Superannuation (Approved Authorities) Regulations (Amendment)

Overview

The Superannuation (Approved Authorities) Regulations 1978, promulgated as Statutory Rules 1978 No. 192 under the Superannuation Act 1976, were enacted to address the need for updating the list of approved authorities involved in the administration of superannuation funds. These regulations were made by the Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, and came into effect from 10 May 1978. The primary objective of these regulations is to amend the existing Superannuation (Approved Authorities) Regulations to reflect changes in corporate entities responsible for managing approved authorities, ensuring that the list remains current and accurate. Specifically, these regulations replace "Commonwealth Hostels Limited" with "Commonwealth Accommodation and Catering Services Limited" in the approved authorities list, thereby aligning the regulatory framework with the current organisational structure.

Scope and Application

The Superannuation (Approved Authorities) Regulations, as amended by the Statutory Rules 1978 No. 192, pertain to the administration of the Superannuation Act 1976 and establish the parameters within which approved authorities operate. These regulations are pivotal in ensuring that approved authorities, which include entities responsible for the management and regulation of superannuation funds, adhere to the legislative standards set forth by the Superannuation Act. The amendments made by these regulations, effective from 10 May 1978, reflect changes in the nomenclature of entities involved in the provision of accommodation and catering services, specifically replacing "Commonwealth Hostels Limited" with "Commonwealth Accommodation and Catering Services Limited." This change ensures that the regulatory framework remains current and accurately reflects the entities involved in the approved authorities list. These regulations apply to the Commonwealth and are integral to maintaining the integrity and proper functioning of the superannuation system within Australia.

Key Provisions

The main operative sections of these Regulations (sections 1 and 2) pertain to the amendment of the Superannuation (Approved Authorities) Regulations. Section 1 sets the commencement date for these Regulations, deeming them effective from 10 May 1978 (section 1). Section 2 involves the substitution of one entity for another within the list of approved authorities, changing “Commonwealth Hostels Limited” to “Commonwealth Accommodation and Catering Services Limited” (section 2). The obligations imposed by these Regulations primarily revolve around the amendment of the approved authorities list under the Superannuation Act 1976. This amendment means that any superannuation arrangements or contributions made by or on behalf of employees of Commonwealth Accommodation and Catering Services Limited will now be governed by the provisions of the Superannuation Act, rather than those previously applicable to Commonwealth Hostels Limited. This change ensures that the updated entity is correctly aligned with the legislative framework governing superannuation in Australia. In terms of consequences for non-compliance, it is essential to note that these Regulations themselves do not specify any direct offences, penalties, or consequences for breach. However, non-compliance with the broader provisions of the Superannuation Act 1976 could result in civil or criminal penalties. Under the Superannuation Act, penalties for breaches can include fines, imprisonment, or both. For example, knowingly making a false statement in a document can incur a fine of up to $22,200 for individuals and $111,000 for bodies corporate (Superannuation Industry (Supervision) Act 1993, section 137A). Furthermore, any entity found to be operating in contravention of the Act could face additional enforcement actions, including court orders to rectify the non-compliance or even the revocation of their approved authority status.