituted:
Eligible superannuation schemes
"134.(1) Subject to subsection (5), the Minister and the Board may agree
that a superannuation scheme is an eligible superannuation scheme for the
purposes of this Division.
"(2) The Minister and the Board may at any time terminate an agreement made
under subsection (1).
"(3) An agreement made under subsection (1) may be expressed to have taken
effect on a day earlier than the day on which the agreement is made but not
earlier than 1 July 1976.
"(4) The Board must cause notice of the making of an agreement under
subsection (1), or of the termination of such an agreement, to be published in
the Gazette.
"(5) An agreement may not be made under subsection (1) in relation to a
superannuation scheme (the 'relevant scheme') unless:
(a) the relevant scheme is a public sector superannuation scheme; and
(b) the trustee of the relevant scheme has given a written undertaking to
the Board stating that:
(i) the relevant scheme will accept transfer values paid from, and
pay transfer values to, the scheme provided for under this Act (the
'Commonwealth scheme') or any other eligible superannuation scheme; and
(ii) the relevant scheme will provide equitable benefits in return
for a transfer value so accepted; and
(c) the trustee of the relevant scheme has given a written undertaking to
the Board stating that, except as provided by subsection (7), the scheme will
not pay out:
(i) the whole or any part of the employer component of a transfer
value paid to the relevant scheme from the Commonwealth scheme; or
(ii) any part of any other transfer value paid to the relevant
scheme that represents the whole or a part of the employer component of a
transfer value paid from the Commonwealth scheme; and
(d) the trustee of the relevant scheme has given a written confirmation to
the Board stating that the undertaking does not conflict with the trust
instrument, other document or legislation, or combination of them, governing
the establishment and operation of the relevant scheme;
or the Minister and the Board are satisfied that there are special
circumstances that make it desirable for the relevant scheme to be treated as
an eligible superannuation scheme for the purposes of this Division even
though one or more of the paragraphs of this subsection are not complied with.
"(6) In subsection (5):
'public sector superannuation scheme' means a scheme for the payment of
superannuation, retirement or death benefits that is established:
(a) by or under a law of the Commonwealth, of a State or of a Territory; or
(b) under the authority of:
(i) the Commonwealth, a State or a Territory; or
(ii) a municipal corporation, another local governing body, or a
public authority constituted by or under a law of the Commonwealth, of a State
or of a Territory; or
(iii) a company or other body corporate in which the Commonwealth, a
State, a Territory, a municipal corporation, another local governing body or a
public authority referred to in subparagraph (ii) has, or any 2 or more of
them together have, a controlling interest;
'trustee', in relation to a superannuation scheme of which there is no
trustee (within the ordinary meaning of that expression), means the person who
manages the scheme.
"(7) The whole or a part of an employer component, or the part of a transfer
value that represents the whole or a part of an employer component, referred
to in subparagraph (5)(c)(i) or (ii), as the case may be, may only be paid out
as follows:
(a) except where the amount proposed to be paid is the whole or a part of a
lump sum retrenchment benefit to which paragraph (b) applies, payment may be
made:
(i) to an eligible superannuation scheme; or
(ii) in the same circumstances, and to the same extent, as benefits
that are required to be compulsorily preserved under the Superannuation
Industry (Supervision) Act 1993 and the regulations under that Act may be
paid;
(b) if the amount proposed to be paid is the whole or a part of a lump sum
retrenchment benefit that has become payable before 1 July 2000:
(i) payment may be made of any part of the amount other than the
amount (the 'preserved part of the amount') required to be compulsorily
preserved under the Superannuation Industry (Supervision) Act 1993 and the
regulations under that Act; and
(ii) payment may be made of the preserved part of the amount in the
circumstances provided for under that Act and those regulations.
"(8) A superannuation scheme to which an agreement made under subsection (1)
relates is not an eligible superannuation scheme in relation to a person if
Part XIII or XIIIA applies in respect of the person because of his or her
having become a member of the superannuation scheme.
"(9) A person is taken, for the purposes of this Division, to have been a
member of an eligible superannuation scheme at a particular time if, and only
if, the person was at that time a member of a superannuation scheme in respect
of which:
(a) if that time was before 1 July 1994-a declaration by the Board under
subsection 134(1) of the Superannuation Act 1976 as in force at that time was,
or is taken to have been, in force; or
(b) if that time was on or after that date-an agreement under this section
was in force.".
(2) A declaration made by the Board under subsection 134(1) of the Principal
Act (including, to remove any doubt, a declaration that is taken, by
subsection 47(2) of the Superannuation Legislation Amendment Act 1991, to have
been made by the Board under subsection 134(1) of the Superannuation Act 1976)
is taken, for the purposes of section 134 (other than paragraph 134(9)(a)) of
the Principal Act as amended by this section, to be an agreement made between
the Minister and the Board under subsection 134(1) of the Principal Act as
amended by this section.
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 12
Election for transfer value by people in relation to whom deferred
benefits apply
SECT
12.(1) Section 139A of the Principal Act is amended:
(a) by omitting from subsection (1A) "Except where the Board otherwise
directs," and substituting "Unless the Minister and the Board otherwise
agree,";
(b) by omitting subsections (1B), (1C) and (1D) and substituting the
following subsections:
(1B) The Minister and the Board may terminate an agreement made under
subsection (1A).
(1C) An agreement may not be made under subsection (1A) in relation to a
person in respect of whom Part XIIIA applies.".
(2) A direction given by the Board as mentioned in subsection 139A(1A) of
the Principal Act (including, to remove any doubt, a declaration that is
taken, by subsection 50(2) of the Superannuation Legislation Amendment Act
1991, to have been given by the Board under subsection 139A(1A) of the
Superannuation Act 1976) is taken, for the purposes of section 139A of the
Principal Act as amended by this section, to be an agreement made between the
Minister and the Board under subsection 139A(1A) of the Principal Act as
amended by this section.
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 13
Special provisions affecting certain former co ntributors under certain
superannuation schemes
SECT
13.(1) Section 145 of the Principal Act is amended:
(a) by omitting from subparagraph (1)(a)(ii) ", or is to be deemed to have
been,";
(b) by omitting subsections (11), (11A), (11B), (11C), (12) and ( 13) and
substituting the following subsections:
"(11) The Minister and the Board may agree that a particular superannuation
scheme that:
(a) provides for benefits by means of life policies; and
(b) is an eligible superannuation scheme for the purposes of Division 3;
is an approved superannuation scheme for the purposes of this section.
"(11A) The Minister and the Board may at any time terminate an agreement
made under subsection (11).
"(11B) An agreement made under subsection (11) may be expressed to have
taken effect on a day earlier than the day on which the agreement is made but
not earlier than 1 July 1976.
