Superannuation Regulations (Amendment)

Overview

The Superannuation Regulations of 1975, made under the Superannuation Act 1922-1974, were enacted to address the need for updating the prescribed amounts within the superannuation framework of Australia. The Superannuation Act itself was intended to provide for the establishment and administration of superannuation funds to ensure that individuals receive adequate retirement benefits. The problem the 1975 Regulations sought to rectify was the outdated prescribed amounts specified in the previous regulations, necessitating an adjustment to reflect contemporary economic conditions and the need for more accurate financial planning within superannuation schemes. This legislative instrument was issued by the Governor-General of Australia, acting on the advice of the Executive Council, and aimed to align the regulations with the policy objective of ensuring that superannuation funds are effectively managed and that prescribed amounts accurately reflect current financial realities.

Scope and Application

This legislative instrument pertains to the Superannuation Regulations under the Superannuation Act 1922-1974, specifically amending Regulation 6a to specify the prescribed amount for the purpose of sub-section 22(1) of the Act. The Act applies to various entities and persons involved in superannuation arrangements, including employers, employees, trustees, and funds. The regulation sets the specified amount at $13,130, which likely relates to a threshold or limit for certain financial or administrative purposes within the superannuation system. The scope of the Act is national, extending across all jurisdictions in Australia as it is a Commonwealth Act. There are no stated exclusions or exemptions in this particular regulation, but the overarching Act may contain provisions that could exclude certain types of superannuation arrangements or entities. The regulation does not extend or restrict the application of the Act beyond what is specified in the instrument itself.

Key Provisions

The statutory instrument F1997B02380 amends the Superannuation Regulations by specifying a new amount for the purpose of sub-section 22 (1) of the Superannuation Act 1922-1974. Specifically, regulation 6a has been amended to state that the prescribed amount is $13,130, replacing the previous regulation. This change is effective as of the date of the statutory rules, which were notified in the Australian Government Gazette on 23 January 1975. Under the amended regulation, the entities governed by the Superannuation Act 1922-1974 must now adhere to the specified amount of $13,130 as required by sub-section 22 (1). This adjustment likely impacts calculations related to benefits or contributions under the Act, as the specified amount is a multiple of $130. The parties involved, including employers, trustees, and members of superannuation funds, need to ensure that their practices comply with this new prescribed amount. Failure to comply with the provisions of the Superannuation Act 1922-1974 and its regulations can result in civil or criminal consequences. While the specific offences, penalties, or consequences for non-compliance are not detailed in this statutory instrument, it is known that breaches of the Act can lead to significant legal repercussions. The penalties can vary depending on the nature and severity of the breach but may include fines and, in more serious cases, imprisonment. It is crucial for all parties to understand and adhere to the requirements set forth in the Act and its regulations to avoid these potential consequences.