Superannuation (Productivity Benefit) Alternative Arrangements (Pre-existing Arrangements with Complying Funds) Declaration (Cth)

Statutory Rules 1995   No. 76¹

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Superannuation (Productivity Benefit) Alternative Arrangements (Pre-existing Arrangements with Complying Funds) Declaration

I, KIM BEAZLEY, Minister for Finance, make the following Declaration under section 4A of the Superannuation (Productivity Benefit) Act 1988.

Dated 29 March 1995.

KIM C. BEAZLEY

Minister for Finance

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Citation

1.   This Declaration may be cited as the Superannuation (Productivity Benefit) Alternative Arrangements (Pre-existing Arrangements with Complying Funds) Declaration.

Commencement

2.   This Declaration is taken to have commenced on 1 July 1990.

Interpretation

3.   (1)    In this Declaration:

“the Act” means the Superannuation (Productivity Benefit) Act 1988.

Declaration of class of qualified employees

4.   (1)    For the purposes of subsection 4A (1) of the Act, the class of qualified employees referred to in subclause (2) is a class of employees who are neither fund employees nor interim arrangement employees.

(2)   The class comprises qualified employees each of whom is a person:

(a)   who, before receipt of a written offer of employment, notice of appointment or similar instrument in relation to particular employment, has an existing superannuation arrangement; and

(b)   who elects:

(i)   to become a member of the nominated fund; or

(ii)   to become a member of an approved fund; or

(iii)   subject to subclause (3), to use a pre-existing superannuation arrangement with a fund that is prepared to accept the minimum employer-sponsored superannuation contributions.

(3)   For the purposes of subparagraph (2) (b) (iii), the employee must show that the fund is a complying superannuation fund within the meaning of Part IX of the Income Tax Assessment Act 1936.

Election and revocation

5.   (1)    An employee may at any time:

(a)   revoke the election referred to in paragraph 4 (2) (b); and

(b)   make a further election.

(2)   If an employee revokes an election without making a further election:

(a)   clause 6 ceases to have effect in relation to the employee when the revocation takes effect; and

(b)   the employee is taken to become a member of the nominated fund.

(3)   An election under paragraph 4 (2) (b) or a revocation or further election under subclause (1):

(a)   must be made by notice in writing to the employee’s designated employer; and

(b)   takes effect when the notice is given.

Arrangements for employees referred to in clause 4

6.   (1)    For the purposes of subsection 4A (2) of the Act, the arrangements set out in subclause (2) are to apply to employees included in the class of qualified employees referred to in clause 4.

(2)   If an employee makes an election under paragraph 4 (2) (b) or a further election under paragraph 5 (1) (b), the Act commences to apply to the employee when the election takes effect:

(a)   as if the employee were a fund employee; and

(b)   in the case of an employee who specifies a fund for the purposes of subparagraph 4 (2) (b) (iii)—as if the fund had been declared under subsection 4C (1) of the Act to be an approved fund; and

(c)   as if the Act were modified by omitting subsections 4C (2) and (3).

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NOTE

1.   Notified in the Commonwealth of Australia Gazette on 13 April 1995.