"(12) The Board must cause notice of the making of an agreement under
subsection (11), or of the termination of such an agreement, to be published
in the Gazette.
"(13) A superannuation scheme is taken, for the purposes of this section, to
have been an approved superannuation scheme at a particular time if:
(a) in respect of a time before 1 July 1994-a declaration in respect of the
scheme made by the Board under subsection 145(11) of the Superannuation Act
1976 was, or is taken to have been, in force at that time; or
(b) in respect of a time on or after that date-an agreement under subsection
(11) in respect of the scheme was in force at that time.".
(2) A declaration made by the Board under subsection 145(11) of the
Principal Act (including, to remove any doubt, a declaration that is taken, by
subsection 53(2) of the Superannuation Legislation Amendment Act 1991, to have
been made by the Board under subsection 145(11) of the Superannuation Act
1976) is taken, for the purposes of section 145 (other than paragraph
145(13)(a)) of the Principal Act as amended by this section to be an agreement
made between the Minister and the Board under subsection 145(11) of the
Principal Act as amended by this section.
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 14
Determination by Board
SECT
14.(1) Section 153AL of the Principal Act is amended by omitting paragraph
(1)(b).
(2) The amendment made by subsection (1) applies only to decisions made on
or after 1 July 1994 and, despite that subsection, subsection 153AL(1) of the
Principal Act continues to apply to decisions made before that date as if the
amendment had not been made.
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 15
Determination by Board
SECT
15.(1) Section 153AS of the Principal Act is amended by omitting paragraph
(1)(b).
(2) The amendment made by subsection (1) applies only to decisions made on
or after 1 July 1994 and, despite that subsection, subsection 153AS(1) of the
Principal Act continues to apply to decisions made before that date as if the
amendment had not been made.
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 16
Annual report of Board
SECT
16.(1) Section 161 of the Principal Act is amended:
(a) by omitting from subsection (1A) "approved by the Minister" and
substituting "agreed between the Minister and the Board";
(b) by omitting subsection (7).
(2) The amendments made by subsection (1) apply to financial statements or a
report, as the case requires, in respect of any period beginning on or after 1
July 1994.
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - DIVISION 3
Division 3-Exercise of powers by Commissioner, Minister and
Governor-General
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 17
Object of Division
SECT
17. The object of this Division is to amend the Principal Act so as to
ensure that the rules of the superannuation scheme provided for in that Act
are consistent with sections 59 and 60 of the Superannuation Industry
(Supervision) Act 1993.
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 18
Certain references to Commissioner to be replaced by references to the
Board
SECT
18. The Principal Act is amended by omitting from the provisions referred to
in Schedule 1 "Commissioner" (wherever occurring) and substituting "Board".
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 19
Repeal of section
SECT
19. Section 16AE of the Principal Act is repealed.
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 20
Commissioner for Superannuation
SECT
20. Section 17 of the Principal Act is amended by omitting subsection (2)
and substituting the following subsections:
"(2) The Commissioner is responsible for:
(a) the provision of administrative services to the Board; and
(b) the general administration of the superseded Act; a nd
(c) any functions conferred on the Commissioner under section 154.
"(3) In providing administrative services to the Board under paragraph
(2)(a), the Commissioner must act in accordance with any policies determined,
and any directions given, by the Board.
"(4) Anything done by the Commissioner in the name of, or on behalf of, the
Board is taken to have been done by the Board.".
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 21
Insertion of new section
SECT
21. After section 17 of the Principal Act the following section is inserted:
Other functions of Commissioner not to be prejudiced
"17A. The Commissioner is not required under this Act to do anything that
would prejudice the performance of:
(a) the Commissioner's functions under any other Act (including any function
that the Commissioner has because of his or her being the Chairman of the
Defence Force Retirement and Death Benefits Authority); or
(b) the Commissioner's functions under any regulations made under an Act.".
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 22
Repeal of section and substitution of new section
SECT
22. Section 27 of the Principal Act is repealed and the following section is
substituted:
Commissioner to keep records with respect to benefits paid under superseded Act
"27. The Commissioner must cause proper records to be kept in respect of
benefits paid under the superseded Act.".
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 23
Functions of Board
SECT
23. Section 27C of the Principal Act is amended by omitting from subsection
(1) all the paragraphs after paragraph (a) and substituting the following
paragraph:
"(b) to be responsible for the general administration of this Act.".
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 24
Insertion of new section
SECT
24. After section 27C of the Principal Act the following section is
inserted:
Board to keep records with respect to contributions etc.
"27CA. The Board must cause proper records to be kept in respect of:
(a) contributions paid into the Superannuation Fund; and
(b) benefits paid under this Act, whether out of the Superannuation Fund or
out of the Consolidated Revenue Fund; and
(c) amounts that, under this Act, are:
(i) paid out of the Consolidated Revenue Fund into the
Superannuation Fund; or
paid out of the Superannuation Fund into the Consolidated
Revenue Fund.".
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 25
Repeal of section
SECT
25. Section 27U of the Principal Act is repealed.
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 26
Investment of funds
SECT
26. Section 42 of the Principal Act is amended by omitting from subsection
(1) ", after consultation with the Commissioner, ".
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 27
Accounts and records
SECT
27. Section 44 of the Principal Act is amended by omitting subsection (2).
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 28
Interpretation
SECT
28. Section 62A of the Principal Act is amended by omitting from the
definition of "rate of fund contribution tax" in subsection (1) "Minister" and
substituting "Board".
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 29
Interpretation
SECT
29. Section 110SB of the Principal Act is amended by omitting from the
definition of "rate of fund contribution tax" in subsection (1) "Minister" and
substituting "Board".
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 30
Interpretation-SG minimum contribution
SECT
30. Section 110SC of the Principal Act is amended:
(a) by omitting from subsections (2) and (3) "Minister" and substituting
"Board";
(b) by omitting subsections (4) and (5) and substituting the following
subsection:
(4) A determination by the Board under subsection (2) takes effect on:
(a) a day stated in the determination; or
(b) if no day is stated-the day of the making of the determination;
and the Board must cause a copy of the determination to be published in the
Gazette.".
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 31
Board may determine rate of fund contribution tax
SECT
31. Section 110SD of the Principal Act is amended:
(a) by omitting from subsections (1) and (3) "Minister" and substituting
"Board";
(b) by omitting subsections (4) and (5) and substituting the following
subsection:
(4) The Board must cause a copy of the determination to be published in the
Gazette.".
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 32
Eligible employment
SECT
32. Section 132 of the Principal Act is amended by inserting in subsections
(3), (4) and (5) "or the Board" after "Commissioner" (wherever occurring).
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 33
Transfer value
SECT
33. Section 135 of the Principal Act is amended by inserting in paragraph
(1A)(d) "or the Board" after "Commissioner".
