Superannuation Regulations (Amendment)

Overview

The Superannuation Regulations of 1967, under the Superannuation Act 1922-1966, were enacted to address the need for an updated prescribed amount for superannuation benefits, aligning with variations in employee salary rates. This legislative instrument was created by the Governor-General in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council. The primary policy objective was to ensure that the prescribed amount for superannuation benefits accurately reflected current economic conditions and salary trends, thereby maintaining the integrity and effectiveness of the superannuation system. The regulations specify an updated amount of Six thousand five hundred dollars, replacing the previous amount, to cater to the general variations in the rates of salaries of employees that have occurred.

Scope and Application

The Superannuation Regulations 1967, issued under the Superannuation Act 1922-1966, establish a specific financial threshold for certain provisions of the Act. These regulations apply to the Commonwealth of Australia, thereby affecting entities and individuals engaged in transactions governed by the Act within the federal jurisdiction. The regulations particularly pertain to the prescribed amount specified in section 22(1)(c) of the Act, which is now set at six thousand five hundred dollars, replacing the previous amount of five thousand four hundred and sixty dollars. This adjustment reflects the need to account for general variations in employee salary rates, ensuring the threshold remains relevant to the economic context. The regulations do not explicitly detail any exclusions or exemptions, but their application is contingent on the provisions of the overarching Superannuation Act. The Act's application can be further refined or extended through additional subordinate instruments, which may provide further clarification or detail regarding the scope and implementation of these regulations.

Key Provisions

The key provision of this Statutory Rule (Statutory Rules 1967 No. ————) is the amendment of Regulation 6a under the Superannuation Regulations, which specifies the amount for the purposes of section 22(1)(c) of the Superannuation Act 1922-1966 (the Act) (section 1). Regulation 6a is repealed and replaced with a new regulation, which states that the specified amount is now Six thousand five hundred dollars (section 2). This regulation is made under the authority granted by section 22 of the Act and is effective from the date of notification in the Commonwealth Gazette on 1966. This Statutory Rule imposes an obligation on the parties governed by the Act to adhere to the newly specified amount as outlined in Regulation 6a. This regulation is part of the Superannuation Regulations and is designed to ensure that the prescribed amount for the purposes of section 22(1)(c) of the Act is kept up to date with general variations in the rates of salaries of employees. The Governor-General, acting with the advice of the Federal Executive Council, has made this regulation to reflect the changes in salary rates and to ensure the Act remains relevant and effective. Failure to comply with the regulations specified in the Act and this Statutory Rule could potentially lead to civil or criminal consequences. However, the Act itself does not explicitly detail the offences, penalties, or consequences for non-compliance in this context. It is likely that any breaches of the Superannuation Act or the regulations made under it could be subject to enforcement actions, including fines or other penalties, as provided for by the relevant provisions of the Act or other applicable legislation. The specific penalties for non-compliance would need to be determined based on the particular circumstances of the breach and any relevant case law or regulations.