Statutory Rules
1975 No. 79
REGULATION UNDER THE SUPERANNUATION ACT 1922-1974.*
WHEREAS it is provided by sub-section 22 (1) of the Superannuation Act 1922-1974 that, for the purposes of Division 2 of Part III of that Act, the prescribed amount is such amount, being a multiple of $130, as is specified in the regulations for the purpose of that sub-section:
AND WHEREAS by sub-section 22 (2) of that Act it is provided, amongst other things, that, in making a regulation for the purpose of sub-section 22 (1) of that Act, the Governor-General shall have regard to any general variations in the rates of salaries of employees that have occurred:
AND WHEREAS, by reason of section 16a of the Acts Interpretation Act 1901-1973, a reference in an Act to the Governor-General is, unless the contrary intention appears, to be deemed to include the person for the time being administering the Government of Australia and is, unless the contrary intention appears, to be read as referring to that person acting with the advice of the Executive Council:
NOW THEREFORE I, the Administrator of the Government of Australia, acting with the advice of the Executive Council, hereby make the following Regulation under the Superannuation Act 1922-1974.
Dated this fifteenth day of May, 1975.
A. R. CUTLER
Administrator.
By His Excellency’s Command,
J. F. CAIRNS
Treasurer.
————
Amendment of the Superannuation Regulations†
Regulation 6a of the Superannuation Regulations is repealed and the following regulation substituted:—
Amount specified for the purpose of sub-section 22(1).
“ 6a. The amount specified for the purpose of sub-section 22 (1) of the Act is $13,520.”.
* Notified in the Australian Government Gazette on 15 May 1975.
† Statutory Rules 1960, No. 68, as amended by Statutory Rules 1962, No. 14; 1963, Nos. 51 and 118; 1964, No. 73; 1965, Nos. 5, 156 and 182; 1966, Nos. 38, 67, 96 and 113; 1967, Nos. 15, 23, 83 and 147; 1968, Nos. 48, 71 and 135; 1969, Nos. 105 and 204; 1970, Nos. 4, 112, 173 and 211; 1971, Nos. 5 and 115; 1972, Nos. 73 and 120; 1973, Nos. 78 and 101; 1974, Nos. 111, 150 and 266; and 1975, No. 8.
Overview
The Superannuation Act 1922-1974 was enacted to provide a framework for the management and regulation of superannuation funds in Australia. The legislation aimed to address the need for a structured approach to retirement savings and benefits, ensuring that employees receive adequate superannuation payments upon retirement. The Superannuation Regulations 1975, made under the authority of the Superannuation Act, further refine the implementation of the Act by specifying certain amounts and conditions related to superannuation benefits. The policy objective of these regulations is to align the prescribed amounts with current economic conditions, specifically taking into account variations in employee salary rates. These regulations were introduced by the Administrator of the Government of Australia, acting with the advice of the Executive Council, and were notified in the Australian Government Gazette on 15 May 1975.
Scope and Application
The Superannuation Regulations 1975, made under the Superannuation Act 1922-1974, specify a prescribed amount for the purposes of sub-section 22(1) of the Act, setting it at $13,520. This regulation applies to entities and persons involved in superannuation arrangements within Australia, particularly those that are subject to the provisions of the Superannuation Act 1922-1974. The scope of the regulation extends to all Commonwealth, state, and territory jurisdictions where the Act applies, thereby ensuring a uniform application across the nation. These regulations do not explicitly state any exclusions or exemptions, but their application is contingent upon the broader provisions of the Act itself. Additionally, the Act allows for the amendment of these regulations through subordinate instruments, thereby enabling the prescribed amount to be updated in response to changes in economic conditions and salary rates.
Key Provisions
This legislative instrument, Statutory Rules 1975 No. 79, is a regulation made under the Superannuation Act 1922-1974. The primary operative section is regulation 6a, which specifies the prescribed amount for the purposes of sub-section 22(1) of the Act. This amount has been set at $13,520. This regulation replaces the previous regulation and is intended to reflect any variations in the rates of salaries of employees, as mentioned in sub-section 22(2) of the Act. The regulation is made by the Administrator of the Government of Australia, acting with the advice of the Executive Council.
The obligations imposed by this regulation primarily concern the accurate specification of the prescribed amount for superannuation purposes. The regulation requires that this amount be adhered to in any calculations or applications under the Superannuation Act 1922-1974. This includes ensuring that all superannuation contributions, benefits, and other related calculations are based on the correct prescribed amount, which is now $13,520. This ensures consistency and fairness in the application of the Act across different cases and circumstances.
Regarding the consequences of non-compliance, the regulation itself does not explicitly outline offences, penalties, or consequences for breach. However, under the broader framework of the Superannuation Act 1922-1974, failure to adhere to the prescribed amount or any other requirements could potentially lead to legal consequences. These may include fines, penalties, or other corrective actions as prescribed by the Act. The specific penalties would depend on the nature and severity of the breach, as well as other relevant provisions within the Act. It is essential for parties governed by the Act to ensure compliance to avoid any potential legal repercussions.