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 34
Deferred benefits
SECT
34. Section 136 of the Principal Act is amended by inserting in paragraphs
(2A)(d) and (2F)(d) "or the Board" after "Commissioner".
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 35
Special provisions affecting certain former contributors under certain
superannuation schemes
SECT
35.(1) Section 145 of the Principal Act is amended by omitting subsection
(3) and substituting the following subsection:
(3) An election under subsection (2) does not have effect unless the person
who made the election, within the period referred to in that subsection,
causes the life policy or life policies referred to in paragraph (1)(b) to be
assigned to the Board, free from any mortgages, charges or other
encumbrances.".
(2) A life policy assigned to the Commissioner under subsection 145(3), or
issued to the Commissioner under subsection 145(4), of the Principal Act
before the commencement of this section is, by this subsection, assigned to
the Board.
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 36
Application of Part to pensions payable to or in respect of c ertain
overseas employees
SECT
36. Section 151 of the Principal Act is amended by omitting "Minister" (last
occurring) and substituting "Board".
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 37
Interpretation
SECT
37. Section 153AA of the Principal Act is a mended:
(a) by omitting from subsection (1) the definition of "decision" and
substituting the following definition:
"'decision' means a decision of the Board other than:
(a) a decision in respect of the investment of the Fund; or
(b) a determination under subsection 110Q(1A); or
(c) a determination under subsection 110SC(2); or
(d) a determination under section 110SD; or
(e) a determination under section 154A; or
(f) a decision:
(i) to make, or to refuse to make, an agreement with the Minister
under section 51, 133, 134, 139A or 145; or
to agree, or to refuse to agree, to vary or terminate such
an agreement; or
(g) a decision to consent, or not to consent, to:
(i) a proposed declaration or determination by the Minister referred
to in section 167AB; or
(ii) a proposed determination by the Minister under section 240 or
248; or
(iii) the making of regulations;";
(b) by omitting from subsection (2) "subsection 51(1), 133(1), 134(1),
139A(1A) or 145(11)" and substituting "a provision of the Superannuation Act
1976 referred to in the subsection concerned".
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 38
Annual report of Board
SECT
38. Section 161 of the Principal Act is amended by omitting subsection (3).
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 39
Repeal of section and substitution of new section
SECT
39. Section 161A of the Principal Act is repealed and the following section
is substituted:
Annual report of Commissioner in relation to superseded Act
"161A. The Commissioner must, as soon as practicable after the end of each
financial year, prepare and give to the Minister a report on the general
administration and operation of the superseded Act during that year.".
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 40
Minister may request the supply of information
SECT
40. Section 163 of the Principal Act is amended:
(a) by omitting from subsection (1) "this Act (other than Part III) and";
(b) by omitting from subsection (3) "performance of its functions" and
substituting "general administration and operation of this Act (including the
investment of the Fund)".
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 41
Making false statements to Board, Commissioner etc.
SECT
41. Section 167 of the Principal Act is amended:
(a) by inserting in subsection (2) "the Board, a member of the Board, a
delegate of the Board," after "means";
(b) by omitting from subsection (3) all the words from and including "order"
to the end of the subsection and substituting the following words and
paragraphs:
"order the person:
(a) in relation to an offence relating to the superseded Act-to pay to the
Commissioner; or
(b) otherwise-to pay to the Board;
an amount equal to any amount of benefit paid to the person as a result of the
act, failure or omission in respect of which the person was convicted.";
(c) by omitting from subsection (4) ", under the hand of the Commissioner,"
and substituting "by the Commissioner or the Board stating";
(d) by inserting after subsection (4) the following subsection:
(4A) In any proceeding, a document purporting to be a certificate under
subsection (4) is taken, unless the contrary is proved, to be such a
certificate and to have been duly given.".
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 42
Insertion of new section
SECT
42. After section 167AA of the Principal Act, the following section is
inserted:
Exercise of certain powers by Minister
"167AB. The Minister may not make a declaration or determination (other than
a determination under section 241) under this Act that is a disallowable
instrument unless:
(a) the Board has consented to the making of the declaration or
determination; or
(b) the declaration or determination:
(i) relates to a payment by an employer-sponsor within the meaning
of the Superannuation Industry (Supervision) Act 1993 that will, after the
making of the declaration or determination, be required or permitted to be
made under this Act; or
(ii) relates solely to the termination of the Fund; or
(iii) is made or given in circumstances covered by regulations made
for the purposes of subparagraph 60(1)(b)(iii) of the Superannuation Industry
(Supervision) Act 1993.".
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 43
Regulations
SECT
43. Section 168 of the Principal Act is amended by inserting after
subsection (12) the following subsections:
(13) Regulations may not be made after the commencement of this subsection
unless:
(a) the Board has consented to the making of the regulations; or
(b) the regulations:
(i) relate to a payment by an employer-sponsor within the meaning of
the Superannuation Industry (Supervision) Act 1993 that will, after the making
of the regulations, be required or permitted to be made under this Act; or
relate solely to the termination of the Fund; or
(iii) are made in circumstances covered by regulations made for the
purposes of subparagraph 60(1)(b)(iii) of the Superannuation Industry
(Supervision) Act 1993.
(14) If any regulations in force at the commencement of this subsection
confer a power on the Commissioner:
(a) that power is exercisable after that commencement by the Board and not
by the Commissioner; and
(b) any determination, approval or other thing that was made, given
or done by the Commissioner under that power before that commencement is
taken, after that commencement, for the purposes of this Act (other than
section 154 and Part XA) to have been made, given or done by the Board.".
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 44
Repeal of section and substitution of new section
SECT
44. Section 191 of the Principal Act is repealed and the following section
is substituted:
Assignment of life policies under superseded Act
"191. If:
(a) a life policy that was assigned by a person to the Superannuation Board
under section 119ZC of the superseded Act was transferred to the Commissioner
by subsection 76(2) of the Superannuation Amendment Act 1976; or
(b) a life policy is assigned by a person to the Commissioner under section
119ZC of the superseded Act;
the following paragraphs apply:
(c) the policy is, by this section, assigned to the Board;
(d) section 145 of this Act applies, with such modifications as are
determined by the Board, to and in relation to the person and the policy as if
the policy had been assigned to the Board by the person under that section.".
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 45
Transfer of assets etc. to approved superannuation schemes
SECT
45. Section 240 of the Principal Act is amended by inserting in subsection
(1) ", with the consent of the Board," after "Minister" (wherever occurring).
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 46
Transfer of assets etc. to Superannuation (1990) Scheme
SECT
46. Section 248 of the Principal Act is amended by inserting in subsection
(1) ", with the consent of the Board," after "Minister" (wherever occurring).
