Superannuation (Cost of Administration) Regulations 1980
Statutory Rules 1980 No. 108 as amended
made under the
Superannuation Act 1976
This compilation was prepared on 1 July 2011
taking into account amendments up to SR 2011 No. 131
Prepared by the Office of Legislative Drafting,
Attorney-General’s Department, Canberra
Contents
1 Name of Regulations [see Note 1]
2 Interpretation
3 Costs of administration of Fund
Notes
1 Name of Regulations [see Note 1]
These Regulations are the Superannuation (Cost of Administration) Regulations 1980.
2 Interpretation
(1) In these Regulations, unless the contrary intention appears, the Act means the Superannuation Act 1976.
3 Costs of administration of Fund
For the purposes of section 160 of the Act, the costs of and incidental to the management of the Fund by CSC that shall be paid out of the Fund are all such costs.
Notes to the Superannuation (Cost of Administration) Regulations 1980
Note 1
The Superannuation (Cost of Administration) Regulations 1980 (in force under the Superannuation Act 1976) as shown in this compilation comprise Statutory Rules 1980 No. 108 amended as indicated in the Tables below.
For all relevant information pertaining to application, saving or transitional provisions see Table A.
Table of Instruments
Year and
number | Date of notification
in Gazette or FRLI registration | Date of
commencement | Application, saving or
transitional provisions |
1980 No. 108 | 23 May 1980 | 23 May 1980 | |
1984 No. 136 | 29 June 1984 | 29 June 1984 | R. 3 |
1991 No. 162 | 28 June 1991 | 1 July 1991 | — |
2011 No. 131 | 30 June 2011 (see F2011L01374) | 1 July 2011 (see r. 2) | — |
Table of Amendments
ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted |
Provision affected | How affected |
R. 1................. | rs. 2011 No. 131 |
R. 2................. | am. 1984 No. 136 |
R. 3................. | am. 1984 No. 136; 1991 No. 162; 2011 No. 131 |
Overview
The Superannuation (Cost of Administration) Regulations 1980 were enacted under the Superannuation Act 1976, which was established to address issues surrounding the administration and management of superannuation funds in Australia. The problem this legislation aimed to resolve was ensuring that the costs associated with the administration of superannuation funds were managed efficiently and transparently, so as not to unduly burden fund members. These regulations provide the framework for determining what costs can be considered as part of the administration expenses of a superannuation fund and how these costs are to be managed and reported. They were created to provide clarity and consistency in the application of the Superannuation Act 1976, thereby protecting the interests of superannuation fund members. The Superannuation (Cost of Administration) Regulations 1980 have been amended several times to adapt to changes in the financial and regulatory environment, ensuring their ongoing relevance and effectiveness.
Scope and Application
The Superannuation (Cost of Administration) Regulations 1980, which are subsidiary legislation made under the Superannuation Act 1976, define the specific costs associated with the administration of superannuation funds that can be paid out of the funds themselves. These regulations apply to superannuation funds managed by the Commonwealth Superannuation Corporation (CSC) and are intended to regulate the financial management of these funds. The scope of the regulations extends to the Commonwealth jurisdiction, meaning they apply specifically within the federal framework of Australia’s legal system. The regulations clarify what constitutes allowable administrative costs, ensuring that the funds are managed within the parameters set by the Superannuation Act 1976. While the primary focus is on the financial management of superannuation funds, the regulations do not explicitly state exclusions or exemptions, implying that all administrative costs must adhere to the defined parameters unless otherwise specified in the Act or by subsequent amendments. The applicability and specifics of these regulations may be further extended or refined through amendments, which are incorporated into the legislative framework as necessary.
Key Provisions
The Superannuation (Cost of Administration) Regulations 1980, under the Superannuation Act 1976, outline the costs associated with the management of superannuation funds. Section 3 of the Regulations specifies that all costs incidental to the administration of the Fund by the Commonwealth Superannuation Corporation (CSC) are to be paid from the Fund itself. These costs include, but are not limited to, expenses related to the management and operational activities of the superannuation funds.
Entities governed by these Regulations, primarily the CSC, are obligated to ensure that all administrative costs associated with the management of the superannuation funds are accurately accounted for and paid out of the funds. This includes the costs for staff salaries, office supplies, and other operational expenses. The Regulations mandate that these costs must be transparent and documented to ensure accountability and proper use of fund resources.
Failure to comply with these provisions may result in civil consequences, such as fines or penalties imposed by the relevant authorities. Although specific penalties are not detailed in the Regulations themselves, the Superannuation Act 1976 provides for a range of penalties for breaches, including fines up to a significant amount, depending on the severity of the breach. Additionally, persistent non-compliance could lead to more severe legal repercussions, including potential criminal charges for individuals or entities found guilty of deliberate mismanagement or fraud.