Superannuation (CSS) Approved Authority Declaration No. 12

Overview

The Superannuation (CSS) Approved Authority Declaration No 12 1992, issued under the authority of the Minister for Finance, pertains to the Superannuation Act 1976. This legislative instrument was introduced to address the need for including additional bodies as approved authorities under the Act, thus allowing their employees to participate in the Commonwealth Superannuation Scheme (CSS). The Superannuation Act 1976, enacted by the Parliament of Australia, governs occupational superannuation schemes for Commonwealth employees and certain other persons, including those employed by approved authorities. The policy objective of the declaration is to ensure that Australian Marine Science and Technology Limited, a body established under the Corporations Law of the Capital Territory, is recognised as an approved authority, enabling its employees to remain or become members of the CSS. This declaration, effective from 1 October 1992, serves to formally include Australian Marine Science and Technology Limited within the framework of approved authorities as defined in the Superannuation Act 1976.

Scope and Application

The Superannuation (CSS) Approved Authority Declaration No 12 1992 No. 465, issued under the Superannuation Act 1976, pertains to the declaration of Australian Marine Science and Technology Limited as an approved authority for the purposes of the Act. This statutory rule aims to facilitate the employees of this entity to participate in the Commonwealth Superannuation Scheme (CSS). The Act applies to individuals who are employed by an approved authority, enabling them to contribute to and benefit from the CSS. The declaration ensures that Australian Marine Science and Technology Limited is recognised as an entity of the kind described in the definition of "approved authority" in the Act, thereby allowing its employees to remain or become members of the CSS. The declaration takes effect from 1 October 1992, as specified in the Statutory Rule, which is issued by the Minister for Finance under the authority granted by the Superannuation Act 1976. The Act's application is limited to entities such as Australian Marine Science and Technology Limited, which must be declared as approved authorities to extend the benefits of the CSS to their employees.

Key Provisions

The primary operative section of this statutory rule is section 4A of the Superannuation Act 1976, which permits the Minister for Finance to declare an authority or body to be an approved authority for the purposes of the Act (section 4A(1)). This declaration enables certain employees of that authority or body to contribute to and benefit from the Commonwealth Superannuation Scheme (CSS) (subsection 4A(2)). In this instance, the rule declares Australian Marine Science and Technology Limited to be an approved authority for the purposes of the 1976 Act, effective from 1 October 1992 (section 3). This declaration allows the employees of Australian Marine Science and Technology Limited to remain or become members of the CSS, facilitating their access to occupational superannuation benefits under the Act. The obligations imposed by this statutory rule are primarily administrative and procedural. The Minister for Finance must ensure that the declaration is made in accordance with the requirements of section 4A of the 1976 Act. The declaration must be made within the constraints of the Statutory Rules Publication Act 1903, ensuring that it is properly published and takes effect from a date not earlier than 12 months before the making of the declaration (subsection 4A(3)). Furthermore, the declaration must align with the definition of "approved authority" as outlined in the Act, ensuring that Australian Marine Science and Technology Limited meets the criteria specified in subsection 3(1) of the 1976 Act. There are no specific offences, penalties, or consequences outlined in the statutory rule for failing to comply with the declaration process. However, the Act does provide for certain consequences under the Acts Interpretation Act 1901. Any disallowance of a disallowable instrument, such as this declaration, must be made within the prescribed period, and the instrument will cease to have effect if disallowed (section 46A). The rule itself is subject to review and potential disallowance by Parliament, which may result in the revocation of the declaration if deemed inappropriate or unlawful. The primary consequence of such a disallowance would be the removal of Australian Marine Science and Technology Limited from the list of approved authorities, thereby affecting the eligibility of its employees for membership in the CSS.