STATUTORY RULES
1972 No.
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REGULATION UNDER THE SUPERANNUATION ACT 1922-1971.*
WHEREAS it is enacted by sub-section (4.) of section 90 of the Superannuation Act 1922-1971 that, in making a regulation prescribing a rate of interest in respect of a financial year for the purposes of sub-section (3.) of that section, the Governor-General is not required to act on the recommendation of the Superannuation Board but he shall not make a regulation prescribing a rate of interest in respect of a financial year unless the Superannuation Board has furnished a report to the Treasurer specifying—
(a) the average rate of interest that is determined by the Superannuation Board to have been earned by the Superannuation Fund in that financial year; and
(b) the rate of interest that, in the opinion of the Superannuation Board, should, having regard to that average rate of interest and to such other matters as the Superannuation Board thinks relevant, be prescribed in respect of that financial year:
AND WHEREAS the Superannuation Board has furnished a report to the Treasurer in accordance with sub-section (4.) of section 90 of the Superannuation Act 1922-1971 in respect of the financial year that commenced on the first day of July, 1968:
NOW THEREFORE. I, the Governor-General in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulation under the Superannuation Act 1922-1971.
Dated this twentieth day of October, 1972.
Paul Hasluck
Governor-General.
By His Excellency’s Command,
Treasurer.
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Amendment of the Superannuation (Prescribed Rates of Interest) Regulations†
The Schedule.
The Schedule to the Superannuation (Prescribed Rates of Interest) Regulations is amended by adding at the end thereof the following words and figures:—
“Financial year that commenced on 1 July, 1968................ | 5.770”. |
* Notified in the Commonwealth Gazette on 1972.
† Statutory Rules 1960, No. 63, as amended by Statutory Rules 1967, No, 36; and 1968, Nos. 64 and 142.
Printed by Authority by the Government Printer of the Commonwealth of Australia
20569/72—Price 5c 9/9.10.1972
Overview
The Superannuation (Prescribed Rates of Interest) Regulations 1972, made under the authority of the Superannuation Act 1922-1971, were enacted to address the need for a prescribed rate of interest for financial years concerning superannuation funds. This legislation was introduced to ensure a consistent and transparent method for determining the interest rates applicable to superannuation funds. The regulation was enacted by the Governor-General in accordance with advice from the Federal Executive Council, following a report from the Superannuation Board to the Treasurer. The policy objective of these regulations is to provide a clear framework for the prescribed interest rates, which is essential for the accurate calculation and management of superannuation benefits. The Superannuation Act 1922-1971 was the foundational legislation that allowed for the creation of these regulations, addressing a gap in the existing legal framework by ensuring that interest rates are set in a manner that reflects the actual performance of the superannuation fund and other relevant factors.
Scope and Application
This Statutory Rule amends the Superannuation (Prescribed Rates of Interest) Regulations under the Superannuation Act 1922-1971, specifically prescribing a rate of interest for the financial year that commenced on 1 July 1968. The regulation is made under the authority of sub-section (4) of section 90 of the Superannuation Act, which allows the Governor-General to set the rate of interest based on the report provided by the Superannuation Board. This report includes the average rate of interest earned by the Superannuation Fund and the recommended rate of interest for the financial year. The Superannuation Act applies to entities and individuals involved in the management and administration of superannuation funds in Australia, including trustees, fund managers, and financial institutions. The regulation has a national reach, applying across the Commonwealth of Australia. There are no stated exclusions or exemptions in the provided text, but the regulation can be further extended or restricted through subordinate instruments as deemed necessary by the Governor-General.
Key Provisions
The key operative sections of this statutory rule, as mentioned in the document, include sections 90(4) of the Superannuation Act 1922-1971 and the Schedule of the Superannuation (Prescribed Rates of Interest) Regulations. Section 90(4) of the Superannuation Act 1922-1971 sets out the conditions for the Governor-General to make a regulation prescribing a rate of interest for a financial year, which includes the requirement for the Superannuation Board to submit a report to the Treasurer. The Schedule of the Superannuation (Prescribed Rates of Interest) Regulations, as amended, includes the prescribed interest rates for specific financial years. In this case, it includes the interest rate for the financial year that commenced on 1 July 1968, which is 5.770%.
The statutory rule imposes obligations on the Superannuation Board to provide a report to the Treasurer, detailing the average rate of interest earned by the Superannuation Fund for a financial year and the recommended interest rate for that year. This report must be based on the average rate of interest earned and other relevant matters. The Governor-General, in making a regulation prescribing a rate of interest, must consider the Superannuation Board's report. The regulation, once made, sets the prescribed interest rate for the specified financial year, which is applicable to superannuation funds and accounts.
There are no explicit offences, penalties, or civil/criminal consequences mentioned in the statutory rule for breaches of the regulations. However, it can be inferred that any non-compliance with the prescribed interest rates may result in legal consequences, such as disputes over the calculation of superannuation benefits or penalties imposed by the relevant authorities. The maximum penalties for such breaches would be determined by the specific provisions of the Superannuation Act 1922-1971 and any other relevant legislation. It is essential for the parties involved to adhere to the prescribed interest rates to avoid potential legal issues and ensure the accurate calculation of superannuation benefits.