Statutory Rules
1978 No. 201
REGULATIONS UNDER THE SUPERANNUATION ACT 1976*
I, THE GOVERNOR-GENERAL of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulations under the Superannuation Act 1976.
Dated this nineteenth day of October 1978.
ZELMAN COWEN
Governor-General
By His Excellency’s Command,
ERIC L. ROBINSON
Minister of State for Finance
SUPERANNUATION (CANCELLATION OF ELECTIONS) REGULATIONS†
Citation
1. These Regulations may be cited as the Superannuation (Cancellation of Elections) Regulations.
Commencement
2. These Regulations shall be deemed to have taken effect from and including 24 April 1978.
Interpretation
3. In these Regulations, “ the Act ” means the Superannuation Act 1976.
Person prescribed for the purposes of paragraph 157 (3) (b) of the Act
4. For the purposes of paragraph 157 (3) (b) of the Act, a person whom the Commissioner has, in pursuance of sub-section 157 (2) of the Act, allowed to make an election under a provision of the Act is a prescribed person.
* Notified in the Commonwealth of Australia Gazette on 26 October 1978.
Prescribed matters for the purposes of paragraph 157 (3) (c) of the Act
5. For the purposes of paragraph 157 (3) (c) of the Act, the following matters are matters to which the Commissioner shall have regard in determining whether an election referred to in paragraph 157 (3) (a) of the Act should be cancelled:
(a) the availability of all information relevant to the making of the election to the person who made the election (including a person who, by virtue of sub-section 157 (2) of the Act, is deemed to have made the election) and, if the election was made under sub-section 157 (2) of the Act, also to the person whom the Commissioner, in pursuance of that sub-section, allowed to make the election; and
(b) the understanding that the person who made the election (including a person who, by virtue of sub-section 157 (2) of the Act, is deemed to have made the election) and, if the election was made under sub-section 157 (2) of the Act, also the person whom the Commissioner, in pursuance of that sub-section, allowed to make the election, had of the nature of the election and the consequences of making the election.
Overview
The Superannuation (Cancellation of Elections) Regulations, 1978 were enacted to provide regulatory support to the Superannuation Act 1976. The Act itself was established to provide a framework for superannuation schemes in Australia, addressing the need for a structured approach to retirement savings and benefits. These regulations specifically focus on the cancellation of elections related to superannuation, ensuring that the processes and criteria for such cancellations are clearly defined and adhered to. Enacted by the Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, these regulations aim to offer clarity and procedural integrity in the administration of superannuation-related decisions. The policy objective is to provide a robust mechanism for the Commissioner to consider the relevant factors before cancelling an election, thereby ensuring fairness and transparency in the superannuation system.
Scope and Application
The Superannuation (Cancellation of Elections) Regulations, made under the Superannuation Act 1976, apply to any person who is permitted to make an election under the Act, as specified in the regulations. These regulations, which came into effect on 24 April 1978, provide guidance to the Commissioner in making decisions about the cancellation of certain elections related to superannuation. The scope of these regulations extends to individuals who have the authority to make specific elections concerning their superannuation, as outlined by the Act. The regulations are designed to ensure that the Commissioner considers all relevant information and the understanding of the parties involved when deciding whether to cancel an election. Additionally, the regulations may be further refined or expanded through subordinate instruments, allowing for more detailed or specific provisions as needed.
Key Provisions
The Superannuation (Cancellation of Elections) Regulations (Regulations) establish the framework under which the Commissioner can cancel certain elections related to superannuation, as outlined in the Superannuation Act 1976 (the Act). Specifically, Regulation 5 identifies the matters the Commissioner must consider when determining whether to cancel an election, such as the availability of all relevant information to the person making the election and their understanding of the nature and consequences of the election. Regulation 4 designates a person as prescribed for the purposes of subsection 157(3)(b) of the Act, clarifying that this person is permitted to make an election under the Act.
These Regulations impose obligations on the Commissioner to carefully consider specific factors when deciding whether to cancel an election. The Commissioner must ensure that all relevant information was accessible to the person making the election and that they had a proper understanding of the election and its implications. This requirement underscores the importance of transparency and informed decision-making in the superannuation context.
Breaches of these Regulations may not explicitly outline specific criminal or civil penalties. However, the Superannuation Act 1976 under which these Regulations are made does provide for a range of penalties for non-compliance. For example, section 157 of the Act outlines penalties for contraventions, including substantial fines and, in some cases, imprisonment. Therefore, any failure to comply with the obligations under these Regulations could potentially lead to penalties under the Act, depending on the nature and severity of the breach.