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 47
Saving
SECT
47.(1) A reference in this section to anything done by the Commissioner or
the Minister includes a reference to a determination made, or a direction,
approval or delegation given, by the Commissioner or the Minister, as the case
may be.
(2) Anything done before the commencement of this section under a provision
of the Principal Act referred to in subsection (4) by, or to or in respect of,
the Commissioner has effect, after that commencement, for all purposes of the
Principal Act as amended by this Act (other than Parts XA and XI of that Act
as so amended) as if it had been done by the Board under the corresponding
provision of the Principal Act as amended by this Division.
(3) Anything done before the commencement of this section under a provision
of the Principal Act referred to in subsection (4) by, or to or in respect of,
the Minister has effect, after that commencement, for all purposes of the
Principal Act as amended by this Act as if it had been done by the Board under
the corresponding provision of the Principal Act as amended by this Division.
(4) The provisions of the Principal Act in relation to which subsection (2)
or (3) applies are:
(a) the provisions referred to in Schedule 1; and
(b) sections 17, 25, 27 and 27U, the definition of "rate of fund
contribution tax" in subsections 62A(1) and 110SB(1) and sections 110SC,
110SD, 145 and 191.
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - DIVISION 4
Division 4-Remuneration of Chairperson of Commonwealth Superannuation
Board of Trustees No. 2
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 48
Object of Division
SECT
48. The object of this Division is to amend the Principal Act so as to
ensure that the superannuation scheme provided for in that Act is consistent
with the definition of "independent director" in section 10 of the
Superannuation Industry (Supervision) Act 1993.
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 49
Remuneration
SECT
49. Section 27J of the Principal Act is amended by adding at the end the
following subsections:
(2) The remuneration and allowances of the Chairperson of the Board are to
be paid out of the Fund.
(3) The remuneration and allowances of the members of the Board other than
the Chairperson may be paid, as determined by the Minister:
(a) out of the Fund; or
(b) out of the Consolidated Revenue Fund; or
(c) partly out of the Fund and partly out of the Consolidated Revenue
Fund.".
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - DIVISION 5
Division 5-Termination of appointment of certain members of the
Commonwealth Superannuation Board of Trustees No. 2
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 50
Object of Division
SECT
50. The object of this Division is to amend the Principal Act so as to
ensure that the superannuation scheme provided for in that Act is consistent
with section 107 of the Superannuation Industry (Supervision) Act 1993.
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 51
Termination of appointment of appointed members
SECT
51. Section 27M of the Principal Act is amended by adding at the end the
following subsections:
(3) The Minister may not terminate the appointment of a member who was
nominated for appointment by the Australian Council of Trade Unions unless the
Council has consented to the t ermination.
(4) Before deciding whether to consent to a proposed termination of the
appointment of a member referred to in subsection (3), the Australian Council
of Trade Unions must consult with organisations referred to in subsection
27F(4).".
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - DIVISION 6
Division 6-Payment of certain money to eligible roll-over funds
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 52
Object of Division
SECT
52. The object of this Division is to amend the Principal Act so as to
ensure that the superannuation scheme provided for in that Act is consistent
with section 244 of the Superannuation Industry (Supervision) Act 1993.
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 53
Interpretation
SECT
53. Section 3 of the Principal Act is amended by inserting in subsection (1)
the following definition:
"'eligible roll-over fund' means a fund in respect of which a declaration by
the Insurance and Superannuation Commissioner under section 243 of the
Superannuation Industry (Supervision) Act 1993 is in force.".
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 54
Preservation of portion of benefit
SECT
54. Section 62B of the Principal Act is amended:
(a) by omitting from paragraph (1)(c) "2 months" and substituting "90
days";
(b) by omitting from paragraph (1)(c) "a preservation fund nominated by the
Commissioner" and substituting "an eligible roll-over fund nominated by the
Board".
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 55
Payment of productivity benefit
SECT
55. Section 110R of the Principal Act is amended:
(a) by omitting from subsection (6) "2 months" and substituting "90 days";
(b) by omitting from subsection (6) "a preservation fund nominated by the
Commissioner" and substituting "an eligible roll-over fund nominated by the
Board".
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 56
Payment of top-up benefit-preservation
SECT
56. Section 110SG of the Principal Act is amended:
(a) by omitting from subsection (2) "2 months" and substituting "90 days";
(b) by omitting from subsection (2) "a preservation fund nominated by the
Commissioner" and substituting "an eligible roll-over fund nominated by the
Board".
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 57
Payment of transfer values to Commissioner
SECT
57. Section 128 of the Principal Act is amended:
(a) by omitting from paragraph (4A)(c) "2 months" and substituting "90
days";
(b) by omitting from paragraph (4A)(c) "a preservation fund nominated by the
Commissioner" and substituting "an eligible roll-over fund nominated by the
Board".
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 58
Deferral of benefit payable under section 110P
SECT
58. Section 139AA of the Principal Act is amended:
(a) by omitting from paragraph (1)(b) "2 months" and substituting "90
days";
(b) by omitting from paragraph (1)(b) "a preservation fund nominated by the
Commissioner" and substituting "an eligible roll-over fund nominated by the
Board".
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 59
Insertion of new section
SECT
59. After section 158 of the Principal Act the following section is
inserted:
Payment of unclaimed money to eligible roll-over fund
"158A. If:
(a) a lump sum benefit is payable under this Act to a person; and
(b) the person fails, within 90 days after the benefit becomes payable, to
tell the Board in writing how the person wishes the benefit to be paid;
the Board may pay the amount of the benefit to an eligible roll-over fund.".
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - DIVISION 7
Division 7-Fund to cease to be part of the Trust Fund
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 60
Object of Division
SECT
60. The object of this Division is to amend the Principal Act so as to
ensure that the superannuation scheme provided for in that Act is consistent
with paragraph 52(2)(d) of the Superannuation Industry (Supervision) Act 1993.
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 61
Establishment of Fund
SECT
61. Section 40 of the Principal Act is amended by omitting subsection (2).
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - DIVISION 8
Division 8-Refund of productivity contributions
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 62
Object of Division
SECT
62. The object of this Division is to amend the Principal Act so as to
ensure that the superannuation scheme provided for in that Act is consistent
with subsection 117(3) of the Superannuation Industry (Supervision) Act 1993.
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 63
Repeal of section and substitution of new section
SECT
63.(1) Section 110EA of the Principal Act is repealed and the following
section is substituted:
Effect of retrospective declaration under section 110E
"110EA. If the Minister makes a declaration under section 110E with
retrospective effect:
(a) the amounts paid as productivity contributions in respect of an employee
to whom the declaration relates in respect of the period covered by the
declaration; and
(b) interest in respect of those amounts;
are payable, as soon as practicable after the declaration is made, to the fund
out of which the productivity related benefits to which the employee is
entitled as mentioned in subsection 110E(2) are payable.".
