Superannuation (PSS) Approved Authority Inclusion Declaration (Amendment)
1996 No. 94
EXPLANATORY STATEMENT
STATUTORY RULES 1996 No. 94
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 1990 Act) makes provision for and in relation to an occupational superannuation scheme, known as the Public Sector Superannuation Scheme (the PSS), for Commonwealth employees and 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 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.
The Sydney Symphony Orchestra Holdings Pty Limited (the SSO) is a body approved by the Minister for Communications and the Arts under subsection 25A(3) of the Australian Broadcasting Corporation Act 1983 to carry on a business for the purposes of providing a full-time orchestra for Sydney.
The SSO is a body of a kind described in the definition of approved authority in section 3 of the 1990 Act. It is appropriate that the SSO be declared to be an approved authority for the purposes of the 1990 Act to enable employees to remain or become members of the PSS scheme.
The declaration contained in the Statutory Rule, and cited as "Superannuation (PSS) Approved Authority Inclusion Declaration (Amendment)" amends the Principal Declaration by inserting the Sydney Symphony Orchestra Holdings Pty Limited in the list of bodies declared to be approved authorities for the purposes of the 1990 Act.
The Declaration commenced on 1 March 1996.
Overview
The Superannuation (PSS) Approved Authority Inclusion Declaration (Amendment) 1996 No. 94 was enacted to amend the Superannuation Act 1990. This amendment was introduced to address the need for including the Sydney Symphony Orchestra Holdings Pty Limited as an approved authority under the Public Sector Superannuation Scheme (PSS), thereby allowing its employees to be eligible for the scheme. The Superannuation Act 1990, administered by the Australian Parliament, establishes the PSS for Commonwealth employees and others. The policy objective of this amendment is to expand the scope of the PSS to encompass additional entities, thereby ensuring a broader range of employees can participate in the occupational superannuation scheme. The amendment was issued by the Minister for Finance under the authority granted by the Acts Interpretation Act 1901 and the Statutory Rules Publication Act 1903.
Scope and Application
The Superannuation (PSS) Approved Authority Inclusion Declaration (Amendment) 1996 No. 94 is a statutory rule that amends the Superannuation (PSS) Approved Authority Inclusion Declaration under the Superannuation Act 1990, which governs the Public Sector Superannuation Scheme (PSS) for Commonwealth employees and other eligible persons. This particular amendment pertains to the inclusion of the Sydney Symphony Orchestra Holdings Pty Limited as an approved authority. This amendment ensures that employees of the SSO are eligible to contribute to and remain members of the PSS, thereby extending the scheme's reach to cover this specific entity. The amendment, which is a disallowable instrument, took effect on 1 March 1996, aligning with the legislative framework that allows such declarations to be effective from a date not earlier than 12 months prior to their issuance.
Key Provisions
The main operative sections of this legislation, specifically the "Superannuation (PSS) Approved Authority Inclusion Declaration (Amendment) 1996 No. 94," relate to the amendment of the Superannuation (PSS) Approved Authority Inclusion Declaration under section 3 of the Superannuation Act 1990. This amendment adds the Sydney Symphony Orchestra Holdings Pty Limited (SSO) to the list of approved authorities for the purposes of the Public Sector Superannuation Scheme (PSS) (sections 3, 25A(3), and 45 of the 1990 Act). This inclusion allows employees of the SSO to be eligible to contribute to the PSS, thereby remaining or becoming members of the scheme. The amendment, as a disallowable instrument and Statutory Rule, was made under the authority of the Minister for Finance and commenced on 1 March 1996.
The obligations imposed by this legislation on the parties or entities it governs primarily involve the declaration and recognition of the SSO as an approved authority. This means that the SSO is now subject to the requirements and provisions of the Superannuation Act 1990 as if it were any other approved authority under the Act. This includes ensuring compliance with the PSS scheme rules and regulations, which may involve administrative duties related to superannuation contributions, record-keeping, and reporting to the relevant authorities.
There are no explicit offences or penalties mentioned in the text regarding breaches of this legislation. However, any breach of the Superannuation Act 1990 or its associated rules and regulations could potentially lead to civil or criminal consequences. These may include fines, penalties, or other legal actions depending on the severity and nature of the breach. The maximum penalties for breaches of superannuation laws can vary, but they can include significant fines for both individuals and corporate entities, as well as potential imprisonment in cases of serious misconduct. The specific penalties would be determined in the context of the broader legislative framework and any relevant case law.