Superannuation (PSS) Approved Authority Inclusion Declaration (Amendment) (07/08/1996)

Overview

The Superannuation (PSS) Approved Authority Inclusion Declaration 2, made under section 3 of the Superannuation Act 1990, was enacted to amend the list of approved authorities within the superannuation system. This legislative instrument, issued by John Joseph Fahey, the Minister for Finance, was designed to address the need for updating the authorities that are recognised for the purposes of the Public Sector Superannuation Scheme. By including the Sugar Research and Development Corporation in the list of approved authorities, the legislation aimed to ensure that this entity's employees could be covered under the superannuation framework, thereby providing them with retirement benefits and contributing to their long-term financial security. This amendment was intended to fill a gap in the existing legislative framework by recognising the importance of superannuation coverage for entities involved in specific industry sectors.

Scope and Application

The Superannuation (PSS) Approved Authority Inclusion Declaration, amended by Statutory Rules 1996 No. 1741, pertains to the inclusion of additional entities within the approved authorities under the Superannuation Act 1990. This amendment extends the application of the Superannuation Act to the Sugar Research and Development Corporation, thereby ensuring that its superannuation arrangements comply with the regulatory standards set forth by the Act. This legislative instrument applies to entities such as the Sugar Research and Development Corporation, which are now recognised as approved authorities. The geographic reach of the Act is national, as it operates within the framework of the Commonwealth of Australia. This amendment does not explicitly state any exclusions, exemptions, or thresholds, and it effectively broadens the scope of entities subject to the Act’s provisions. The Act’s application may be further extended or restricted through subordinate instruments, which are not detailed in this particular legislative declaration but are part of the broader legislative framework governing superannuation in Australia.

Key Provisions

This legislative instrument amends the Superannuation (PSS) Approved Authority Inclusion Declaration under the Superannuation Act 1990. The key change is the inclusion of a new approved authority, the Sugar Research and Development Corporation, effective from 1 July 1996 (sections 1 and 3). The amendment is straightforward, inserting the name of the new corporation into the list of approved authorities for superannuation purposes. This means that the Sugar Research and Development Corporation is now recognised as an entity under the Superannuation Act 1990, potentially impacting its employees' superannuation arrangements. Under this amendment, the Sugar Research and Development Corporation is now subject to the same superannuation requirements as other approved authorities listed in the Superannuation (PSS) Approved Authority Inclusion Declaration. This inclusion imposes certain obligations on the corporation, such as compliance with superannuation laws and regulations, which include contributing to a superannuation fund on behalf of eligible employees and ensuring that these contributions are made in accordance with legislative requirements (section 3). The corporation must also maintain records and provide information as required by the Superannuation Act 1990. Failure to comply with the obligations imposed by the Superannuation Act 1990 and the Superannuation (PSS) Approved Authority Inclusion Declaration can result in significant legal consequences. The Act provides for both civil and criminal penalties. Civil penalties may include financial penalties and corrective measures, while criminal penalties can include fines and imprisonment for serious or repeated breaches. The exact penalties depend on the nature and severity of the breach, with maximum penalties set out in the Superannuation Act 1990. It is important for the Sugar Research and Development Corporation to adhere to these requirements to avoid these potential consequences.