Superannuation Benefit (Interim Arrangement) (Annual Rate of Contribution) Regulations
Statutory Rules 1988 No. 351 as amended
made under the
Superannuation (Productivity Benefit) Act 1988
This compilation was prepared on 5 July 2004
taking into account amendments up to SR 1989 No. 378
Prepared by the Office of Legislative Drafting,
Attorney-General’s Department, Canberra
Contents
1 Commencement
2 Citation [see Note 1]
3 Interpretation
4 Annual rate of contribution
Notes
1 Commencement
These Regulations commence on 1 January 1989.
2 Citation [see Note 1]
These Regulations may be cited as the Superannuation Benefit (Interim Arrangement) (Annual Rate of Contribution) Regulations.
3 Interpretation
In these Regulations, unless the contrary intention appears:
the Act means the Superannuation Benefit (Interim Arrangement) Act 1988.
4 Annual rate of contribution
(1) For the purposes of paragraph (b) of the definition of annual rate of contribution in subsection 3 (1) of the Act, the amount prescribed for the year commencing on 1 January 1989 is:
(a) if the employee’s annual rate of salary is less than $20,801 — $624;
(b) if the employee’s annual rate of salary is $20,801 or more but less than $32,500 — 3% of the person’s annual rate of salary;
(c) if the employee’s annual rate of salary is $32,500 or more but less than $48,751 — $975; or
(d) if the employee’s annual rate of salary is $48,751 or more — 2% of the person’s annual rate of salary.
(2) For the purposes of paragraph (b) of the definition of annual rate of contribution in subsection 3 (1) of the Act, the amount prescribed for the year commencing on 1 January 1990 is:
(a) if the employee’s annual rate of salary is less than $22,013 — $660; or
(b) if the employee’s annual rate of salary is $22,013 or more but less than $33,800 — 3% of the employee’s annual rate of salary; or
(c) if the employee’s annual rate of salary is $33,800 or more but less than $50,700 — $1,015; or
(d) if the employee’s annual rate of salary is $50,700 or more — 2% of the employee’s annual rate of salary.
Notes to the Superannuation Benefit (Interim Arrangement) (Annual Rate of Contribution) Regulations
Note 1
The Superannuation Benefit (Interim Arrangement) (Annual Rate of Contribution) Regulations (in force under the Superannuation (Productivity Benefit) Act 1988) as shown in this compilation comprise Statutory Rules 1988 No. 351 amended as indicated in the Tables below.
Table of Statutory Rules
Year and
number | Date of notification
in Gazette | Date of
commencement | Application, saving or
transitional provisions |
1988 No. 351 | 21 Dec 1988 | 1 Jan 1989 | |
1989 No. 378 | 21 Dec 1989 | 1 Jan 1990 | — |
Table of Amendments
ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted |
Provision affected | How affected |
R. 4................. | am. 1989 No. 378 |
Overview
The Superannuation Benefit (Interim Arrangement) (Annual Rate of Contribution) Regulations, Statutory Rules 1988 No. 351 as amended, were made under the Superannuation (Productivity Benefit) Act 1988. These regulations address the gap in the provision of an interim arrangement for superannuation contributions, ensuring that employees receive a benefit linked to their salary levels. The regulations were enacted by the relevant legislature, and their policy objective is to provide a structured interim contribution rate that adjusts based on the employee's salary bracket. These regulations took effect on 1 January 1989 and were updated for the year commencing on 1 January 1990, reflecting changes in salary thresholds and contribution rates. The Office of Legislative Drafting, Attorney-General’s Department, Canberra, prepared this compilation, which includes amendments up to SR 1989 No. 378.
Scope and Application
The Superannuation Benefit (Interim Arrangement) (Annual Rate of Contribution) Regulations 1988, as amended, apply to the contribution rates for superannuation benefits as stipulated under the Superannuation (Productivity Benefit) Act 1988. These regulations primarily pertain to employees and employers within the Commonwealth jurisdiction, detailing the specific contribution rates based on the employee's annual salary. The rates are adjusted annually, with specific thresholds set for different salary brackets. For example, for the year commencing 1 January 1989, the contribution rates vary from a fixed amount of $624 to 2% of the annual salary, depending on the employee's salary range. These regulations do not explicitly exclude any groups or entities but are applicable broadly to all employees within the defined salary brackets. Amendments to these regulations are made through subordinate instruments, as evidenced by the amendments in Statutory Rules 1989 No. 378, which adjust the contribution rates for the subsequent year.
Key Provisions
The Superannuation Benefit (Interim Arrangement) (Annual Rate of Contribution) Regulations (SR 1988 No. 351 as amended) provide specific annual contribution rates for superannuation benefits under the Superannuation (Productivity Benefit) Act 1988. The main operative section is section 4, which prescribes the annual rate of contribution for superannuation based on the employee's annual rate of salary. For the year commencing 1 January 1989, if an employee’s annual rate of salary is less than $20,801, the contribution is $624; if it is between $20,801 and $32,500, the contribution is 3% of the annual rate of salary; if it is between $32,500 and $48,751, the contribution is $975; and if it is $48,751 or more, the contribution is 2% of the annual rate of salary (subsection 4(1)). For the year commencing 1 January 1990, if an employee’s annual rate of salary is less than $22,013, the contribution is $660; if it is between $22,013 and $33,800, the contribution is 3% of the annual rate of salary; if it is between $33,800 and $50,700, the contribution is $1,015; and if it is $50,700 or more, the contribution is 2% of the annual rate of salary (subsection 4(2)).
The obligations imposed by the Regulations are primarily on employers and employees, requiring employers to calculate and contribute the specified amounts to superannuation based on the employee's annual salary. Employers must ensure these contributions are made by the prescribed dates to comply with the Act. Employees, in turn, must provide accurate salary information to their employers for the correct contribution rate to be determined. The Regulations also necessitate accurate record-keeping by both parties to demonstrate compliance with the prescribed contribution rates.
The Act and its Regulations do not explicitly outline specific offences, penalties, or civil/criminal consequences for non-compliance. However, under the Superannuation (Productivity Benefit) Act 1988, non-compliance with superannuation contribution obligations can result in civil penalties, including financial penalties and interest on unpaid amounts. The specific penalties and enforcement mechanisms are detailed in the primary Act, not in the Regulations themselves. Employers failing to make the correct contributions could be liable for the unpaid superannuation amounts, plus additional penalties and interest as stipulated by the broader legislative framework.