Superannuation Regulations (Amendment)

Overview

The Superannuation Regulations 1968 were enacted under the authority of the Superannuation Act 1922-1968, which aimed to provide a comprehensive legislative framework governing superannuation funds in Australia. This particular statutory rule was introduced to address the need for periodic adjustments to the prescribed amount specified in the Act, ensuring that it reflects general variations in employee salaries. The regulation was enacted by the Governor-General in Council, having regard to the amendments necessitated by changes in salary rates. The primary objective of this regulation was to update the specified amount to six thousand six hundred and thirty dollars, replacing the previous amount in Regulation 6a to better align with the economic conditions of the time.

Scope and Application

The Statutory Rules 1968 No. 135, made under the Superannuation Act 1922-1968, amend the Superannuation Regulations to revise the specified amount for certain purposes under section 22 of the Act. This regulation applies to the Commonwealth and affects entities and individuals participating in superannuation arrangements within Australia. The regulation updates the prescribed amount from Five thousand four hundred and sixty dollars to Six thousand six hundred and thirty dollars, reflecting general variations in the rates of salaries of employees. The revised amount is designed to ensure that superannuation contributions and benefits remain aligned with current economic conditions and wage levels. Subordinate instruments may further extend or specify the application of these regulations, ensuring the adaptability and relevance of superannuation provisions.

Key Provisions

The main operative section of this Statutory Rule (1968 No. 135) is section 6a, which specifies an amount for the purposes of paragraph (c) of sub-section (1.) of section 22 of the Superannuation Act 1922-1968. This section sets the prescribed amount at Six thousand six hundred and thirty dollars, replacing the previous amount specified in Regulation 6a of the Superannuation Regulations. This new amount is intended to reflect recent general variations in the rates of salaries of employees. The Act imposes certain obligations and requirements on the parties governed by it. Firstly, it requires that the Governor-General, with advice from the Federal Executive Council, consider general variations in the rates of salaries of employees when making regulations under the Act. This is evident from the legislative context provided in the preamble of the Statutory Rule, where it states that the Governor-General has regard to such variations. Secondly, it mandates that any regulations made under the Act be notified in the Commonwealth Gazette, ensuring transparency and public awareness of the changes. There are no explicit offences, penalties, or civil/criminal consequences mentioned in the Statutory Rule itself. However, any breach of the Superannuation Act 1922-1968, which this regulation is designed to support, could potentially lead to legal consequences under the Act. These may include fines, imprisonment, or other penalties as specified by the Act. The exact penalties would depend on the nature and severity of the breach, as well as any subsequent legal proceedings.