Commonwealth Numbered Regulations - Explanatory Statements

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SUPERANNUATION (PRODUCTIVITY BENEFIT) (QUALIFIED EMPLOYEES) DECLARATION NO.2 1992 NO. 21

STATUTORY RULES 1992 No. 21

SUPERANNUATION (PRODUCTIVITY BENEFIT) ACT 1988 (THE ACT)

ISSUED BY THE AUTHORITY OF THE MINISTER FOR FINANCE

DECLARATION UNDER SECTION 3F(2)

QUALIFIED EMPLOYEE EXEMPTION

The Superannuation (Productivity Benefit) Act 1988 (the Act) provides the mechanism by which a 3 per cent superannuation benefit is made available to Australian Government employees without other superannuation coverage.

The determination provides for an exemption from the provisions of the Act to persons who are appointed to statutory offices created under a law of the Commonwealth, who were not employees of the Commonwealth immediately prior to that appointment, who have made at the time of appointment payments to a superannuation fund which did not attract employer contributions in the year of appointment, and who elect in writing that this declaration should be applicable to them. Such persons shall continue not to be qualified employees for the remainder of the financial year following the date of effect of appointment to such an office.