Superannuation (Salary) Regulations (Amendment) (Cth)

Statutory Rules 1992

No. 169 1

__________________

Superannuation (Salary) Regulations 2(Amendment)

I, The Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Superannuation Act 1976.

 Dated 18 June1992.

 BILL HAYDEN

 Governor-General

 By His Excellency’s Command,

RALPH WILLIS

Minister of State for Finance

____________

1.   Amendment

1.1   The Superannuation (Salary) Regulations are amended as set out in these Regulations.

[NOTE: These Regulations commence on gazettal: see Acts Interpretation Act 1901, s.48]

2.   New Part 2E

2.1   After regulation 8N, insert:

“part 2e—CERTAIN employment agreements

Interpretation

 “8P.In this Part:

‘relevant agreement’ means an employment agreement:

• (a)

  to which an eligible employee is a party; and

• (b)

  under which the eligible employee may choose, in respect of part of his or her remuneration, whether to take that part in money or in a non-monetary form; and

• (c)

  that states in monetary terms the total value of that remuneration;

‘relevant authority’ means an authority or body stated in column 2 of Part  1 of Schedule 1;

‘relevant office’ means an office established by or under a law stated in column 2 of Part 2 of Schedule 1.

Executive employees—flexible remuneration packages

 “8Q. (1) This regulation applies to an eligible employee who:

• (a)

  is appointed or employed by a relevant authority; or

• (b)

  holds a relevant office;

under, or in accordance with, a relevant agreement.

“(2)

For the purposes of the Act, the annual rate of salary on a particular day of an eligible employee to whom this regulation applies is an amount per annum equal to n percent (as defined in subregulation (3)) of the amount that, under the relevant agreement, is the total yearly value on that day of that employee’s remuneration (including his or her non-monetary entitlements) under that agreement.

“(3)

In subregulation (2), ‘n percent’ is:

• (a)

  in the case of an eligible employee to whom paragraph (1) (a) applies—the percentage stated in column 3 of the item in Part 1 of Schedule 1 that states, in column 2 of the item, the relevant authority by which the eligible employee is employed; or

• (b)

  in the case of an eligible employee to whom paragraph (1) (b) applies—the percentage stated in column 3 of the item in Part 2 of Schedule 1 that states, in column 2 of the item, the law under which the eligible employee holds a relevant office.”.

3.   New Schedule 1

3.1   Add at the end:

SCHEDULE 1 Regulations 8P  and 8Q

 

PERCENTAGE RATES FOR CERTAIN ELIGIBLE EMPLOYEES

PART 1—EMPLOYEES OF CERTAIN AUTHORITIES

Column 1 Column 2 Column 3

Item No. Authority Percentage

 

1 the Civil Aviation Authority 70

2 the Northern Territory of Australia 70

3 an authority or body established by a  70

 law of the Northern Territory

 

PART 2—EMPLOYEES HOLDING OFFICE UNDER CERTAIN LAWS

Column 1 Column 2 Column 3

Item No. Law Percentage

1 Civil Aviation Act 1988 70

2 a law of the Northern Territory 70

 

4.   Minor amendments—headings of Parts

4.1   The heading of a Part stated in column 2 of an item in the following Table is amended by omitting the passage stated in column 3 of the item and substituting the passage stated in column 4 of the item:

TABLE

Column 1 Column 2 Column 3 Column 4

Item No. Part Present passage New passage

1 Part I “I” “1”

2 Part II “II” “2”

3 Part IIA “IIA” “2A”

4 Part IIB “IIB” “2B”

5 Part IIC “IIC” “2C”

6 Part IID “IID” “2D”

7 Part III “III” “3”

8 Part IV “IV” “4”

9 Part V “V” “5”.

4.2   Subregulation 3(2):

Omit “IV and V,”, substitute “4 and 5,”.

4.3   Paragraph 5(l):

Omit “IIC,”, substitute “2C,”.

4.4   Paragraph 5(l):

Omit “IID”, substitute “2D”.

4.5   Regulation 8I:

Omit “IIA”, substitute “2A”.

NOTES

1. Notified in the Commonwealth of Australia Gazette on 25 June 1992.

2. Statutory Rules 1978 No. 282 as amended by 1981 No. 5; 1985 Nos. 204 and 326; 1986 Nos. 43 and 49; 1987 No. 70; 1988 Nos. 171, 231, 250 and 350; 1989 No. 77; 1990 No. 128; 1991 Nos. 167, 312 and 466.