Superannuation Act 1976 - Declaration under subsection 133(1) (05/06/1987)

Overview

The Superannuation Act 1976 was enacted to provide for the establishment, management and funding of superannuation schemes for employees, thereby addressing the gap in retirement savings security for Australian workers. The Act was enacted by the Parliament of Australia, aiming to ensure that superannuation benefits are preserved and available for individuals upon retirement. The 1987 Declaration under the Act further refines the definition of public employment by revoking previous classifications and specifying new entities that qualify as public employment for superannuation purposes. This legislative instrument, issued by Peter Alexander Walsh, the Minister of State for Finance, aims to update and clarify the categories of employment that are covered under the superannuation provisions of the Act.

Scope and Application

The Superannuation Act 1976, as amended by the Declaration, pertains to the definition and classification of public employment for superannuation purposes. This Act applies to various entities including the Commonwealth, states, territories, and specific authorities or bodies established for a public purpose by an Act, State Act, regulations, or a law of a Territory. The declaration also extends to bodies corporate incorporated for public purposes by laws in force in the United Kingdom of Great Britain and Northern Ireland, as well as companies or other bodies corporate where the Commonwealth, a state, or a territory has a controlling interest. Employment by any of these entities, whether within or outside Australia, is classified as public employment for the purposes of Division 3 of Part IX of the Superannuation Act 1976. The Act’s application is not restricted to Australia but extends to entities operating internationally, provided they are specified in the schedule to the Declaration. The Declaration itself revokes previous classifications and sets forth new ones, deeming its provisions to have come into force from the first day of July 1976. The Act’s scope and application can be further refined through subordinate instruments, allowing for adjustments and specifications not explicitly detailed in the primary legislation.

Key Provisions

The Superannuation Act 1976, through the Declaration by the Minister of State for Finance, Peter Alexander Walsh, outlines specific provisions concerning the classification of public employment for superannuation purposes. Under section (a), the Declaration revokes the previous Declaration from 1976 that classified certain classes of employment as public employment. Conversely, section (b) declares employment by entities specified in the schedule, including the Commonwealth, States, and various authorities or bodies, to be public employment for Division 3 of Part IX of the Act. This change is deemed effective from 1 July 1976, as per section (c). The Act imposes specific obligations on employers and employees within the newly defined public employment sectors. Employers must ensure compliance with the superannuation requirements outlined in Division 3 of Part IX of the Act, which typically includes contributions to approved superannuation funds on behalf of their employees. Employees within these classifications are entitled to the benefits and protections provided by the Act, including the mandated superannuation contributions. Breaches of the Act's provisions may result in various consequences. While the specific offences, penalties, or consequences are not detailed in the Declaration, the Superannuation Act 1976 generally includes provisions for both civil and criminal penalties for non-compliance. Civil penalties may include fines, while criminal penalties may result in imprisonment. The exact penalties would depend on the specific breach and the jurisdiction’s regulations at the time of the offence.