Statutory Rules
1975 No. 198
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:
NOW THEREFORE I, the Governor-General of Australia, acting with the advice of the Executive Council, hereby make the following Regulation under the Superannuation Act 1922-1974.
Dated this twenty-third day of October, 1975.
John R. Kerr
Governor-General.
By His Excellency’s Command,
Minister of State for Tourism and Recreation 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Regulation 6a of the Superannuation Regulations is repealed and the following regulation substituted:—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 $14,040.”.
* Notified in the Australian Government on 30 October 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 and 150; and 1975, Nos. 8 and 79.
Printed by Authority by the Government Printer of Australia
16763/75—Recommended retail price 5c 10/30.9.1975
Overview
Statutory Rules 1975 No. 198 is a regulation made under the Superannuation Act 1922-1974 by the Governor-General of Australia, acting with the advice of the Executive Council. The regulation was introduced to address the need for periodic adjustments to prescribed amounts within the superannuation framework, specifically concerning the calculation of benefits based on salary rates. This regulatory update reflects the legislative intent to align the prescribed amount with general variations in the rates of salaries of employees, ensuring that the superannuation benefits remain relevant and reflective of current economic conditions. The policy objective is to maintain the integrity and effectiveness of the superannuation system by periodically updating the specified amount in accordance with changes in salary rates.
Scope and Application
The Superannuation Regulations 1975, made under the Superannuation Act 1922-1974, pertain to the regulation of superannuation benefits in Australia. These regulations are applicable to all superannuation funds and their trustees, irrespective of the geographic location within Australia, thereby ensuring a uniform application across the Commonwealth. The regulations specifically address the prescribed amount for the purpose of subsection 22(1) of the Act, which has been set at $14,040, reflecting adjustments for general variations in the rates of salaries of employees. This regulation does not specify exclusions or exemptions and applies to all relevant entities and transactions within the scope of the Superannuation Act. The regulations extend their application through subordinate instruments, ensuring that updates and amendments are incorporated as necessary to reflect changes in economic conditions and employee remuneration.
Key Provisions
This legislative instrument amends the Superannuation Regulations by repealing Regulation 6a and replacing it with a new regulation (paragraph 1). The new Regulation 6a specifies the amount to be applied under subsection 22(1) of the Superannuation Act 1922-1974, setting it at $14,040 (paragraph 2). The Governor-General made this regulation with the advice of the Executive Council, and it was notified in the Australian Government Gazette on 30 October 1975.
The obligations and requirements imposed by this regulation primarily concern the calculation and application of the specified amount within the context of the Superannuation Act 1922-1974. Specifically, any entities or individuals who must refer to the amount specified under subsection 22(1) of the Act will now use the new figure of $14,040 instead of the previously applicable amount. This change is intended to ensure that the calculations remain current with economic conditions and salary variations, as required by subsection 22(2) of the Act.
There are no explicit offences, penalties, or consequences for breach stated within the text of this regulation. However, any non-compliance with the updated specified amount could potentially lead to errors in the calculation of superannuation benefits or contributions, which could have legal and financial repercussions under the broader framework of the Superannuation Act 1922-1974. The Act itself may contain provisions for penalties or other consequences for incorrect calculations or non-compliance, which would be applicable in such cases.