statutory rules
1972 No. 73
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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 that sub-section the Governor-General shall have regard to any general variations in the rates of salaries of employees that have recurred:
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 1927-1971.
Dated this twenty-second day of May, 1972.
Governor-General.
By His Excellency’s Command,
R. V. Garland
Minister of State for Supply for and on behalf of the Treasurer
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Amendment of the Superannuation Regulations†
Regulation 6a of the Superannuation Regulations is repealed and the following regulation inserted in its stead:—
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 Eight thousand nine hundred and severity dollars.”.
* Notified in the Commonwealth Gazette on , 1972.
† Statutory Rules 1960, No. 68, is 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; and 1971, Nos. 5 and 115.
Printed by Authority by the Government Printer of the Commonwealth of Australia
14865/72—Price 10/9.5.1972
Overview
The Superannuation Regulations 1972, enacted under the Superannuation Act 1922-1971, address the need to regularly update the prescribed amount specified in the Act to reflect general variations in employee salaries. This regulation was made by the Governor-General, acting on advice from the Federal Executive Council, to ensure that the specified amount aligns with current salary rates, thereby maintaining the relevance and effectiveness of the superannuation provisions. The policy objective behind these regulations is to provide a consistent and fair method of determining the prescribed amount, ensuring that superannuation benefits accurately reflect changes in the economic environment and employee earnings.
Scope and Application
This legislation pertains to statutory rules made under the Superannuation Act 1922-1971, specifically amending the Superannuation Regulations. It applies to the Commonwealth of Australia and is concerned with the prescribed amount for the purposes of section 22(1.) of the Superannuation Act 1922-1971. The regulation specifies a new amount, Eight thousand nine hundred and seventy dollars, replacing the previous amount set by Regulation 6a. This amendment takes into account the general variations in the rates of salaries of employees that have occurred. The regulation is made by the Governor-General in and on behalf of the Commonwealth Government, reflecting the legislative power granted under the Superannuation Act 1922-1971. The amendment is effective as of the date of its notification in the Commonwealth Gazette and impacts any entities and individuals governed by the Superannuation Act and its regulations.
Key Provisions
The Superannuation Regulations, under the Superannuation Act 1922-1971, have been amended by repealing Regulation 6a and inserting a new regulation in its place. Specifically, Regulation 6a now states that the amount specified for the purposes of section 22(1) of the Act is Eight Thousand Nine Hundred and Seventy Dollars (section 6a). This regulation is pivotal as it sets the prescribed amount for superannuation contributions as required by the Act.
The Act imposes certain obligations on the parties it governs, particularly in relation to superannuation contributions. Employers are required to make contributions to their employees' superannuation funds based on the prescribed amount. This amount must be calculated and remitted in accordance with the stipulations of the Superannuation Act and the newly amended regulations. Additionally, employees must ensure that their employers are aware of their superannuation entitlements and that the contributions are made accurately and on time.
Failure to comply with the requirements set forth in the Superannuation Act and its regulations can result in significant legal consequences. Breaches of the Act may lead to civil or criminal penalties, depending on the nature and severity of the violation. While the specific penalties are not detailed in the excerpt provided, the general framework under which the Act operates suggests that penalties can include fines and, in more serious cases, imprisonment. The exact penalties and the process for enforcement would be further delineated in the Superannuation Act itself or in related legislation.