Superannuation (CSS) Approved Authority Declaration No. 8 1992 No. 78
EXPLANATORY STATEMENT
STATUTORY RULES 1992 No. 78
ISSUED BY THE AUTHORITY OF THE MINISTER FOR FINANCE
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 an occupational superannuation scheme for certain Commonwealth employees and other persons.
The Superannuation Act 1990 provides for a new occupational superannuation scheme for Commonwealth employees which came into operation on 1 July 1990. Members of the scheme established under the 1976 Act had the option, to be exercised between 1 July 1990 and 30 June 1991, of remaining members of that scheme or of transferring to the new scheme.
Persons eligible to contribute under the 1976 Act include certain persons 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 to be an approved authority for the purposes of that Act, being an authority or body of a kind described in the definition.
Section 4A of the 1976 Act provides that such a declaration by the Minister for Finance 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.
The Aboriginal and Torres Strait Islander Commercial Development Corporation was established by the Aboriginal and Torres Strait Islander Commission Act 1989 as a body corporate with power to engage its own employees and commenced engaging employees from 5 March 1990.
The Australian Fisheries Management Authority was established by the Fisheries Administration Act 1.991 as a body corporate with power to engage its own employees and commenced engaging employees from 3 February 1992.
The Grains Research and Development Corporation was established under the Primary Industries and Energy Research and Development Act 1989 as a body corporate with power to engage its own employees and commenced engaging employees in January 1991.
Totalcare Industries Limited is a company incorporated under the Corporations Act 1989 which on 1 January 1992 became a Territory Owned Corporation under the provisions of the Australian Capital Territory Territory Owned Corporations Act 1990.
The Aboriginal and Torres Strait Islander commercial Development Corporation, the Australian Fisheries Management Authority, the Grains Research and Development Corporation and Totalcare Industries Limited are bodies of a kind described in the definition of approved authority in subsection 3(1) of the 1976 Act. It is appropriate that the four bodies be declared to be approved authorities for the purposes of that Act to enable their staff to remain or become members of the scheme established under the Act.
The Declaration contained in the Statutory Rule, and cited as Superannuation (CSS) Approved Authority Declaration No. 8, declares the Aboriginal and Torres Strait Islander Commercial Development Corporation and the Grains Research and Development Corporation to be approved authorities for the purposes of the 1976 Act with the maximum retrospectivity available under that Act. The Declaration also declares Totalcare Industries Limited and the Australian Fisheries Management Authority to be approved authorities for the purposes of the 1976 Act with effect from 1 January 1992 and 3 February 1992 respectively.
Overview
The Superannuation (CSS) Approved Authority Declaration No. 8, issued in 1992, was enacted under the authority of the Minister for Finance, in accordance with the Superannuation Act 1976. This declaration aimed to address the need to include specific entities as approved authorities, thus enabling their staff to remain or become members of the occupational superannuation scheme established by the 1976 Act. The bodies declared as approved authorities are the Aboriginal and Torres Strait Islander Commercial Development Corporation, the Australian Fisheries Management Authority, the Grains Research and Development Corporation, and Totalcare Industries Limited. By declaring these bodies as approved authorities, the legislation facilitated the inclusion of their employees within the existing superannuation framework, ensuring they had access to the benefits and protections provided by the Act. The policy objective of the declaration was to streamline the superannuation arrangements for employees of these entities, aligning them with the provisions of the 1976 Act.
Scope and Application
The Superannuation (CSS) Approved Authority Declaration No. 8 1992 No. 78, issued under the authority of the Minister for Finance, serves to extend the scope of the Superannuation Act 1976 by declaring specific entities as approved authorities. This declaration allows employees of these entities to participate in the occupational superannuation scheme established by the Act, either by remaining in the existing scheme or transferring to the new scheme introduced by the Superannuation Act 1990. The approved authorities include the Aboriginal and Torres Strait Islander Commercial Development Corporation, the Australian Fisheries Management Authority, the Grains Research and Development Corporation, and Totalcare Industries Limited, each declared with varying commencement dates to align with their operational start dates. The geographic reach of this Act is Commonwealth-wide, affecting entities and employees across Australia. The declaration may be subject to disallowance and is published as a Statutory Rule, ensuring transparency and adherence to legislative processes.
Key Provisions
The primary operative sections of this Statutory Rule, Superannuation (CSS) Approved Authority Declaration No. 8, concern the declaration of certain bodies as approved authorities under the Superannuation Act 1976. Section 1 of the Statutory Rule states the title and effect of the rule, while section 2 declares the Aboriginal and Torres Strait Islander Commercial Development Corporation and the Grains Research and Development Corporation as approved authorities under the Act. Section 3 further declares Totalcare Industries Limited and the Australian Fisheries Management Authority as approved authorities, with specific effect dates provided for each entity. These sections serve to officially recognise these bodies as eligible to engage employees who can participate in the occupational superannuation scheme outlined in the Superannuation Act 1976.
The Act imposes certain obligations on the parties and entities it governs. These include the requirement for the declared approved authorities to comply with the terms and conditions of the occupational superannuation scheme. This includes ensuring that eligible employees are given the option to either remain in the existing scheme or transfer to the new scheme, as specified in the Superannuation Act 1990. Additionally, these authorities must facilitate the transfer process for employees who choose to switch schemes, ensuring that their superannuation benefits are managed in accordance with the Act. The approved authorities are also obligated to report any changes in their employee status to the relevant authorities to maintain compliance with the Act.
There are no explicit offences or penalties outlined within the Statutory Rule itself; however, breaches of the Superannuation Act 1976 or associated regulations could lead to various civil and criminal consequences. For instance, failure to comply with the provisions of the Act may result in penalties under the Acts Interpretation Act 1901, including fines and potential imprisonment. The maximum penalties for breaches of the Superannuation Act 1976 can vary depending on the specific nature of the offence but may include significant financial penalties for both the individual and corporate entities involved. In severe cases, non-compliance could also lead to the revocation of the approved authority status, impacting the entity's ability to engage employees in the superannuation scheme.