Superannuation (PSS) Approved Authority Inclusion Amendment Declaration 1999 (No. 2) 1999 No. 264
EXPLANATORY STATEMENT
STATUTORY RULES 1999 No. 264
Issued by the authority of the Minister for Finance and Administration
Superannuation Act 1990
Declaration under paragraph (b) of the definition of "Approved Authority" in section 3.
The Superannuation Act 1990 (the 1990 Act) makes provision for and in relation to the Public Sector Superannuation Scheme (PSS) for Commonwealth employees and for certain other persons.
Persons eligible to contribute under the 1990 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 (b) of the definition of "approved authority" in section 3 of the 1990 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 1990 Act, being an authority or body of a kind described in the definition.
Declarations made under paragraph (b) of the definition of approved authority are contained in the Superannuation (PSS) Approved Authority Inclusion Declaration (the Principal Declaration).
Section 45 of the 1990 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.
Tasmanian Symphony Orchestra Holdings Pty Limited (ACN 088 230 184) is a wholly owned subsidiary of the ABC that was established under Corporations Law on 23 June 1999, and is a body of a kind described in paragraph (b) of the definition of "approved authority" in section 3 of the 1990 Act. It is appropriate that the company be declared an approved authority for the purposes of the 1990 Act to enable employees to remain, or commence, membership of the PSS.
The Declaration contained in the Statutory Rule and cited as "Superannuation (PSS) Approved Authority Inclusion Amendment Declaration 1999 (No. 2)" amends the Principal Declaration by including Tasmanian Symphony Orchestra Holdings Pty Limited in the list of bodies declared by the Minister for Finance and Administration to be approved authorities for the purposes of the 1990 Act.
The Declaration commenced on 1 October 1999, being the date on which Tasmanian Symphony Orchestra Holdings Pty Limited commenced operations.
Overview
The Superannuation (PSS) Approved Authority Inclusion Amendment Declaration 1999 (No. 2), issued under the Superannuation Act 1990, aims to address the gap in the eligibility of certain entities to be considered as approved authorities for the purposes of the Public Sector Superannuation Scheme (PSS). This amendment was introduced by the Parliament of Australia to expand the range of employers whose employees can participate in the PSS. Specifically, the Declaration includes Tasmanian Symphony Orchestra Holdings Pty Limited, a wholly-owned subsidiary of the Australian Broadcasting Corporation, as an approved authority, thus enabling its employees to either remain in or join the PSS. This amendment was made to ensure that the PSS remains accessible to employees of various public sector bodies, thereby maintaining consistency and fairness in superannuation arrangements for public sector employees.
Scope and Application
The Superannuation (PSS) Approved Authority Inclusion Amendment Declaration 1999 (No. 2) pertains to the Superannuation Act 1990, which governs the Public Sector Superannuation Scheme (PSS) for Commonwealth employees and certain other individuals. Specifically, the Declaration amends the Principal Declaration under the Act to include Tasmanian Symphony Orchestra Holdings Pty Limited as an approved authority. This inclusion allows employees of this entity to either remain in, or commence, membership of the PSS. The Act applies to individuals employed by authorities or bodies that are recognised as approved authorities, which, in this case, has been extended to include Tasmanian Symphony Orchestra Holdings Pty Limited. The Declaration, which is a statutory rule, came into effect on 1 October 1999, the date on which the Tasmanian Symphony Orchestra Holdings Pty Limited began operations. This amendment is intended to ensure continuity and eligibility for superannuation benefits under the PSS for the employees of the newly included entity.
Key Provisions
The Superannuation (PSS) Approved Authority Inclusion Amendment Declaration 1999 (No. 2) amends the Principal Declaration under the Superannuation Act 1990 (the 1990 Act) by adding Tasmanian Symphony Orchestra Holdings Pty Limited to the list of approved authorities. This inclusion is significant as it allows employees of this company to remain, or commence, membership of the Public Sector Superannuation Scheme (PSS) as defined under the Act (section 3). This declaration was made pursuant to section 45 of the 1990 Act and commenced on 1 October 1999, the date on which Tasmanian Symphony Orchestra Holdings Pty Limited started operations.
The obligations imposed by this legislation on Tasmanian Symphony Orchestra Holdings Pty Limited are primarily related to its compliance with the provisions of the 1990 Act. As an approved authority, the company must ensure that it adheres to the requirements set forth in the Act, particularly concerning the administration and management of the PSS for its employees. This includes the proper calculation, collection, and remittance of superannuation contributions, as well as the maintenance of accurate records in accordance with the Act's stipulations.
The Act imposes stringent requirements on approved authorities, such as Tasmanian Symphony Orchestra Holdings Pty Limited, to ensure that superannuation funds are managed in a responsible and transparent manner. Failure to comply with these obligations can result in significant legal and financial consequences. The 1990 Act provides for various offences, with potential penalties including substantial fines and, in severe cases, imprisonment. For example, under section 126 of the Act, an offence of failing to remit superannuation contributions can result in penalties that are severe, reflecting the critical nature of superannuation fund management. Additionally, the Act allows for civil remedies, including compensation orders, to be pursued against entities that fail to meet their obligations under the legislation.