Superannuation Regulations (Amendment)

Overview

Statutory Rules 1976 No. 85, made under the Superannuation Act 1922-1974, was enacted in response to the need to adjust the prescribed amount for the purposes of sub-section 22(1) of the Act, reflecting general variations in the rates of salaries of employees. The Governor-General, acting with the advice of the Federal Executive Council, issued these regulations to ensure the amount specified remained relevant in light of changes in employee remuneration. This regulatory amendment was essential to maintain the integrity and fairness of superannuation benefits in alignment with the economic environment of the time. The policy objective was to provide a transparent and responsive mechanism to update the prescribed amount in the Superannuation Regulations, ensuring that superannuation provisions remained equitable and reflective of current salary trends.

Scope and Application

The Statutory Rules 1976 No. 85, made under the Superannuation Act 1922-1974, pertain to the regulation of the specified amount for the purposes of sub-section 22(1) of the Act. This legislation applies to the Commonwealth of Australia and is relevant to entities and individuals involved in superannuation arrangements as outlined in the Act. The regulation specifically amends Regulation 6a of the Superannuation Regulations, setting the specified amount at $14,950, which is a multiple of $130, reflecting adjustments for general variations in the rates of salaries of employees. This legislative instrument is part of a broader framework designed to manage and regulate superannuation contributions and benefits across the country, ensuring that the specified amounts are periodically updated to account for changes in economic conditions and salary rates.

Key Provisions

The legislative instrument Statutory Rules 1976 No. 85 amends the Superannuation Regulations under the Superannuation Act 1922-1974. Specifically, Regulation 6a of the Superannuation Regulations is repealed and replaced with a new regulation that specifies the amount for the purpose of sub-section 22(1) of the Act (subsection 22(1)). The new regulation states that the amount specified is $14,950. The primary obligations imposed by this legislation pertain to the calculation and application of the specified amount, $14,950, within the context of superannuation arrangements as defined under the Superannuation Act 1922-1974. This amount is integral for determining certain financial obligations or entitlements under the Act, such as the prescribed amount for superannuation contributions or benefits. The Act requires that this updated amount be used in any calculations or determinations that involve the specified amount as referenced in sub-section 22(1). Any party or entity governed by the Superannuation Act must ensure that they use the correct amount, $14,950, in their compliance and reporting obligations under the Act. This includes employers who are required to make contributions to superannuation funds, and superannuation funds themselves that must manage and report on the funds in accordance with the Act. The legislation does not explicitly detail offences, penalties, or consequences for breach. However, it is implied that non-compliance with the Act, including the failure to use the correct specified amount, could result in legal action under the general provisions of the Superannuation Act 1922-1974. Such actions might include enforcement measures, fines, or other civil or criminal penalties as prescribed by the broader legislative framework governing superannuation in Australia. The specific penalties would depend on the nature and severity of the breach, as well as any additional provisions or regulations that might apply.