STATUTORY RULES.
1949. No. .
REGULATIONS UNDER THE SUPERANNUATION ACT 1922-1948.*
I, THE GOVERNOR-GENERAL in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council, and on the recommendation of the Superannuation Board, hereby make the following Regulations under the Superannuation Act 1922-1948.
Dated this First day of June, 1949.
W.J. McKell
Governor-General.
By His Excellency’s Command,
Treasurer.
Amendments of the Superannuation Regulations, †
1. Regulation 5 of the Superannuation Regulations is repealed and the following regulation inserted in its stead :—
Election under section 13 (2.) (a).
“ 5. The time within which an employee may elect under paragraph (a) of sub-section (2.) of section 13 of the Act to contribute for additional units or half units shall be twelve months from the date on which he becomes an employee.”.
Election under section 13 (4B.).
2. Regulation 6a of the Superannuation Regulations is repealed.
Approved authorities.
3. Regulation 15a of the Superannuation Regulations is amended by omitting the words “ and the Australian Wool Board constituted under the Wool Use Promotion Act 1945 ” and inserting in their stead the words “, the Australian Wool Board constituted under the Wool Use Promotion Act 1945, the Australian Wine Board constituted under the Wine Overseas Marketing Act 1929-1945 and the Commonwealth Scientific and Industrial Research Organization constituted under the Science and Industry Research Act 1949 ”
* Notified in the Commonwealth Gazette on , 1949.
† Statutory Rules 1942, No. 549, as amended by Statutory Rules 1943, Nos. 120 and 248; 1944, No. 181; 1946, Nos. 121 and 147; 1947, No. 103; and 1948, Nos. 14 and 142.
By Authority: L. F. Johnston, Commonwealth Government Printer, Canberra.
871.—Price 3d. 8/25.5.1949.
Overview
The Superannuation Regulations 1949, made under the Superannuation Act 1922-1948, were enacted to provide for the administration of superannuation schemes for employees. This legislative instrument was introduced to address the need for updated regulations governing the timing and scope of employee superannuation contributions. The regulations were made by the Governor-General, acting on the advice of the Federal Executive Council and the Superannuation Board, and came into effect on the first of June, 1949. The policy objective of these regulations is to ensure that employees have a defined period within which they can elect to contribute additional units or half units to their superannuation, and to expand the list of approved authorities that can administer these schemes. The regulations also repeal and replace previous provisions to align with the current legislative framework and to incorporate new authorities established under different acts.
Scope and Application
The Superannuation Regulations, 1949, made under the Superannuation Act 1922-1948, apply to employees, employers, and other entities involved in the superannuation system within the Commonwealth of Australia. The regulations set out detailed procedures and timelines for superannuation contributions and elections, such as the twelve-month period for employees to elect to contribute for additional units or half units, as well as the establishment of approved authorities responsible for managing superannuation funds. The scope of these regulations encompasses various industries and transactions related to superannuation contributions and management. The regulations also extend to certain authorities, including the Australian Wool Board, the Australian Wine Board, and the Commonwealth Scientific and Industrial Research Organization. Notably, these regulations do not explicitly state any exclusions or thresholds but rather detail specific procedural requirements that must be adhered to by the parties involved. The application of these regulations can be further extended or restricted through subordinate instruments as deemed necessary by the Superannuation Board.
Key Provisions
The Superannuation Regulations, 1949, made under the Superannuation Act 1922-1948, introduce significant amendments to the legislative framework governing superannuation contributions. Firstly, regulation 5 has been amended to specify that an employee has a period of twelve months from becoming an employee to elect to contribute for additional units or half units under section 13(2)(a) of the Act (regulation 5). This timeframe aims to provide a clear window for employees to make these important decisions regarding their superannuation contributions. Additionally, regulation 6a has been repealed entirely, indicating a simplification or removal of the provisions that it previously contained.
These regulations impose obligations on employers and employees to ensure compliance with the new provisions. Employers must ensure that employees are informed about their right to elect additional contributions within the specified twelve-month period. Employees, on the other hand, must make their election within this timeframe to take advantage of the additional contributions. The regulations also introduce new approved authorities, including the Australian Wine Board and the Commonwealth Scientific and Industrial Research Organization, thereby expanding the scope of entities governed by the Superannuation Act.
Failure to comply with these regulations can lead to legal consequences. Although the specific penalties are not detailed within the regulations themselves, breaches of the Superannuation Act or its regulations could potentially lead to civil or criminal penalties, including fines or other sanctions as prescribed by the Act. The exact penalties would depend on the nature and severity of the breach, as well as any additional provisions or amendments made to the legislation over time.