Statutory Rules
1973 No. 180
REGULATION UNDER THE SUPERANNUATION ACT 1922-1973.*
WHEREAS it is provided by sub-section (1) of section 22 of the Superannuation Act 1922-1973 that for the purposes of Division 2 of Part III of that Act, the prescribed amount is such amount, being a multiple of One hundred and thirty dollars, as is specified in the regulations for the purpose of that sub-section:
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 1922-1973.
Dated this twentieth day of September, 1973.
PAUL HASLUCK
Governor-General.
By His Excellency’s Command,
FRANK CREAN
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Regulation 6a of the Superannuation Regulations is repealed and the following regulation substituted:—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 section 22 (1).
“6a. The amount specified for the purpose of sub-section (1) of section 22 of the Act is Eleven thousand and fifty dollars.”.
* Notified in the Australian Government Gazette on 20 September 1973.
† 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; and 1973, Nos. 78 and 101.
Overview
The Superannuation Act 1922-1973 was enacted to provide a comprehensive framework for superannuation arrangements in Australia, addressing the need for a structured and regulated system to ensure the financial security of retirees. This Act was developed in response to the gap in providing adequate retirement benefits and managing superannuation funds effectively. The Superannuation Regulations of 1973, made under the authority of the Act, aim to specify the prescribed amount for superannuation purposes, ensuring clarity and uniformity in the application of the Act. These regulations are issued by the Governor-General, acting on the advice of the Executive Council, and were designed to update and refine the existing superannuation framework to better meet the evolving needs of the Australian workforce.
Scope and Application
The Superannuation Regulations 1973, made under the Superannuation Act 1922-1973, specify certain financial thresholds that apply to superannuation arrangements in Australia. These regulations primarily apply to superannuation funds, trustees, and members, aiming to regulate the financial aspects of superannuation to ensure compliance with the Act. The regulations are of national scope, applying across the Commonwealth of Australia and are effective in all states and territories. The specified amount in the regulation, eleven thousand and fifty dollars, is a threshold figure relevant to certain provisions of the Superannuation Act, particularly under section 22(1). This regulation is a subordinate instrument that provides further detail and clarity to the primary legislation, effectively extending its application and ensuring specific financial parameters are met in the administration of superannuation funds.
Key Provisions
The legislative instrument F1997B02376 pertains to a regulation made under the Superannuation Act 1922-1973, and its primary focus is the amendment of the Superannuation Regulations. Specifically, Regulation 6a has been repealed and replaced with a new regulation specifying the prescribed amount under section 22(1) of the Act, which is now set at Eleven thousand and fifty dollars. This adjustment is crucial as it impacts the calculations and provisions within the superannuation framework, ensuring that the prescribed amount aligns with current financial and legislative requirements.
Under this regulation, the prescribed amount of Eleven thousand and fifty dollars becomes the benchmark for various calculations and entitlements under the Superannuation Act 1922-1973. This includes the calculation of benefits, the assessment of contributions, and the determination of various rights and obligations of the parties involved. The new amount replaces the previous figure, thereby ensuring that all calculations and entitlements are updated in accordance with the current regulatory framework.
The obligations imposed by this regulation are primarily on the entities and individuals who administer and manage superannuation funds. These include superannuation funds, trustees, employers, and members of the superannuation system. They must now comply with the updated prescribed amount when calculating benefits, assessing contributions, and determining entitlements. This compliance is essential to ensure that all calculations are accurate and that the rights of superannuation members are protected.
Failure to comply with the new prescribed amount specified in Regulation 6a may result in various consequences, including financial penalties and legal repercussions. The specific penalties are not detailed in the legislative instrument itself but may be found in the Superannuation Act 1922-1973 or subsequent regulations. For instance, trustees and administrators who fail to adhere to the updated prescribed amount may be subject to fines, legal action, or other penalties as stipulated by the Act. Additionally, individuals may face delays in receiving their entitlements or incorrect calculations of their benefits, leading to potential disputes and legal challenges.