Superannuation (Approved Authorities) Regulations (Amendment)

Overview

Statutory Rules 1978 No. 28, made under the Superannuation Act 1976, was introduced to address the need for updated regulations regarding approved authorities for superannuation purposes. Enacted by the Governor-General of the Commonwealth of Australia, acting on the advice of the Federal Executive Council, this legislative instrument amends the Superannuation (Approved Authorities) Regulations. The specific policy objective, as stated in the text, is to revise the list of approved authorities by repealing Regulation 2 and substituting it with a new regulation that explicitly names the Australian Meat and Livestock Corporation, Calvary Hospital A.C.T. Incorporated, Canberra Commercial Development Authority, Commonwealth Hostels Limited, and the Legal Aid Commission (A.C.T.) as approved authorities. This amendment ensures that the regulations reflect the current entities authorised to manage superannuation funds.

Scope and Application

This regulation applies to the Superannuation Act 1976, specifically amending the Superannuation (Approved Authorities) Regulations to designate certain bodies as approved authorities. The bodies listed include the Australian Meat and Livestock Corporation, Calvary Hospital A.C.T. Incorporated, Canberra Commercial Development Authority, Commonwealth Hostels Limited, and the Legal Aid Commission (A.C.T.). These entities are now recognised under the Superannuation Act as approved authorities, which likely means they are authorised to administer or manage superannuation funds in accordance with the Act. The amendment affects these specific entities, ensuring they meet the criteria set by the legislation for handling superannuation matters. The regulation is applicable at the Commonwealth level, impacting entities operating within Australia and governed by federal laws. This regulation does not explicitly state any exclusions, exemptions, or thresholds, but its application is limited to the listed entities. Further specifications or extensions of application may be detailed in subordinate instruments or subsequent regulations under the Act.

Key Provisions

The main operative sections of this legislation, specifically Regulation 2 of the Superannuation (Approved Authorities) Regulations, involve the substitution of a new list of approved authorities under the Superannuation Act 1976. This means that the regulation removes the previous list of approved authorities (Regulation 2 of the Superannuation (Approved Authorities) Regulations) and replaces it with a new list (section 2). The new list includes the Australian Meat and Livestock Corporation, Calvary Hospital A.C.T. Incorporated, Canberra Commercial Development Authority, Commonwealth Hostels Limited, and Legal Aid Commission (A.C.T.). The Act imposes obligations on the parties or entities it governs by establishing a defined list of approved authorities under the Superannuation Act 1976. These approved authorities are recognised as eligible to administer approved superannuation funds, which means they must comply with specific regulatory requirements to maintain their status. These requirements typically include adhering to governance standards, financial management practices, and reporting obligations as stipulated by the Act and any relevant regulations. Failure to comply with the provisions of the Superannuation Act 1976 or the associated regulations can lead to various consequences. For approved authorities, non-compliance may result in the loss of their approval status, which could impact their ability to operate as an approved authority for superannuation funds. Additionally, individuals or entities that fail to meet their obligations under the Act may be subject to administrative actions, including fines or other penalties as prescribed by law. The maximum penalties can vary depending on the specific breach and are outlined in the relevant sections of the Act and regulations.