STATUTORY RULES.
1964. No. 73.
REGULATION UNDER THE SUPERANNUATION ACT 1922-1963.*
WHEREAS it is provided by sub-section (3a.) of section twenty of the Superannuation Act 1922-1963 that, for the purposes of sub-sections (2.) and (3.) of that section, the prescribed amount is Two thousand six hundred pounds or such other amount, being a multiple of Sixty-five pounds, as is specified in the regulations for the purpose of sub-section (3a.) of that section:
And whereas it is provided by sub-section (3b.) of that section that, in making a regulation for the purpose of sub-section (3a.) of that section, the Governor-General shall have regard to any general variations in the rates of salaries of employees that have occurred:
And whereas it is provided by section sixteen a of the Acts Interpretation Act 1901-1963 that where, in an Act, the Governor-General is referred, to, the reference shall, unless the contrary intention appears, be deemed to include the person for the time being administering the Government of the Commonwealth and shall, unless the contrary intention appears, be read as referring to a person so deemed to be included in the reference acting with the advice of the Federal Executive Council:
Now therefore I, the Administrator of the Government of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, and having regard to general variations in the rates of salaries of employees that have occurred, hereby make the following Regulation under the Superannuation Act 1922-1963.
Dated this nineteenth day of June, 1964.
W. WOODWARD
Administrator.
By His Excellency’s Command.
Treasurer.
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AMENDMENT OF THE SUPERANNUATION REGULATIONS.†
After regulation 6 of the Superannuation Regulations the following regulation is inserted:—
Amount specified for purpose of section 20 (3A.).
“6A. The amount of Two thousand six hundred and sixty-five pounds is specified for the purpose of sub-section (3A.) of section 20 of the Act.”.
* Notified in the Commonwealth Gazette on 25th June, 1964.
† Statutory Rules 1960, No. 68, as amended by Statutory Rules 1962, No. 14; and 1963, Nos. 51 and 118.
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By Authority: A. J. ARTHUR, Commonwealth Government Printer, Canberra.
7232/64.—PRICE 6D. 9/11.6.1964.
Overview
The Superannuation Regulations 1964, made under the Superannuation Act 1922-1963, address the need to update the prescribed amount referenced in section 20(3A) of the Act to reflect changes in the rates of salaries of employees. Enacted by the Administrator of the Government of the Commonwealth of Australia with the advice of the Federal Executive Council, these regulations specify the new amount to be used in calculating superannuation benefits, taking into account general variations in employee salaries. This adjustment aims to ensure that superannuation provisions remain relevant and equitable in light of economic changes. The Regulations were notified in the Commonwealth Gazette on 25th June, 1964, and serve to maintain the integrity and fairness of the superannuation system as originally intended by the Superannuation Act.
Scope and Application
This legislative instrument pertains to the Superannuation Regulations under the Superannuation Act 1922-1963, establishing the prescribed amount of superannuation benefits for the purposes outlined in section 20(3A) of the Act. The regulation applies to entities and individuals subject to the Act, particularly those involved in the administration and operation of superannuation funds. Its jurisdiction is national, as it is issued under the authority of the Commonwealth of Australia, with the Administrator acting on advice from the Federal Executive Council. The regulation specifies the amount of Two thousand six hundred and sixty-five pounds, which is to be used for the calculation of superannuation benefits. This amount is determined with consideration of general variations in the rates of employees' salaries, ensuring that the prescribed amount remains relevant and reflective of current economic conditions. This regulation extends the application of the Act by setting a specific monetary threshold, thereby affecting the calculation and disbursement of superannuation benefits across the nation.
Key Provisions
The main operative section of this Statutory Rule, which amends the Superannuation Regulations, is regulation 6A (subsection (3A) of section 20 of the Act). This regulation specifies the amount of Two thousand six hundred and sixty-five pounds for the purposes of subsection (3A) of section 20 of the Superannuation Act 1922-1963. This regulation was made with the intention of adjusting the prescribed amount in accordance with the general variations in the rates of salaries of employees, as required by subsection (3b) of section twenty of the Act. The amount specified in this regulation replaces the previous amount of Two thousand six hundred pounds.
The Act imposes several obligations on the parties and entities it governs. Firstly, the regulation mandates that the prescribed amount be updated to reflect the variations in employee salary rates. This ensures that the superannuation calculations remain relevant and fair. Secondly, it requires the Governor-General, acting with the advice of the Federal Executive Council, to consider these variations when making regulations. This process ensures that the changes are made with due consideration and are in line with the economic conditions affecting employee remuneration. Thirdly, the Act requires the new regulation to be inserted after regulation 6 of the Superannuation Regulations, thereby maintaining the structured and sequential nature of the regulatory framework.
There are no specific offences, penalties, or consequences mentioned in this Statutory Rule for breaches of the regulations. However, non-compliance with the updated regulation could potentially lead to inaccuracies in superannuation calculations, which could have legal and financial implications for the entities involved. The maximum penalties for such breaches would depend on the specific circumstances and any applicable laws or regulations outside of this document. It is important for entities governed by the Superannuation Act to adhere to the updated regulations to avoid any potential legal issues or financial penalties.