(2) Section 110EA of the Principal Act as amended by this section applies
only in respect of declarations made after the commencement of this section
and, despite the amendment, section 110EA of the Principal Act continues to
apply in respect of declarations made before that commencement.
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - DIVISION 9
Division 9-Other amendments
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 64
Object of Division
SECT
64. The object of this Division is to make amendments to correct various
technical defects in the Principal Act.
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 65
Insertion of new section
SECT
65.(1) After section 4 of the Principal Act the following section is
inserted:
Declarations, determinations, approvals etc. by Minister, Board or
Commissioner
"4AA.(1) If a provision of this Act refers to a declaration or determination
made, approval given or other thing done by the Minister, the Board or the
Commissioner and there is no other provision in this Act expressly authorising
the Minister, the Board or the Commissioner to make such a declaration or
determination, give such an approval or do such a thing, the Minister, the
Board or the Commissioner, as the case may be, is, and is taken to have at all
times been, authorised to make such a declaration or determination, give such
an approval or do such a thing.
(2) An approval given by the Minister for the purposes of the definition of
'temporary employee' in subsection 3(1) may take effect on a day not earlier
than:
(a) 12 months before the giving of the approval; or
(b) if contributions have been accepted before the start of that period of
12 months from, or in respect of, the person to whom the approval relates-the
earliest day on which contributions were so accepted.".
(2) Subsection 4AA(1) of the Principal Act as amended by subsection (1) of
this section is taken to have had effect on and from 1 July 1976.
(3) An approval given before the commencement of this section for the
purposes of the definition of "temporary employee" in subsection 3(1) of the
Superannuation Act 1976 that purported to take effect on a day earlier than
the day on which the approval was given has the effect, and is taken to have
at all times had the effect, that it would have, or would have had, if
subsection 4AA(2) of the Principal Act as amended by subsection (1) of this
section had been in force when the approval was given.
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 66
Interpretation
SECT
66. Section 62A of the Principal Act is amended:
(a) by omitting from paragraph (a) of the definition of "notional
accumulated SG contributions" in subsection (1) "(4)" and substituting "(5)";
(b) by omitting from paragraph (a) of the definition of "relevant period of
employment" in subsection (1) "1993" and substituting "1994";
(c) by omitting from the definition of "relevant period of employment" in
subsection (1) all the words and paragraphs after paragraph (b).
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 67
Preservation of portion of benefit
SECT
67. Section 62B of the Principal Act is amended by omitting from the
definition of "AEC" in subsection (3) "1993" and substituting "1994".
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 68
Accumulated employer contributions
SECT
68. Section 110Q of the Principal Act is amended by omitting from subsection
(1B) "(1)" and substituting "(1A)".
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 69
Interpretation
SECT
69. Section 110SB of the Principal Act is amended:
(a) by omitting from paragraph (a) of the definition of "notional
accumulated SG contributions" in subsection (1) "(4)" and substituting "(5)";
(b) by omitting from the definition of "relevant period of employment" in
subsection (1) all the words and paragraphs after paragraph (b).
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 70
Payments into and out of Consolidated Revenue Fund
SECT
70. Section 112 of the Principal Act is amended:
(a) by inserting after subsection (10) the following subsection:
(10AA) If payment of a pension and benefit (if any) to a person is postponed
under subsection 110TA(1), subsection (1A) does not apply in relation to the
person.";
(b) by inserting after subsection (10A) the following subsection:
(10AAA) If a pension the payment of which has been postponed under
subsection 110TA(1) becomes payable to or in respect of a person, the person's
Fund accumulated employer contributions (if any) must be paid out of the
Superannuation Fund into the Consolidated Revenue Fund.";
(c) by omitting from subsection (10B) "Subject to subsection (10C), where"
and substituting "If";
(d) by omitting from subsection (10B) "section 110TA" and substituting
"subsection 110TA(2) ";
(e) by inserting after subsection (10B) the following subsection:
(10BA) If a person who has postponed payment of a pension and benefit (if
any) under subsection 110TA(1) dies and there is no beneficiary to whom a
pension and benefit (if any) are payable in respect of the person, an amount
equal to the person's Fund accumulated employer contributions (if any) must be
paid out of the Superannuation Fund into the Consolidated Revenue Fund.";
(f) by omitting from subsection (10C) "subsection (10B) does not apply in
relation to the person's accumulated contributions" and substituting "the
person's Fund accumulated employer contributions (if any) must be paid out of
the Superannuation Fund into the Consolidated Revenue Fund;".
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 71
Correction of clerical errors
SECT
71. Section 163B of the Principal Act is amended by inserting in paragraph
(b) "the Board, a delegate of the Board," before "the Commissioner".
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 72
Regulations
SECT
72.(1) Section 168 of the Principal Act is amended:
(a) by inserting after subsection (1) the following subsections:
(1A) If a provision of this Act refers to a provision (the 'former
provision') of the Rules for the administration of the Superannuation (1990)
Scheme, then:
(a) if a change is made to those Rules so that the former provision is
replaced by another provision of those Rules (the 'new provision')-the
regulations may amend this Act by om itting from that provision of this Act
the reference to the former provision and substituting a reference to the new
provision; or
(b) if those Rules are replaced by new Rules-the regulations may amend this
Act by omitting from that provision of this Act the reference to the former
provision and substituting a reference to the corresponding provision of the
new Rules.
(1B) Regulations made as mentioned in subsection (1A) may commence on a day
earlier than the day on which they are made, but not earlier than the day on
which the former provision was replaced by the new provision or by the
corresponding provision of the new Rules, as the case may be.";
(b) by adding at the end the following subsections:
(15) Regulations made after the commencement of this subsection:
(a) for the purpose of the definition of 'statutory office' in subsection
3(1); or
(b) for the purpose of section 14A;
may commence on a day not earlier than 12 months before the making of the
regulations.
(16) If regulations are made after the commencement of this subsection for a
purpose referred to in subsection (15) and, before the start of the period of
12 months before the making of the regulations, contributions have been
accepted from, or in respect of:
(a) if the regulations are made for the purpose mentioned in paragraph
(15)(a)-the holder of the statutory office concerned; or
(b) if the regulations are made for the purpose mentioned in paragraph
(15)(b)-a person to whom the regulations relate;
the regulations may commence on a day not earlier than the earliest day on
which contributions were so accepted.".
(2) Regulations made before the commencement of this section for the
purposes of the definition of "statutory office" in subsection 3(1), or for
the purposes of section 14A, of the Superannuation Act 1976 that purported to
take effect on a day earlier than the day on which the regulations were made
have the effect, and are taken to have at all times had the effect, that they
would have, or would have had, if subsections 168(15) and (16) of the
Principal Act as amended by subsection (1) of this section had been in force
when the regulations were made.
