Superannuation (PSS) Approved Authority Inclusion Declaration (Amendment) 1998 No. 93
EXPLANATORY STATEMENT
STATUTORY RULES 1998 No. 93
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.
West Australian Symphony Orchestra Holdings Pty Ltd is a wholly owned subsidiary of the ABC which was established under Corporations Law on 8 January 1998, 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 Declaration (Amendment)" amends the Principal Declaration by including West Australian Symphony Orchestra Holdings Pty Ltd 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 8 January 1998.
Overview
The Superannuation (PSS) Approved Authority Inclusion Declaration (Amendment) 1998 No. 93 amends the Superannuation Act 1990 to address a gap in the scope of the Public Sector Superannuation Scheme (PSS) by expanding the definition of an "approved authority". The Superannuation Act 1990 provides for the PSS, which includes contributions from Commonwealth employees and certain other persons, including those employed by an "approved authority". This legislation was enacted to clarify the inclusion of West Australian Symphony Orchestra Holdings Pty Ltd, a wholly owned subsidiary of the Australian Broadcasting Corporation, as an approved authority under the 1990 Act. This amendment was issued by the Minister for Finance and Administration, pursuant to the authority of the Parliament, with the policy objective of ensuring that employees of West Australian Symphony Orchestra Holdings Pty Ltd can remain in, or commence, membership of the PSS.
Scope and Application
The Superannuation (PSS) Approved Authority Inclusion Declaration (Amendment) 1998 No. 93 applies to the Superannuation Act 1990, which governs the Public Sector Superannuation Scheme (PSS) for Commonwealth employees and other eligible persons. Specifically, the Act pertains to entities declared as "approved authorities" for the purposes of the PSS, enabling their employees to be part of the scheme. The amendment to the Superannuation (PSS) Approved Authority Inclusion Declaration adds West Australian Symphony Orchestra Holdings Pty Ltd, a wholly owned subsidiary of the Australian Broadcasting Corporation established under the Corporations Law, to the list of approved authorities. This amendment allows employees of this entity to either join or continue their membership in the PSS. The geographic reach of this Act is national, as it involves the Commonwealth of Australia and its regulations over entities operating within its jurisdiction. The amendment, being a statutory rule, took effect on 8 January 1998, and the Act allows for the inclusion of other entities as approved authorities through similar declarations.
Key Provisions
The Superannuation (PSS) Approved Authority Inclusion Declaration (Amendment) 1998 No. 93 (the Amendment) amends the Superannuation (PSS) Approved Authority Inclusion Declaration (the Principal Declaration) by including West Australian Symphony Orchestra Holdings Pty Ltd as an approved authority for the purposes of the Superannuation Act 1990 (the 1990 Act). The principal sections of the Amendment (sections 3 and 4) effectively declare that West Australian Symphony Orchestra Holdings Pty Ltd is an approved authority. This inclusion allows employees of this company to contribute to and benefit from the Public Sector Superannuation Scheme (PSS), as defined in the 1990 Act.
The Amendment imposes obligations on West Australian Symphony Orchestra Holdings Pty Ltd to comply with the provisions of the 1990 Act concerning the PSS. This includes ensuring that its employees are eligible to contribute to the PSS and that the company adheres to the requirements for maintaining PSS membership. The Amendment also obligates the company to report any changes in its status that may affect its eligibility as an approved authority, ensuring continuous compliance with the statutory framework.
Breaches of the requirements imposed by the Amendment may result in various consequences. Under the 1990 Act, failure to comply with the PSS provisions could lead to financial penalties. Additionally, if West Australian Symphony Orchestra Holdings Pty Ltd fails to maintain its status as an approved authority, it may lose the eligibility of its employees to be members of the PSS, which could have significant financial implications for both the company and its employees. The exact penalties for non-compliance are not specified in the Amendment but would be in accordance with the 1990 Act, which may include fines and other civil or administrative actions.