EXPLANATORY STATEMENT
Issued by the Minister for Superannuation and Corporate Law, acting for and on behalf of the Minister for Finance and Deregulation
Superannuation Benefits (Supervisory Mechanisms) Act 1990
Determination under subsection 6(1)(a)
Superannuation Benefits (Prescribed Requirements – Screen Australia) Determination 2008
The Superannuation Benefits (Supervisory Mechanisms) Act 1990 (the Act) establishes a supervisory framework for the provision of superannuation benefits to Australian Government employees.
Generally under section 5 of the Act a person employed under a Commonwealth law, or by a Commonwealth body, can only be provided with superannuation arrangements outside the Commonwealth superannuation schemes if:
- a Commonwealth law expressly provides for the provision of those benefits; or
- a Commonwealth law allows the provision of those benefits and the benefits satisfy the relevant prescribed requirements for provision of superannuation benefits under a superannuation arrangement; or
- a Commonwealth body has the power to provide those benefits and the benefits satisfy the relevant prescribed requirements for provision of superannuation benefits under a superannuation arrangement.
Section 6 of the Act provides that the prescribed requirements for the provision of superannuation benefits under a superannuation arrangement for the purposes of section 5 include requirements determined by the Minister.
The Superannuation Benefits (Prescribed Requirements – Screen Australia) Determination 2008 (the Determination) applies to Screen Australia, which was established by section 5 of the Screen Australia Act 2008 and permits the payment of superannuation contributions into any complying superannuation fund or retirement savings account on behalf of a person employed under subsection 31(2) of the Screen Australia Act 2008.
Whether superannuation contributions can be made to a particular fund or retirement savings account will depend on the rules of the particular scheme or account and requirements under other legislation relating to superannuation.
The Determination affects employees of the Australian Film Commission, Film Australia Limited and the Film Finance Corporation who will become employees of Screen Australia. Therefore, these bodies, as well as the Department of the Environment, Water, Heritage and the Arts were consulted. No other consultation is required as the instrument is of a minor or machinery nature.
The Determination is a legislative instrument for the purposes of the Legislative Instruments Act 2003.
The Determination commences on 1 July 2008.
The details of the Determination are explained in the Attachment.
Attachment
Superannuation Benefits (prescribed requirements – Screen Australia) determination 2008
Section 1 – Name of Determination
This section provides that the name of the Determination is the Superannuation Benefits (Prescribed Requirements – Screen Australia) Determination 2008.
Section 2 – Commencement
This section provides for the Determination to commence on 1 July 2008.
Section 3 – Definitions
This section defines terms commonly used in the Determination.
Section 4 – Prescribed Requirements
This section provides that the prescribed requirements set out in Schedule 1 apply to the provisions of superannuation benefits, for or in relation, to a Screen Australia employee.
Schedule 1 – Prescribed Requirements for the Provision of Superannuation Benefits
Item 1 provides that Screen Australia can make contributions for Screen Australia employees to any complying superannuation fund (within the meaning of the Superannuation Industry (Supervision) Act 1993) or retirement savings account (within the meaning of the Retirement Savings Accounts Act 1997).