Commonwealth Numbered Regulations - Explanatory Statements

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SUPERANNUATION (PRODUCTIVITY BENEFIT) 1993-1994 CONTINUING CONTRIBUTIONS DECLARATION 1993 NO. 183

STATUTORY RULES 1993 No. 183

SUPERANNUATION (PRODUCTIVITY BENEFIT) ACT 1988

ISSUED BY THE AUTHORITY OF THE MINISTER FOR FINANCE

DECLARATION UNDER SECTION 3D

VARIATION OF TABLE

The Superannuation (Productivity Benefit) Act 1988 (the Act) provides the mechanism by which productivity superannuation is made available to Australian Government employees who have no other employer-sponsored superannuation coverage.

The designated employers of such employees are required to pay to either the superannuation fund nominated by the Minister for Finance, or another superannuation fund approved by the Minister, periodic contributions based on the salary of the employee. The amount to be contributed is calculated using a table set out in the Schedule to the Act.

The rates in this table apply for the 1993-94 financial year and are the same as those published in Superannuation (Productivity Benefit) Declaration No. 14 which applied between 1 January 1993 and 30 June 1993. The benefits provided under the Act comply with the minimum requirements of the Superannuation Guarantee Charge (SGC) legislation. The only employees receiving productivity superannuation under the Act who do not receive a flat rate superannuation contribution equivalent to 5 per cent of salaries are those for whom that amount would represent a reduction and those on salaries in excess of $80,000 per annum who receive a contribution equivalent to 5 per cent of $80,000, as required by the SGC legislation.

The Declaration commences on 1 July 1993.