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 73
Interpretation
SECT
73. Section 169 of the Principal Act is amended:
(a) by omitting the definition of "'Board' or 'Superannuation Board'";
(b) by inserting the following definition:
"'former Board' means the Superannuation Board established by the superseded
Act;".
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 74
Consequential amendments
SECT
74. Part XII of the Principal Act is amended by omitting from the provisions
referred to in Schedule 2 "Board" (wherever occurring) and "Superannuation
Board" (wherever occurring) and substituting in either case "former Board".
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - PART 3
PART 3-AMENDMENT OF THE SUPERANNUATION LEGISLATION AMENDMENT ACT 1990
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 75
Object of Part
SECT
75. The object of this Part is to correct an error in the Superannuation
Legislation Amendment Act 1990.*2*
*2* No. 40, 1990.
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 76
Payments into and out of Consolidated Revenue Fund
SECT
76. Section 66 of the Superannuation Legislation Amendment Act 1990 is
amended by inserting in paragraph (b) "(first occurring)" before "and
substituting".
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - PART 4
PART 4-AMENDMENTS OF THE SUPERANNUATION ACT 1990
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - DIVISION 1
Division 1-Preliminary
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 77
Principal Act
SECT
77. In this Part, "Principal Act" means the Superannuation Act 1990.*3*
*3* No. 38, 1990, as amended. For previous amendments, see Nos. 13 and 130,
1991; Nos. 187 and 196, 1992; and No. 82, 1993.
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - DIVISION 2
Division 2-Amendments consequential on the Su perannuation Industry
(Supervision) Act 1993
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 78
Object of Division
SECT
78. The object of this Division is to amend the Principal Act so as to
ensure that the superannuation scheme provided for in that Act is consistent
with the Superannuation Industry (Supervision) Act 1993.
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 79
Interpretation
SECT
79. Section 3 of the Principal Act is amended by inserting the following
definition:
"'CSB No. 2' means the Commonwealth Superannuation Board of Trustees No. 2
established under section 27A of the Superannuation Act 1976;".
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 80
Amendment of Trust Deed
SECT
80. Section 5 of the Principal Act is amended by inserting after subsection
(1) the following subsections:
(1A) The Minister may not amend the Trust Deed unless:
(a) the Board has consented to the amendment; or
(b) the amendment:
(i) relates to a payment by an employer-sponsor within the meaning
of the Superannuation Industry (Supervision) Act 1993 that will, after the
making of the amendment, be required or permitted to be made under this Act;
or
relates solely to the termination of the Fund; or
(iii) is made in circumstances covered by regulations made for the
purposes of subparagraph 60(1)(b)(iii) of the Superannuation Industry
(Supervision) Act 1993.
(1B) For the purposes of subparagraph (1A)(b)(i), a payment under the Trust
Deed or the Rules is taken to be a payment by an employer-sponsor referred to
in that subparagraph.".
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 81
Election by certain people to join scheme under the Superannuation Act 1976
SECT
81. Section 6A of the Principal Act is amended by omitting from subsection
(4) "Commissioner" and substituting "CSB No. 2".
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 82
Annual report and financial statements
SECT
82.(1) Section 28 of the Principal Act is a mended:
(a) by omitting from paragraph (1)(b) "such form as is approved by the
Minister" and substituting "a form agreed between the Minister and the
Board".
(b) by omitting subsection (8).
(2) The amendment made by paragraph (1)(b) applies to any report in respect
of a period beginning on or after 1 July 1994.
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 83
Transfer of assets etc. to approved superannuation schemes
SECT
83. Section 33D of the Principal Act is amended by inserting ", with the
consent of the Board," after "Minister" (wherever occurring).
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 84
Certain authorities to pay part of costs of a dministration
SECT
84. Section 35 of the Principal Act is amended by omitting subsection (1A)
and substituting the following subsection:
(1A) The Board, if requested in writing to do so by the Minister, must
prepare an estimate containing any information requested by the Minister in
respect of any of those costs that are referred to in the request.".
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 85
Repeal of section and substitution of new section
SECT
85. Section 46 of the Principal Act is repealed and the following section is
substituted:
Exercise of certain powers by Minister
"46.(1) The Minister may not make a declaration or determination (other than
a determination under section 33E), or issue an instrument, referred to in
subsection 45(1), unless:
(a) the Board has consented to the making of the declaration or
determination or the issue of the instrument; or
(b) the declaration, determination or instrument:
(i) relates to a payment by an employer-sponsor within the meaning
of the Superannuation Industry (Supervision) Act 1993 that will, after the
making of the declaration or determination or the issue of the instrument, be
required or permitted to be made under this Act; or
relates solely to the termination of the Fund; or
(iii) is made or issued in circumstances covered by regulations made
for the purposes of subparagraph 60(1)(b)(iii) of the Superannuation Industry
(Supervision) Act 1993.
(2) For the purposes of subparagraph (1)(b)(i), a payment under the Trust
Deed or the Rules is taken to be a payment by an employer-sponsor referred to
in that subparagraph.".
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 86
Regulations
SECT
86. Section 48 of the Principal Act is amended by adding at the end the
following subsections:
(2) Regulations may not be made after the commencement of this subsection
unless:
(a) the Board has consented to the making of the regulations; or
(b) the regulations:
(i) relate to a payment by an employer-sponsor within the meaning of
the Superannuation Industry (Supervision) Act 1993 that will, after the making
of the regulations, be required or permitted to be made under this Act; or
relate solely to the termination of the Fund; or
(iii) are made in circumstances covered by regulations made for the
purposes of subparagraph 60(1)(b)(iii) of the Superannuation Industry
(Supervision) Act 1993.
(3) For the purposes of subparagraph (2)(b)(i), a payment under the Trust
Deed or the Rules is taken to be a payment by an employer-sponsor referred to
in that subparagraph.".
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 87
Insertion of new section
SECT
87. After section 48 of the Principal Act the following section is inserted:
Regulations relating to the operation of the Superannuation Industry
(Supervision) Act 1993 and certain other laws
"49.(1) The regulations may make any provision that is necessary for the
purpose of enabling the occupational superannuation scheme established by this
Act to satisfy any condition or requirement of, or made under, an eligible
regulatory law that is capable of applying in relation to the scheme.
(2) If regulations made for the purposes of subsection (1) are inconsistent
with a provision of this Act, the regulations prevail and the provision, to
the extent of the inconsistency, is of no effect.
(3) In this section:
'eligible regulatory law' means:
(a) the Superannuation Industry (Supervision) Act 1993; or
(b) the Superannuation Entities (Taxation) Act 1987 (including a repealed
provision of that Act which continues to apply because of the Taxation Laws
Amendment (Superannuation) Act 1992 or the Occupational Superannuation
Standards Amendment Act 1993); or
(c) the Superannuation (Resolution of Complaints) Act 1993; or
(d) the Income Tax Assessment Act 1936.".
