Superannuation (CSS) Approved Authority Declaration (Amendment) 1998 No. 94
EXPLANATORY STATEMENT
STATUTORY RULES 1998 No. 94
Issued by the authority of the Minister for Finance and Administration
Superannuation Act 1976
Declaration under paragraph (a) of the definition of "Approved Authority" in subsection 3(1).
The Superannuation Act 1976 (the 1976 Act) makes provision for and in relation to the Commonwealth Superannuation Scheme (CSS) for Commonwealth employees and for certain other persons.
Persons eligible to contribute under the 1976 Act include persons who are employed under the Public Service Act 1922, as well as persons who are employed by an "approved authority". In accordance with paragraph (a) of the definition of "approved authority" in subsection 3(1) of the 1976 Act an approved authority includes an authority or other body declared by the Minister for Finance and Administration to be an approved authority for the purposes of the 1976 Act, being an authority or body of a kind described in the definition.
Declarations made under paragraph (a) of the definition of approved authority are contained in the Superannuation (CS S) Approved Authority Declaration (the Principal Declaration).
Section 4A of the 1976 Act provides that such a Declaration is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901 and a statutory rule for the purposes of the Statutory Rules Publication Act 1903 and may be expressed to have taken effect from and including a day not earlier than 12 months before the making of the declaration.
West Australian Symphony Orchestra Holdings Pty Lid is a wholly owned subsidiary of the ABC which was established under Corporations Law on 8 January 1998, and is a body of a kind described in paragraph (a) of the definition of "approved authority" in subsection 3(1) of the 1976 Act. It is appropriate that the company be declared an approved authority for the purposes of the 1976 Act to enable employees to remain, or resume, membership of the CSS.
The Declaration contained in the Statutory Rule and cited as "Superannuation (CSS) Approved Authority Declaration (Amendment)" amends the Principal Declaration by including West Australian Symphony Orchestra Holdings Pty Ltd in the list of bodies declared by the Minister for Finance and Administration to be approved authorities for the purposes of the 1976 Act.
The Declaration commenced on 8 January 1998.
Overview
The Superannuation (CSS) Approved Authority Declaration (Amendment) 1998 No. 94, issued under the authority of the Minister for Finance and Administration, amends the Superannuation Act 1976 to address the gap in the list of approved authorities eligible to contribute to the Commonwealth Superannuation Scheme (CSS). The Act, originally enacted in 1976, provides for the CSS, which benefits Commonwealth employees and other eligible individuals. The policy objective behind this amendment is to ensure that certain employees can remain or resume their membership in the CSS. The Minister for Finance and Administration has the authority to declare an approved authority under the Act, and this amendment specifically includes West Australian Symphony Orchestra Holdings Pty Ltd as an approved authority. This addition facilitates the continuation or resumption of CSS membership for its employees, thereby ensuring that they can benefit from the superannuation scheme.
Scope and Application
The Superannuation (CSS) Approved Authority Declaration (Amendment) 1998 No. 94 applies to the Commonwealth Superannuation Scheme (CSS) for Commonwealth employees and certain other persons as defined under the Superannuation Act 1976. Specifically, it includes employees under the Public Service Act 1922 and those employed by an "approved authority" as per the Act. The amendment declares West Australian Symphony Orchestra Holdings Pty Ltd, a wholly owned subsidiary of the ABC established under Corporations Law, as an approved authority for the purposes of the 1976 Act. This declaration allows employees of this entity to maintain or rejoin the CSS. The amendment is a statutory rule and a disallowable instrument, effective from 8 January 1998. The Act’s scope is national, and its application extends through subordinate instruments to include entities meeting the specified criteria.
Key Provisions
The Superannuation (CSS) Approved Authority Declaration (Amendment) 1998 No. 94, under the Superannuation Act 1976, specifies certain amendments to the Superannuation (CSS) Approved Authority Declaration. The key provision of this amendment is to include West Australian Symphony Orchestra Holdings Pty Ltd as an approved authority (sections 3(1) and 4A). This amendment allows the company to be recognised as an approved authority for the purposes of the Superannuation Act 1976, thereby enabling its employees to remain or resume their membership in the Commonwealth Superannuation Scheme (CSS).
The obligations imposed by this Act on West Australian Symphony Orchestra Holdings Pty Ltd include adhering to the same requirements and standards as other approved authorities under the Superannuation Act 1976. This includes ensuring compliance with all the provisions of the Act, particularly those related to the management and administration of superannuation funds for its employees. The company must also provide the necessary documentation and information to the Minister for Finance and Administration to maintain its status as an approved authority.
Failure to comply with the provisions of the Superannuation Act 1976 or the requirements set forth by this amendment may result in various civil or criminal consequences. While the specific penalties for non-compliance are not detailed in the explanatory statement, breaches of superannuation laws can generally lead to fines, penalties, and potential legal action. For instance, under the Superannuation Industry (Supervision) Act 1993, penalties for non-compliance can include substantial fines for both individuals and corporations. In more severe cases, criminal charges may be pursued, leading to imprisonment. The exact penalties would be determined based on the nature and severity of the breach, in accordance with the broader legislative framework governing superannuation.