Statutory Rules
1976 No. 133
REGULATION UNDER THE SUPERANNUATION ACT 1922-1976.*
WHEREAS it is provided by sub-section 22 (1) of the Superannuation Act 1922-1976 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:
NOW THEREFORE I, the Governor-General 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 1922-1976.
Dated this twenty-third day of June, 1976.
John R. Kerr
Governor-General.
By His Excellency’s Command,
Minister of State for Post and Telecommunications for and on behalf of the 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Regulation 6a of the Superannuation Regulations is repealed and the following regulation substituted:—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 $15,080.”.
* Notified in the Australian Government Gazette on 24 June 1976.
† 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, 101 and 180; 1974 Nos. 111, 150 and 266; 1975, Nos. 8, 79, 187 and 198; and 1976, No. 85.
Printed by Authority by the Government Printer of Australia
13555/76—Recommended retail price 10c 10/17.6.1976
Overview
Statutory Rules 1976 No. 133, under the Superannuation Act 1922-1976, was enacted to address the need for updated prescribed amounts specified for certain superannuation purposes. The Superannuation Act 1922-1976 was initially created to establish a comprehensive framework for the regulation of superannuation funds, and the 1976 amendment was designed to align the prescribed amounts with the contemporary salary variations among employees. The regulation was enacted by the Governor-General, acting on the advice of the Federal Executive Council, to ensure that the prescribed amounts reflect the current economic conditions. The policy objective was to maintain the relevance and fairness of superannuation contributions by adjusting the specified amounts to account for changes in salary rates.
Scope and Application
The Superannuation Regulations 1976, made under the Superannuation Act 1922-1976, primarily apply to entities and individuals involved in the regulation, administration, and operation of superannuation funds within Australia. These regulations are instrumental in defining specific parameters and thresholds for certain financial aspects related to superannuation, including the prescribed amount that is relevant for the purposes of sub-section 22(1) of the Act. The Act itself applies at the Commonwealth level, ensuring a uniform application across the entire nation. The regulations have been tailored to reflect recent variations in employee salary rates, which is crucial for maintaining the relevance and fairness of the superannuation system. While the primary focus is on superannuation entities, the implications and requirements under these regulations may also extend to employers and employees who are contributors to and beneficiaries of superannuation funds. The specified amount of $15,080, as stipulated in Regulation 6a, is pivotal in various calculations and assessments conducted under the Act, ensuring that superannuation contributions and benefits are aligned with the current economic conditions.
Key Provisions
The regulation, made under the Superannuation Act 1922-1976, specifically amends Regulation 6a to specify a prescribed amount for certain purposes. Regulation 6a now states that the amount specified for the purpose of sub-section 22(1) of the Act is $15,080. This regulation is significant as it sets a monetary threshold that may impact the calculation of superannuation contributions or benefits for certain individuals or groups.
The obligation imposed by this regulation is primarily on the administrators of superannuation funds and employers who must ensure compliance with the specified amount when calculating and contributing to superannuation funds. Employers need to be aware of this threshold to correctly determine the superannuation contributions they owe for their employees. Similarly, superannuation fund administrators must use this specified amount in their calculations to ensure that the correct benefits are being paid out in accordance with the law.
Failure to comply with the specified amount in Regulation 6a could potentially lead to legal consequences. Although the regulation itself does not explicitly detail the penalties for non-compliance, breaches of the Superannuation Act 1922-1976 or its regulations can result in civil or criminal penalties. For example, under the Act, penalties may include fines and, in severe cases, imprisonment. Employers may also face legal action from employees who are underpaid their superannuation entitlements, leading to further financial and reputational repercussions. Therefore, it is crucial for all parties involved to adhere strictly to the specified amount to avoid any legal issues.