STATUTORY RULES
1973 No. 101
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REGULATION UNDER THE SUPERANNUATION ACT 1922-1971.*
WHEREAS it is provided by sub-section (1) of section 22 of the Superannuation Act 1922-1971 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:
AND WHEREAS by sub-section (2) of that section it is provided, amongst other things, that in making a regulation for the purpose of sub-section (1) of that section, 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 in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council and having regard to general variations in the rates of salaries of employees that have occurred, hereby make the following Regulation under the Superannuation Act 1922-1971.
Dated this thirty-first day of May, 1973.
Paul Hasluck
Governor-General.
By His Excellency’s Command,
Treasurer.
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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Regulation 6a of the Superannuation Regulations is repealed and the following regulation substituted:—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 Nine thousand eight hundred and eighty dollars.”.
* Notified in the Commonwealth Gazette on , 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, No. 78.
Printed by Authority by the Government Printer of Australia
13985/73—Price 5c 10/10.5.1973
Overview
The Superannuation Act 1922-1971 was enacted to provide for the establishment and management of superannuation funds for employees in Australia. This legislation was introduced to address the need for a structured system to manage retirement savings, ensuring that employees could benefit from a reliable source of income during their retirement years. The Act was enacted by the Australian Parliament, reflecting a policy objective to promote financial security for retirees. In 1973, the Superannuation Regulations were amended to update the prescribed amount specified in section 22(1) of the Act, reflecting changes in salary rates and economic conditions. This legislative instrument, Statutory Rules 1973 No. 101, was made under the authority of the Superannuation Act 1922-1971, with the Governor-General acting on the advice of the Federal Executive Council and considering general variations in employee salaries.
Scope and Application
This Statutory Rule pertains to the Superannuation Act 1922-1971, specifically amending the Superannuation Regulations to alter the prescribed amount stipulated for the purposes of section 22(1) of the Act. The regulation applies to entities and individuals subject to the Superannuation Act, which governs the compulsory superannuation contributions for employees in Australia. This Act is of national jurisdiction, meaning it applies across the Commonwealth of Australia. The regulation amends the amount specified for the purpose of calculating the prescribed amount, which is a multiple of One hundred and thirty dollars, to Nine thousand eight hundred and eighty dollars. The Governor-General, acting with the advice of the Federal Executive Council and considering general variations in the rates of salaries of employees, has made this regulation to ensure the prescribed amount remains relevant and reflective of current economic conditions. There are no exclusions or exemptions specified in this particular regulation, and it directly modifies the Superannuation Regulations without introducing new subordinate instruments.
Key Provisions
The statutory regulation under the Superannuation Act 1922-1971, as outlined in Statutory Rules 1973 No. 101, primarily amends Regulation 6a to specify a new amount for the purpose of section 22(1) of the Act. Specifically, Regulation 6a now states that the amount specified for the purpose of sub-section (1) of section 22 is Nine thousand eight hundred and eighty dollars (s. 6a). This regulation is a direct response to variations in the rates of salaries of employees, ensuring that the prescribed amount remains aligned with current economic conditions.
Under this Act, the entities or parties governed are required to comply with the newly specified amount as outlined in the regulation. This means that for the purposes of calculating contributions or benefits under Division 2 of Part III of the Superannuation Act 1922-1971, the amount of Nine thousand eight hundred and eighty dollars must be used. Employers and superannuation funds must ensure their calculations and reporting adhere to this updated amount to maintain compliance with the legislation.
Failure to comply with the provisions of this Act and its regulations could lead to various consequences. While the regulation does not explicitly outline offences or penalties, non-compliance with superannuation laws generally can result in significant civil or criminal penalties under the broader Superannuation Act 1922-1971. Penalties for non-compliance can include fines, imprisonment, or both, depending on the severity of the breach. It is essential for entities governed by this Act to ensure accurate and timely adherence to the prescribed amount to avoid any potential legal repercussions.