Commonwealth Numbered Regulations - Explanatory Statements

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SUPERANNUATION (CSS) APPROVED AUTHORITY DECLARATION NO. 8 1992 NO. 78

STATUTORY RULES 1992 No. 78

ISSUED BY THE AUTHORITY OF THE MINISTER FOR FINANCE

SUPERANNUATION ACT 1976

DECLARATION UNDER PARAGRAPH (a) OF THE DEFINITION OF "APPROVED AUTHORITY" IN SUBSECTION 3(1)

The Superannuation Act 1976 (the 1976 Act) makes provision for and in relation to an occupational superannuation scheme for certain Commonwealth employees and other persons.

The Superannuation Act 1990 provides for a new occupational superannuation scheme for Commonwealth employees which came into operation on 1 July 1990. Members of the scheme established under the 1976 Act had the option, to be exercised between 1 July 1990 and 30 June 1991, of remaining members of that scheme or of transferring to the new scheme.

Persons eligible to contribute under the 1976 Act include certain persons employed by an approved authority. In accordance with paragraph (a) of the definition of "approved authority" in subsection 3(1) of the 1976 Act, an approved authority includes an authority or other body declared by the Minister for Finance to be an approved authority for the purposes of that Act, being an authority or body of a kind described in the definition.

Section 4A of the 1976 Act provides that such a declaration by the Minister for Finance is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901 and a Statutory Rule for the purposes of the Statutory Rules Publication Act 1903 and may be expressed to have taken effect from and including a day not earlier than 12 months before the making of the declaration.

The Aboriginal and Torres Strait Islander Commercial Development Corporation was established by the Aboriginal and Torres Strait Islander Commission Act 1989 as a body corporate with power to engage its own employees and commenced engaging employees from 5 March 1990.

The Australian Fisheries Management Authority was established by the Fisheries Administration Act 1.991 as a body corporate with power to engage its own employees and commenced engaging employees from 3 February 1992.

The Grains Research and Development Corporation was established under the Primary Industries and Energy Research and Development Act 1989 as a body corporate with power to engage its own employees and commenced engaging employees in January 1991.

Totalcare Industries Limited is a company incorporated under the Corporations Act 1989 which on 1 January 1992 became a Territory Owned Corporation under the provisions of the Australian Capital Territory Territory Owned Corporations Act 1990.

The Aboriginal and Torres Strait Islander commercial Development Corporation, the Australian Fisheries Management Authority, the Grains Research and Development Corporation and Totalcare Industries Limited are bodies of a kind described in the definition of approved authority in subsection 3(1) of the 1976 Act. It is appropriate that the four bodies be declared to be approved authorities for the purposes of that Act to enable their staff to remain or become members of the scheme established under the Act.

The Declaration contained in the Statutory Rule, and cited as Superannuation (CSS) Approved Authority Declaration No. 8, declares the Aboriginal and Torres Strait Islander Commercial Development Corporation and the Grains Research and Development Corporation to be approved authorities for the purposes of the 1976 Act with the maximum retrospectivity available under that Act. The Declaration also declares Totalcare Industries Limited and the Australian Fisheries Management Authority to be approved authorities for the purposes of the 1976 Act with effect from 1 January 1992 and 3 February 1992 respectively.