STATUTORY RULES.
1955. No. 60.
REGULATIONS UNDER THE SUPERANNUATION ACT 1922-1955.*
I, THE GOVERNOR-GENERAL in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council, and on the recommendation of the Superannuation Board, hereby make the following Regulations under the Superannuation Act 1922-1955.
Dated this sixth day of September, 1955.
W. J. Slim
Governor-General.
By His Excellency’s Command,
(Sgd.) A. W. FADDEN
Treasurer.
Amendments of the Superannuation Regulations.†
1. Regulation 5 of the Superannuation Regulations is repealed and the following regulation inserted in its stead:—
Manner of ascertaining annual salary for purposes of section 13.
“5.—(1.) For the purposes of section 13 of the Act, the annual salary of an employee or contributor whose remuneration is at a rate other than an annual rate of salary shall be fifty-two times the weekly rate of remuneration of the employee or contributor.
“(2.) In ascertaining the annual salary of an employee or contributor to whom the last preceding sub-regulation applies—
(a) if the employee or contributor is not receiving remuneration at the maximum rate applicable to his office or position, he shall, subject to the next succeeding paragraph, be deemed to be receiving remuneration at that maximum rate; and
(b) if the employee or contributor has not attained the age of twenty-one years and occupies an office or position in respect of which the remuneration varies according to the age of the occupant, the last preceding paragraph does not apply, but, in the case of such an employee or contributor who has not attained the age of twenty years, he shall be deemed to be receiving remuneration at the rate which would be applicable to him if he had attained the age of twenty years.”.
* Notified in the Commonwealth Gazette on , 1955.
† Statutory Rules 1952, No. 20, as amended by Statutory Rules 1953, No. 52; and 1954, Nos. 87 and 125.
3882/55.—Price 3d. 10/28.7.1955.
Prescribed times for the purposes of section 13 (4.) (c).
2. Regulation 6 of the Superannuation Regulations is amended by omitting from sub-regulation (1.) all the words from and including the words “payment of salary” and inserting in their stead the words “the salary of the contributor is increased, or twelve months after the date as from which the salary of the contributor is increased, whichever date is the later.”.
Prescribed times for the purposes of section 16b.
3. Regulation 7 of the Superannuation Regulations is amended by omitting sub-regulation (3.).
Printed for the Government of the Commonwealth by A. J. Arthur at the Government Printing Office, Canberra.
Overview
Statutory Rules 1955 No. 60, made under the Superannuation Act 1922-1955, was enacted to amend the Superannuation Regulations. The regulations address issues related to the calculation of annual salaries and prescribed times for specific purposes within the superannuation framework. This legislative instrument was introduced by the Commonwealth of Australia, with the Governor-General in Council acting on the advice of the Superannuation Board. The primary objective of these regulations is to provide clarity and consistency in the computation of annual salaries for superannuation contributions and to specify certain prescribed times that are relevant to the operation of the superannuation system. These amendments aim to ensure that the regulations remain aligned with the evolving needs of the superannuation system, thereby facilitating smoother and more accurate administration of superannuation benefits.
Scope and Application
The Superannuation Regulations 1955, made under the Superannuation Act 1922-1955, govern the application of superannuation provisions for employees and contributors within the Commonwealth of Australia. These regulations apply to any individual or entity subject to the Act, including employees and employers, with a focus on the calculation of annual salaries for superannuation contributions. The regulations provide specific rules for determining the annual salary of employees whose remuneration is not paid on an annual basis, requiring that their weekly rate of remuneration be multiplied by fifty-two. Additionally, the regulations address scenarios where the employee's remuneration varies by age, adjusting the calculation to reflect the maximum rate or the rate applicable if the employee had attained a certain age. The regulations also modify the timing for when certain salary increases are considered for superannuation purposes, affecting the prescribed times for contributions. This regulatory framework extends nationally across Australia, with potential for further modifications through subordinate instruments, ensuring compliance with the overarching objectives of the Superannuation Act.
Key Provisions
The key provisions of these regulations revolve around the calculation of an employee's annual salary for superannuation purposes. According to regulation 5(1), if an employee's salary is not paid on an annual basis, it is instead calculated as fifty-two times their weekly rate of pay. This calculation method is specified in section 13 of the Superannuation Act 1922-1955. Additionally, regulation 5(2) provides that if an employee is not receiving the maximum rate of pay for their position, they are deemed to be receiving it for the purpose of calculating their annual salary, unless they are under the age of twenty-one and their pay varies according to age, in which case they are deemed to be earning the rate applicable to someone aged twenty.
The regulations impose certain obligations on employers and employees regarding the calculation and reporting of salaries for superannuation purposes. Employers are required to ensure that the salary used for superannuation calculations is accurately determined as per the provisions of regulation 5. Employees, on the other hand, need to ensure that their remuneration is correctly reported to their employers for these calculations. Furthermore, regulation 6 stipulates that when an employee's salary increases, the prescribed time for the next superannuation payment is either when the salary is increased or twelve months after the increase, whichever is later.
Breach of these regulations could lead to various consequences, though specific offences, penalties, or consequences are not detailed in the text provided. Generally, under the Superannuation Act 1922-1955, non-compliance with superannuation obligations can result in penalties, including fines and legal action. The maximum penalties could vary depending on the nature and severity of the breach, but they could include substantial financial penalties and potential criminal charges for willful or repeated non-compliance. Employers and employees must adhere to these regulations to avoid such consequences and ensure compliance with superannuation laws.