Superannuation Regulations 1942 (Amendment)

Overview

Statutory Rules 1944 No. 181, made under the Superannuation Act 1922-1943, addresses amendments to the Superannuation Regulations to include additional approved authorities. Enacted by the Administrator of the Government of the Commonwealth of Australia, with advice from the Federal Executive Council and on the recommendation of the Superannuation Board, this legislative instrument aims to expand the list of authorities eligible for superannuation benefits. The objective is to align the regulatory framework with the evolving structure of approved authorities, ensuring that relevant entities are recognised and incorporated within the superannuation scheme. The inclusion of the Australian Dairy Produce Board, alongside the Australian Canned Fruits Board, reflects a policy objective to support and stabilise the export control sectors during the specified period.

Scope and Application

This statutory rule, made under the Superannuation Act 1922-1943, amends the Superannuation Regulations by including the Australian Dairy Produce Board, constituted under the Dairy Produce Export Control Act 1924-1942, alongside the Australian Canned Fruits Board as approved authorities. This amendment extends the scope of the regulation to include the oversight and administration of superannuation matters relating to the Australian Dairy Produce Board, thereby ensuring that their employees are covered under the same superannuation provisions as those under the Australian Canned Fruits Board. The application of these regulations is limited to the approved authorities as specified within the legislative framework, and it does not extend beyond the scope of the Superannuation Act 1922-1943 or its subordinate regulations. This amendment does not introduce new exclusions, exemptions, or thresholds but rather integrates the Australian Dairy Produce Board within the existing regulatory structure for superannuation oversight.

Key Provisions

The legislative instrument, Statutory Rules 1944 No. 181, amends the Superannuation Regulations by adding the Australian Dairy Produce Board as an approved authority under the Superannuation Act 1922-1943. Regulation 15a of the Superannuation Regulations is specifically amended by omitting the previous reference to the Australian Canned Fruits Board and inserting both the Australian Canned Fruits Board and the Australian Dairy Produce Board (Regulation 1). This alteration broadens the scope of entities that can be considered approved authorities under the Act. The inclusion of the Australian Dairy Produce Board as an approved authority imposes certain obligations on the Board. These obligations may include compliance with the requirements set forth in the Superannuation Act and any additional regulations or guidelines issued by the relevant authorities. The Board must ensure that it operates within the legal framework provided by the Act and any subsidiary legislation, ensuring the proper administration of superannuation funds and benefits. Breaches of the obligations imposed by the Superannuation Act 1922-1943 can lead to various consequences, including civil and criminal penalties. The specific penalties depend on the nature and severity of the breach. For instance, failure to comply with the Act may result in fines, imprisonment, or both. The exact penalties are not specified in the legislative instrument but would be detailed in the Act itself or in further subsidiary legislation. It is important for the Australian Dairy Produce Board, and other approved authorities, to adhere strictly to the requirements to avoid these penalties.