Superannuation Regulations (Amendment)

Overview

Statutory Rules 1966 No. 113 represents a regulatory amendment made under the Superannuation Act 1922-1965. Enacted by the Governor-General in accordance with the advice of the Federal Executive Council, this legislative instrument was introduced to adjust the prescribed amount for specific purposes within the superannuation framework, reflecting the general variations in the rates of employees' salaries. This regulation serves to ensure the continued relevance and applicability of the superannuation provisions in light of economic changes. By updating the specified amount to six thousand three hundred and seventy dollars, the regulation aims to maintain the integrity and fairness of the superannuation system in response to economic shifts. This adjustment is critical for ensuring that the superannuation benefits remain aligned with the prevailing economic conditions and the cost of living.

Scope and Application

The Statutory Rules 1966 No. 113 is a legislative instrument made under the Superannuation Act 1922-1965, amending the Superannuation Regulations to adjust the prescribed amount for the purposes of section 22(1)(c) of the Act. This regulation applies to the prescribed amount used in the context of Division 2 of Part III of the Superannuation Act 1922-1965, and it specifically alters the specified amount from Five thousand four hundred and sixty dollars to Six thousand three hundred and seventy dollars. The regulation was made by the Governor-General in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council and taking into account the general variations in the rates of salaries of employees that have occurred. The regulation has a national jurisdictional reach, impacting all entities and individuals governed by the Superannuation Act 1922-1965 across the Commonwealth. There are no stated exclusions or exemptions within the regulation itself, though the broader application of the Superannuation Act may encompass specific exclusions or exemptions. The regulation extends the application of the Superannuation Act by adjusting the specified amount, thereby impacting calculations and entitlements under the Act.

Key Provisions

The Superannuation Regulations 1966, made under the Superannuation Act 1922-1965, include a key amendment to Regulation 6a (subsection 1). This regulation specifies the prescribed amount for the purposes of paragraph (c) of subsection (1) of section 22 of the Act, which is now set at Six thousand three hundred and seventy dollars (Regulation 6a). This change adjusts the threshold amount that may apply to certain superannuation benefits, impacting calculations under the Act. The Superannuation Act 1922-1965, as amended by these regulations, imposes several obligations on employers, employees, and trustees of superannuation funds. Employers must ensure that they contribute the correct amount of superannuation as determined by the Act and the Regulations. Employees need to be aware of their rights to superannuation and the specific amounts they are entitled to, based on the prescribed amount outlined in the regulations. Trustees of superannuation funds must manage and administer the funds according to the provisions of the Act and Regulations, ensuring that contributions and benefits are correctly calculated and distributed. Failure to comply with the requirements of the Superannuation Act 1922-1965 and the Superannuation Regulations 1966 can result in various consequences. For instance, employers who fail to make the correct superannuation contributions may be subject to fines or other penalties as stipulated by the Act. Additionally, trustees who mismanage funds or fail to adhere to the prescribed regulations may face disciplinary actions, including potential removal from their trustee roles. The Act provides for both civil and criminal penalties, with the severity of the penalty depending on the nature and extent of the breach.