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - DIVISION 3
Division 3-Other amendments
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 88
Object of Division
SECT
88. The object of this Division is to make amendments to correct various
technical defects in the Principal Act.
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 89
Insertion of new section
SECT
89. After section 44 of the Principal Act the following section is inserted:
Declarations etc. by Minister or Board
"44A. If a provision of this Act refers to a declaration or determination
made or other thing done by the Minister or the Board and there is no other
provision in this Act expressly authorising the Minister or the Board to make
such a declaration or determination or do such a thing, the Minister or the
Board, as the case may be, is, and is taken to have at all times been,
authorised to make such a declaration or determination or do such a thing.".
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 90
Disallowable instruments
SECT
90.(1) Section 45 of the Principal Act is amended by adding at the end the
following subsections:
(4) A declaration referred to in paragraph (1)(c), (d) or (f) that is made
after the commencement of this subsection may take effect on a day not earlier
than 12 months before the making of the declaration.
(5) If a declaration referred to in paragraph (1)(c), (d) or (f) is made
after the commencement of this subsection, and before the start of the period
of 12 months immediately before the making of the declaration contributions
were accepted from, or in respect of:
(a) if a declaration is a declaration referred to in paragraph (1)(c)-the
holder of the statutory office concerned; or
(b) if the declaration is a declaration referred to in paragraph (1)(d) or
(f)-a person to whom the declaration relates;
the declaration may take effect on a day not earlier than the earliest day on
which contributions were so accepted.".
(2) A declaration made before the commencement of this section:
(a) for the purposes of paragraph (b) of the definition of "statutory
office" in section 3 of the Principal Act; or
(b) for the purposes of the definition of "temporary employee" in section 3
of that Act; or
(c) under paragraph 6(1)(j) of that Act;
that purported to take effect on a day earlier than the day on which the
declaration was made has the effect, and is taken to have at all times had the
effect, that it would have, or would have had, if subsections 45(4) and (5) of
the Principal Act as amended by subsection (1) of this section had been in
force when the declaration was made.
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - PART 5
PART 5-AMENDMENTS OF THE SUPERANNUATION BENEFITS (SUPERVISORY
MECHANISMS) ACT 1990
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 91
Principal Act
SECT
91. In this Part, "Principal Act" means the Superannuation Benefits
(Supervisory Mechanisms) Act 1990.*4*
*4* No. 39, 1990, as amended. For previous amendments, see No. 130, 1991; No.
196, 1992; and No. 82, 1993.
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 92
Object of Part
SECT
92. The object of this Part is to ensure that the Commonwealth has power to
oversee and control the establishment of superannuation schemes by
Commonwealth authorities in a manner that is consistent with the
Superannuation Industry (Supervision) Act 1993.
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 93
Interpretation
SECT
93. Section 3 of the Principal Act is amended:
(a) by omitting from subsection (1) the definitions of "applicable law" and
"eligible body";
(b) by omitting from subsection (2) ", or to be eligible bodies,";
(c) by omitting from paragraph (3)(a) "or under an applicable law";
(d) by omitting from paragraph (3)(b) "or by an eligible body".
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 94
Insertion of new section
SECT
94. After section 4 of the Principal Act the following section is inserted:
Declarations etc. by Minister
"4A. If a provision of this Act refers to a declaration made or other thing
done by the Minister and there is no other provision in this Act expressly
authorising the Minister to make such a declaration or do such a thing, the
Minister is, and is taken to have at all times been, authorised to make such a
declaration or do such a thing.".
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 95
Restrictions upon provision of superannuation
SECT
95.(1) Section 5 of the Principal Act is amended:
(a) by omitting paragraph (1)(a);
(b) by omitting from paragraph (1)(c) "and the Minister has by signed
instrument, approved their provision" and substituting "and they satisfy the
relevant prescribed requirements for the provision of superannuation benefits
under a superannuation arrangement";
(c) by omitting paragraph (2)(b);
(d) by omitting from paragraph (2)(c) "and the Minister has, by signed
instrument, approved their provision" and substituting "and they satisfy the
relevant prescribed requirements for the provision of superannuation benefits
under a superannuation arrangement";
(e) by omitting subsections (4) and (5);
(f) by omitting from subsection (6) ", not being a superannuation
arrangement referred to in subsection (4) or (5),";
(g) by omitting from subsection (10) "it is approved by the Minister by
signed instrument" and substituting "the provision of superannuation benefits
under the arrangement as amended would satisfy the relevant prescribed
requirements";
(h) by omitting from subsection (11) "(4), (5),";
(i) by omitting subsection (12).
(2) Superannuation benefits in respect of whose provision an approval by the
Minister was in force immediately before 1 July 1994 under paragraph 5(1)(c)
or (2)(c) of the Principal Act, or was taken to be in force because of
paragraph 9(2)(c) or (d) of that Act, are taken, for the purposes of the
Principal Act as amended by this Part, to be superannuation benefits that
satisfy the prescribed requirements referred to in section 6 of the Principal
Act as so amended.
(3) Superannuation benefits provided in accordance with a superannuation
arrangement, or an amendment of a superannuation arrangement, in respect of
which, immediately before 1 July 1994, an approval by the Minister was in
force under subsection 5(4) or (10) of the Principal Act, or was taken to be
in force because of paragraph 9(2)(e) or (f) of that Act, are taken, for the
purposes of the Principal Act as amended by this Part, to be superannuation
benefits that satisfy the prescribed requirements referred to in section 6 of
the Principal Act as so amended.
(4) If a superannuation arrangement, or an amendment of a superannuation
arrangement, that, immediately before 1 July 1994, had no force or effect, or
had no force or effect in its purported application in respect of particular
people, under subsection 5(4), (5) or (10) of the Principal Act (including
subsection (4), (5) or (10) as it had effect because of subsection 9(6) of
that Act), then, subject to section 7 of the Principal Act as amended by this
Part, the arrangement or amendment has no force or effect on or after that
date.
(5) If a superannuation arrangement, or an amendment of a superannuation
arrangement, that, immediately before 1 July 1994, had no force or effect, or
had no force or effect in its purported application in respect of particular
people, under subsection 5(6) of the Principal Act because of subsection 9(6)
of that Act, then, subject to section 7 of the Principal Act as amended by
this Part, the arrangement or amendment has no force or effect on or after
that date.
