Superannuation (PSS) Approved Authority Exclusion Declaration No. 2 1994 No. 15
EXPLANATORY STATEMENT
STATUTORY RULES 1994 No. 15
Issued by the authority of the Minister for Finance
Superannuation Act 1990
Declaration under paragraph (a) of the definition of "Approved Authority" in section 3.
The Superannuation Act 1990 (the Act) makes provision for and in relation to an occupational superannuation scheme, the Public Sector Superannuation (PSS) scheme for persons employed by the Commonwealth and certain other persons.
Persons eligible to contribute under the Act include certain persons employed by an approved authority. In accordance with paragraph (a) of the definition of 'approved authority' in section 3 of the Act, an approved authority includes an authority or body that was, immediately before 1 July 1990, an approved authority for the purposes of the Superannuation Act 1976 (other than any such authority or body declared, in writing, by the Minister for Finance not to be an approved authority for the purposes of the Act).
In accordance with section 45 of the Act, a declaration for the purposes of paragraph (a) of the definition of 'approved authority' 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.
The Wool Legislation (Repeals and Consequential Provisions) Act 1993 provides for the transition of staff from the replaced wool organisations (Australian Wool Corporation and Wool Research and Development Corporation) to the Australian Wool Research and Promotion Organisation on 1 December 1993. Section 38 of that Act provides that a document in which reference is made to the Australian Wool Corporation or the Wool Research and Development Corporation continues in force after the commencement of that Act but has effect as; if a reference in the document to the body were a reference to the Australian Wool Research and Promotion Organisation.
To ensure that the delegated legislation reflects the new arrangements, the declaration contained in the Statutory Rule and cited as 'Superannuation (PSS) Approved Authority Exclusion Declaration No 2' amends the existing Superannuation (PSS) Approved Authority Exclusion Declaration No 1 by omitting 'Australian Wool Corporation' and substituting 'Australian Wool Research and Promotion Organisation'.
The declaration operates with effect from the date of gazettal.
Overview
The Superannuation (PSS) Approved Authority Exclusion Declaration No. 2 1994 was enacted to address the need for legislative adjustments following the transition of staff from the Australian Wool Corporation and the Wool Research and Development Corporation to the Australian Wool Research and Promotion Organisation, as provided for by the Wool Legislation (Repeals and Consequential Provisions) Act 1993. This Statutory Rule, issued under the authority of the Minister for Finance, amends the existing Superannuation (PSS) Approved Authority Exclusion Declaration No. 1 to reflect the new organisational structure. The policy objective of the Superannuation Act 1990 is to establish and regulate the Public Sector Superannuation (PSS) scheme for Commonwealth employees and certain other individuals, ensuring that the scheme is administered by approved authorities. By updating the declaration, the rule ensures that the legislative framework continues to align with the current organisational landscape and maintains the integrity of the superannuation scheme.
Scope and Application
The Superannuation (PSS) Approved Authority Exclusion Declaration No. 2 1994 No. 15 applies to entities and persons engaged in occupational superannuation under the Superannuation Act 1990, specifically targeting the Public Sector Superannuation (PSS) scheme. This legislation is concerned with the eligibility of certain persons employed by approved authorities to contribute to the scheme. The declaration, issued under the authority of the Minister for Finance, operates to modify the existing Superannuation (PSS) Approved Authority Exclusion Declaration No. 1 by updating the reference from the Australian Wool Corporation to the Australian Wool Research and Promotion Organisation in light of the Wool Legislation (Repeals and Consequential Provisions) Act 1993. This change ensures the legislation aligns with the new organisational structure and effectively applies to the transition of staff from the former wool organisations to the newly established Australian Wool Research and Promotion Organisation. The scope of the declaration is limited to the Commonwealth jurisdiction and operates from the date of gazettal.
Key Provisions
The Superannuation (PSS) Approved Authority Exclusion Declaration No 2 1994 No. 15 primarily amends the existing Superannuation (PSS) Approved Authority Exclusion Declaration No 1 by substituting the Australian Wool Research and Promotion Organisation for the Australian Wool Corporation. This change is made to reflect the transition of staff from the replaced wool organisations to the new Australian Wool Research and Promotion Organisation as stipulated by the Wool Legislation (Repeals and Consequential Provisions) Act 1993. This amendment ensures that the statutory rules remain aligned with the new organisational structure and legal entities involved in the public sector superannuation scheme.
Entities or individuals governed by the Superannuation Act 1990, particularly those eligible to contribute to the Public Sector Superannuation (PSS) scheme, must comply with the updated definitions and exclusions as outlined in the amended declaration. Specifically, they must ensure that references to the Australian Wool Corporation within the superannuation scheme are now interpreted as references to the Australian Wool Research and Promotion Organisation. This includes updating any internal policies, communications, and administrative records to reflect this change, ensuring that all superannuation contributions and related benefits are accurately processed under the correct entity.
Failure to comply with the updated declaration could potentially lead to administrative errors, misallocation of superannuation funds, or non-compliance with the Act's requirements. While the specific penalties for such breaches are not detailed in the explanatory statement, non-compliance with statutory rules and declarations under the Superannuation Act 1990 can generally result in financial penalties, corrective actions, or other administrative consequences. The severity of these penalties may depend on the nature and extent of the breach, as well as any associated harm caused by the non-compliance.
The declaration also serves as a disallowable instrument under section 46A of the Acts Interpretation Act 1901, meaning that it can be subject to disallowance by resolution of either House of the Parliament. Additionally, it is classified as a Statutory Rule under the Statutory Rules Publication Act 1903, requiring it to be published in the Commonwealth of Australia Gazette. This ensures that all stakeholders are informed of the changes and can adjust their practices accordingly.