Safety, Rehabilitation and Compensation Act 1988
Part VIII
COLONIAL SERVICES PTY LIMITED
NOTICE OF EXTENSION AND VARIATION OF LICENCE
Notice No 10 of 2014
Colonial Services Pty Limited, ABN 70 075 733 023 (the Licensee), was declared to be eligible to be granted a licence under Part VIII of the Safety, Rehabilitation and Compensation Act 1988 (the SRC Act) by legislative instrument dated 16 October 2007, registered as F2007L04180 on the Federal Register of Legislative Instruments on 23 October 2007.
The Safety, Rehabilitation and Compensation Commission (the Commission), acting under sections 103 and 104 of the SRC Act, granted a licence to Colonial Services Pty Ltd on 19 March 2008 with a commencement date of 31 March 2008 at 12.01am (Australian Eastern Daylight Time) and a cessation date of midnight (Australian Eastern Standard Time) on 30 June 2010.
This grant was notified by Notice No. 5 of 2008 in Commonwealth Gazette No. S67 on 27 March 2008.
The Licence was subsequently extended and/or varied by the Commission on:
- 18 June 2008 by Notice No. 16 of 2008, Commonwealth Gazette No. GN25 on 25 June 2008; and
- 23 March 2010 by Notice No. 4 of 2010, Commonwealth Gazette No. GN12 on 31 March 2010.
Prior to this extension, the Licence had a cessation time and date of midnight (Australian Eastern Standard Time) on 30 June 2014.
The Commission, acting under subsection 105(1) of the SRC Act, extends the term of the abovementioned Licence for the period commencing 1 July 2014 at 12:01am (Australian Eastern Standard Time) and a cessation time of midnight (Australian Eastern Standard Time) on 30 June 2018.
The Commission, acting under subsection 108D(2) of the SRC Act, varies the conditions of the abovementioned Licence as set out below.
Substitute “Occupational Health and Safety Act 1991 (OHS Act)” with “Work Health and Safety Act 2011 (WHS Act)” in clause 8 and substitute all subsequent references to the “OHS Act” and “OHS” with the “WHS Act” and “WHS” respectively.
Prudential Condition 4.2(c) is replaced by the following.
(c) obtained from a corporation that is authorised by the Australian Prudential Regulatory Authority (APRA) to carry on:
(i) banking business in Australia under the Banking Act 1959 (Cth) and has an issuer credit rating of or equivalent to a Standard and Poor’s AA- or better; or
(ii) insurance business in Australia under the Insurance Act 1973 (Cth) and has an issuer credit rating of or equivalent to a Standard and Poor's AA- or better and a financial strength rating of or equivalent to a Standard and Poor’s AA- or better.
The variations take effect at 12.01am on 1 July 2014 (Australian Eastern Standard Time)
Dated the 25th day of June 2014.
Barry Sherriff
Chairperson
Safety, Rehabilitation and Compensation Commission
Overview
The Safety, Rehabilitation and Compensation Act 1988 was enacted to provide for the payment of compensation to certain persons who are injured in the course of employment. The Act addresses the need to provide a scheme for the payment of compensation and the rehabilitation of employees who suffer injuries related to their work. The Act was enacted by the Parliament of Australia and aims to ensure that workers receive appropriate compensation and rehabilitation services when injured on the job. The Safety, Rehabilitation and Compensation Commission, acting under sections 103, 104, 105, and 108D of the SRC Act, is responsible for granting, extending, and varying the licence to Colonial Services Pty Limited, ensuring that the company meets the required standards for providing rehabilitation services to injured workers.
Scope and Application
The Safety, Rehabilitation and Compensation Act 1988 applies to entities such as Colonial Services Pty Limited, which has been granted a licence under Part VIII of the Act, allowing it to operate in the prescribed field. This Act extends to the Commonwealth jurisdiction and provides for the regulation and oversight of certain activities, ensuring compliance with safety, rehabilitation, and compensation requirements. The Commission, operating under the authority of the SRC Act, has the power to grant, extend, and vary licences, as well as impose conditions to ensure the licensees' compliance with occupational health and safety standards. The variations to the licence for Colonial Services Pty Limited, as outlined in the notice, include updating references to align with the Work Health and Safety Act 2011 and modifying the prudential condition to reflect current regulatory standards set by the Australian Prudential Regulatory Authority. This Act does not specify any exclusions, exemptions, or thresholds within the notice itself, but it does allow for further regulation through subordinate instruments, which may provide additional details on compliance and enforcement mechanisms.
Key Provisions
The key provisions of this legislation, specifically Notice No. 10 of 2014, involve the extension and variation of a licence granted to Colonial Services Pty Limited under the Safety, Rehabilitation and Compensation Act 1988 (SRC Act). The licence, originally issued on 19 March 2008, has been extended by the Safety, Rehabilitation and Compensation Commission (Commission) to continue until 30 June 2018, as stated in section 105(1) of the SRC Act. This extension is effective from 1 July 2014. Furthermore, the Notice varies the conditions of the licence, substituting references to the Occupational Health and Safety Act 1991 with the Work Health and Safety Act 2011 (WHS Act), as per subsection 108D(2) of the SRC Act. Additionally, it modifies Prudential Condition 4.2(c), replacing it with a requirement that the corporation obtains funding from a bank or insurer authorised by the Australian Prudential Regulatory Authority (APRA) with specific credit ratings.
Under this Act, Colonial Services Pty Limited, as the licensee, must comply with the extended and varied terms of the licence. This includes adhering to the new conditions specified in the Notice, particularly those related to the updated Prudential Condition 4.2(c) and the legislative references. The licensee is also required to ensure that all operations remain in compliance with the WHS Act and any other updated regulatory requirements.
The Act imposes several obligations on the licensee, including maintaining the required financial and operational standards as per the updated Prudential Condition 4.2(c). This means that Colonial Services Pty Limited must source its funding from a bank or insurer authorised by APRA with the specified credit ratings. Failure to comply with these conditions may result in the licence being revoked or not renewed upon its next review. Additionally, the updated references to the WHS Act necessitate that the licensee ensure all practices align with the new legislative framework.
Breaches of the conditions specified in the Notice, particularly those concerning the Prudential Condition 4.2(c) and adherence to the WHS Act, could result in significant consequences. The Commission has the authority to take action against the licensee, which could include the suspension or revocation of the licence. This could have severe repercussions for Colonial Services Pty Limited, potentially affecting their ability to operate within the scope of the licence. While the Notice does not specify maximum penalties, the severity of consequences for non-compliance is implied given the regulatory nature of the Act and the critical financial and operational standards involved.