EXPLANATORY STATEMENT
STATUTORY RULES 1985 NO 374
ISSUED BY THE AUTHORITY OF THE MINISTER FOR FINANCE
SUBJECT: SUPERANNUATION ACT 1976 - SUPERANNUATION (APPROVED AUTHORITIES) REGULATIONS (AMENDMENT)
Section 168 of the Superannuation Act 1976 (the Act) provides that the Governor-General may make regulations, not inconsistent with the Act, prescribing all matters which the Act requires or permits to be prescribed or which are necessary or convenient to be prescribed for carrying out or giving effect to the Act.
The Act makes provision for and in relation to an occupational superannuation scheme for persons employed by the Commonwealth and for certain other persons.
By virtue of the definition of “eligible employee”, “permanent employee” and “temporary employee” in sub-section 3(1) of the Act, those eligible to contribute under the Act are officers and employees for the purposes of the Public Service Act 1922, any other persons employed by the Commonwealth and persons employed by an approved authority.
Section 3 defines “approved authority” as:
(a) an authority or other body specified in the regulations as an approved authority for the purposes of the Act, being an authority or body of a kind described in the definition; or
(b) an authority or body that was an approved authority for the purposes of the Superannuation Act 1922 immediately before 1 July 1976, the date of commencement of the Act.
Authorities or bodies that have become approved authorities since 1 July 1976 are specified in the Superannuation (Approved Authorities) Regulations (the Regulations).
Section 7 of the Australian Trade Commission Act 1985 provides for the establishment of a body corporate to be known as the Australian Trade Commission. Section 60 provides for the Commission to employ staff. Both of these provisions are to come into operation on 6 January 1986.
It is intended that members of the staff of the Commission be entitled to contribute for, and receive, benefits under the Act. The Commission is a body of a kind described in the “approved authority” definition in sub-section 3(1) of the Act and it is appropriate that it be specified as an approved authority.
Bodies specified in the Regulations as approved authorities include the Australian Overseas Projects Corporation. Section 5 of the Australian Trade Commission (Transitional Provisions and Consequential Amendments) Act 1985 repeals the Australian Overseas Projects Corporation Act 1978 and thus abolishes the Corporation. Section 12 of that Act provides for the existing staff of the Corporation to become employed by the Australian Trade Commission. Both of these provisions are to come into operation on 6 January 1986.
It is appropriate, therefore, for the reference to the Australian Overseas Projects Corporation in the Regulations to be deleted with effect from that date.
The regulations amend the Superannuation (Approved Authorities) Regulations to specify the Australian Trade Commission as an approved authority as provided for by section 3 of the Act, and to remove the reference to the Australian Overseas Projects Corporation, both with effect from 6 January 1986.