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 96
Repeal of section and substitution of new section
SECT
96.(1) Section 6 of the Principal Act is repealed and the following section
is substituted:
Prescribed requirements for provision of superannuation benefits
"6.(1) The prescribed requirements for the provision of superannuation
benefits under a superannuation arrangement for the purposes of section 5
are:
(a) the requirements that the Minister, by signed writing, determines; and
(b) a requirement that procedures, satisfactory to the Minister, are in
place for an employer that employs people for or in relation to whom the
benefits are to be provided to make annual or other reports relating to the
establishment and operation of the superannuation arrangement under which the
benefits are provided.
(2) The requirements that the Minister may determine under paragraph (1)(a)
may include requirements as to:
(a) the classes or kinds of employers (to be determined, in particular, by
reference to the nature of their operations) in respect of whom it is
appropriate to allow superannuation benefits to be provided for or in relation
to people employed by them; and
(b) the maximum costs that may be incurred by an employer in providing the
benefits.
(3) The requirements that the Minister may determine under paragraph (1)(a)
may be of general or specially limited application and may differ according to
differences in circumstance.
(4) Without limiting the generality of subsection (3), the Minister may
determine under paragraph (1)(a) different requirements in relation to
different classes of people employed, people employed under different laws or
people employed by different employers or classes or kinds of employers.
(5) The Minister may determine under paragraph (1)(a) a requirement in
relation to all employers, or particular employers or classes or kinds of
employers, that superannuation benefits for or in relation to all or any of
the people employed by such an employer may only be provided by someone other
than:
(a) the employer concerned; or
(b) a person who is associated in any way with the employer concerned
(including, if the employer is a body corporate, another body corporate that
is related to the first-mentioned body corporate for the purposes of the
Corporations Law).
(6) In this section:
'employer' means a person (including a Department within the meaning of the
Public Service Act 1922) that:
(a) employs people under a relevant law; or
(b) is a relevant body; and
includes a person in respect of whom a declaration is in force under
subsection 3(5).".
(2) Superannuation benefits the provision of which was authorised by section
6 of the Principal Act (including that section as it had effect because of
subsection 9(4) of that Act) immediately before 1 July 1994 are taken, for the
purposes of the Principal Act as amended by this Part, to be superannuation
benefits that satisfy the prescribed requirements referred to in section 6 of
the Principal Act as so amended.
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 97
Effect of contravention of prescribed requirements
SECT
97.(1) Section 7 of the Principal Act is amended:
(a) by omitting subsections (1) and (2) and substituting the following
subsection:
(1) Any act done in relation to the provision of superannuation benefits
that contravenes any of the prescribed requirements referred to in section 6
is void to the extent that it contravenes the requirements.";
(b) by omitting from subsection (3) "or (2)" and substituting "of this Act
or subsection 7(2) of the Superannuation Benefits (Supervisory Mechanisms) Act
1990 as in force immediately before 1 July 1994";
(c) by omitting from subsection (4) "subsection 5(4), (5), (6) or (10)" and
substituting "subsection 5(6) or (10) of this Act, or subsection 5(4) or (5)
of the Superannuation Benefits (Supervisory Mechanisms) Act 1990 as in force
immediately before 1 July 1994,";
(d) by omitting from subsection (5) "subsection 5(4), (5) or (6)" a nd
substituting "subsection 5(6) of this Act, or subsection 5(4) or (5) of the
Superannuation Benefits (Supervisory Mechanisms) Act 1990 as in force
immediately before 1 July 1994".
(2) If an act done before 1 July 1994 was void to a particular extent under
subsection 7(2) of the Principal Act (including an act that was void because
of subsection 9(5) of that Act), then, subject to subsection 7(3) of the
Principal Act as amended by this Part, the act continues to be void to the
same extent on and after that date.
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 98
Consequential amendments and transitional provisions
SECT
98. Section 9 of the Principal Act is amended:
(a) by omitting subparagraphs (2)(a)(i) and (iii);
(b) by omitting paragraphs (2)(c), (d), (e) and (f);
(c) by omitting subsections (3), (4) and (6);
(d) by omitting from subsection (5) "or (2)".
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SCHEDULE 1
SCH
Section 18
Provisions of the Superannuation Act 1976 containing references to the
Commissioner for Superannuation that are to be replaced by references
to the Commonwealth Superannuation Board of Trustees No. 2
Subsection 3(1) (definition of "approved medical practitioner",
subparagraphs (c)(ii) and (iii) of the definition of "eligible child"
and subparagraph (l)(i) of the definition of "eligible employee"),
subsections 5(3B) and (3C) and 6A(4) and (5), paragraph 8A(2)(b),
subsection 8A(5), paragraph 8B(3)(d), subsections 11(1), 13(1), 14(1)
and (2) and 15(1), sections 16, 16AA, 16AB, 16AC and 16AD, subsection
47(2), sections 48 and 50, subsection 51A(3), sections 51B, 52 and 53,
subsection 54(1), section 62, subsections 62B(2), (4) and (5), section
64, paragraph 66(2)(c), subsections 66(2A) and (2B), sections 68, 69,
71, 72, 73A, 74, 74A, 75, 76A, 77, 78 and 79, paragraph 81(2)(c),
sections 83, 84, 86, 87 and 92, paragraphs 97(1)(e) and 98(1)(e),
section 99, paragraphs 100(1)(c) and (f), sections 101, 109AB, 110,
110H, 110K, 110L, 110M, 110MA, 110N, 110Q, 110R (except subsection (6)),
110S, 110SB (definition of "other vested benefit") and 110SE, subsection
110SG(1), sections 110SH, 110SJ, 110T, 110TB, 110TC, 110TE, 110TF,
110TG, 111, 113, 114, 115, 116, 117, 119, 124 and 125, section 128
(except paragraph (4A)(c)), sections 128AA, 129 and 130, section 135
(except paragraphs (1A)(b) and (d)), section 136 (except paragraphs
(2A)(b) and (d) and (2F)(b) and (d)), sections 137 and 139, subsection
139A(1), paragraphs 139AA(2)(a) and (b), section 140, paragraph
141(2)(c), section 143, section 145 (except subsection (3)), sections
152, 155D, 156, 156A, 157, 158, 163A and 163B (except paragraph (b)),
Part XII (except sections 176, 177, 179 and 191) and sections 242E, 244
and 247.
SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SCHEDULE 2
SCH
Section 74
Provisions of Part XII of the Superannuation Act 1976 containing
references to the Board or the Superannuation Board that are to be
replaced by references to the former Board
Subsection 170(1) (definitions of "instrument to which this Division
applies", "investment assets of the existing Fund", "investment
liabilities of the existing Fund", "investment power", "uninvested
moneys of the existing Fund", "unreceived amounts in respect of life
assurance policies" and "unreceived moneys of the existing Fund"),
paragraph 171(c), sections 172 and 174, paragraph 184(7)(c) and sections
189 and 191.
0
0
0