Superannuation Act 1990 (Division of Costs) Determination (No. 2) 1993
as amended
made under section 34 of the
Superannuation Act 1990
This compilation was prepared on 1 July 2011
taking into account amendments up to Superannuation Act 1990 (Division of Costs) Determination No. 2 Amendment Determination 2011 (No. 1)
Prepared by the Office of Legislative Drafting and Publishing,
Attorney‑General’s Department, Canberra
Contents
1 Name of Determination [see Note 1]
2 Commencement
3 Interpretation
4 Division of Costs
Schedule 1 Costs to be paid by CSC from the Fund
Schedule 2 Costs to be paid by the Commonwealth
Notes
1 Name of Determination [see Note 1]
This Determination is the Superannuation Act 1990 (Division of Costs) Determination (No. 2) 1993.
2 Commencement
This determination commences from and including 1 July 1993.
3 Interpretation
(1) In this Determination:
Act means the Superannuation Act 1990.
costs means the costs of the administration of the Act and the Deed, including the costs of and incidental to the management of the Fund by CSC and the investment of its money.
CSC (short for Commonwealth Superannuation Corporation) means the body corporate continued in existence by section 4 of the Governance of Australian Government Superannuation Schemes Act 2011.
(2) Words and expressions defined in the Act and the Trust Deed made pursuant to section 4 of the Act have the same meaning in this Determination.
4 Division of Costs
The Costs that are described in Schedule 1 to this determination are to be paid by CSC from the Fund and the Costs that are described in Schedule 2 to this determination are to be paid by the Commonwealth.
Schedule 1 Costs to be paid by CSC from the Fund
(section 4)
Those costs of and incidental to the management of the Fund by CSC and the investment of its money.
Schedule 2 Costs to be paid by the Commonwealth
(section 4)
The costs of the administration of the Act and of the Trust Deed other than those costs referred to in Schedule 1.
Notes to the Superannuation Act 1990 (Division of Costs) Determination (No. 2) 1993
Note 1
The Superannuation Act 1990 (Division of Costs) Determination (No. 2) 1993 (in force under section 34 of the Superannuation Act 1990) as shown in this compilation is amended as indicated in the Tables below.
Table of Instruments
Title | Date of making/
FRLI registration | Date of
commencement | Application, saving or
transitional provisions |
Superannuation Act 1990 (Division of Costs) Determination No. 2 | 25 Nov 1993 (see F2008B00483) | 1 July 1993 | |
Superannuation Act 1990 (Division of Costs) Determination No. 2 Amendment Determination 2011 (No. 1) | 30 June 2011 (see F2011L01389) | 1 July 2011 (see s. 2) | — |
Table of Amendments
ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted |
Provision affected | How affected |
S. 1................. | rs. 2011 No. 1 |
S. 3................. | rs. 2011 No. 1 |
S. 4................. | am. 2011 No. 1 |
Schedule 1 | |
Heading to Schedule 1.... | rs. 2011 No. 1 |
Schedule 1............ | am. 2011 No. 1 |
Schedule 2 | |
Heading to Schedule 2.... | rs. 2011 No. 1 |
Overview
The Superannuation Act 1990 (Division of Costs) Determination (No. 2) 1993 was enacted to provide a framework for the division of costs associated with the administration of the Superannuation Act 1990 and the management of the Fund by the Commonwealth Superannuation Corporation (CSC). The objective of this legislation, which was made under section 34 of the Superannuation Act 1990, is to clearly delineate the financial responsibilities between the CSC and the Commonwealth. This Determination aims to ensure that the costs incidental to the management of the superannuation fund and the investment of its assets are borne by CSC, while the Commonwealth covers the broader administrative costs of the Act and the Trust Deed, excluding those related to fund management. The Division of Costs Determination was established to provide clarity and accountability in the financial obligations related to the superannuation system in Australia.
Scope and Application
The Superannuation Act 1990 (Division of Costs) Determination (No. 2) 1993, as amended, is a legislative instrument made under section 34 of the Superannuation Act 1990. This Determination outlines the division of costs associated with the administration and management of the superannuation fund, specifically detailing which costs are to be borne by the Commonwealth Superannuation Corporation (CSC) from the Fund and which are to be covered by the Commonwealth. The Determination came into effect on 1 July 1993 and has been subject to amendments, most recently on 1 July 2011. The costs to be paid by CSC include those incidental to the management of the Fund and the investment of its money, as specified in Schedule 1, while the costs to be paid by the Commonwealth encompass the administration of the Act and the Trust Deed, excluding those specified in Schedule 1, as detailed in Schedule 2. The Determination applies to the Commonwealth Superannuation Corporation and the Commonwealth, providing a clear demarcation of financial responsibilities regarding the administration and management of the superannuation fund under the Superannuation Act 1990.
Key Provisions
The Superannuation Act 1990 (Division of Costs) Determination (No. 2) 1993, as amended, sets out the division of costs associated with the administration of superannuation funds. Section 4 of the Determination specifies that certain costs will be borne by the Commonwealth Superannuation Corporation (CSC) from the Fund, while others will be paid by the Commonwealth. These divisions are detailed in Schedules 1 and 2 of the Determination. Schedule 1 lists the costs that CSC must cover from the Fund, such as those incidental to the management of the Fund and the investment of its money. Conversely, Schedule 2 outlines the costs of the administration of the Act and the Trust Deed that are to be paid by the Commonwealth.
The Determination imposes specific obligations on the Commonwealth Superannuation Corporation (CSC) and the Commonwealth regarding the payment of costs. CSC is required to pay the costs detailed in Schedule 1 from the Fund, while the Commonwealth must cover the costs outlined in Schedule 2. This clear division of financial responsibilities ensures that each party is aware of its specific cost obligations under the Act. Additionally, the Determination incorporates definitions from the Superannuation Act 1990 and the Trust Deed, ensuring consistency in the interpretation of terms such as "Act," "costs," and "CSC."
In terms of legal consequences, the Determination does not explicitly state offences, penalties, or civil/criminal consequences for non-compliance with the cost division outlined in Schedules 1 and 2. However, the Superannuation Act 1990 itself may provide for penalties in case of non-compliance with its provisions. The failure to adhere to the cost division requirements could potentially lead to disputes over financial obligations, impacting the administration and management of superannuation funds. Given that specific penalties are not detailed in this Determination, any breaches of the cost division provisions would likely be addressed under the broader provisions of the Superannuation Act 1990, which may include fines or other legal actions.