Commonwealth Numbered Regulations - Explanatory Statements

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SUPERANNUATION GUARANTEE (ADMINISTRATION) AMENDMENT REGULATIONS 2006 (NO. 2) (SLI NO 215 OF 2006)

EXPLANATORY STATEMENT

 

Select Legislative Instrument 2006 No. 215

Superannuation Guarantee (Administration) Act 1992

Superannuation Guarantee (Administration) Amendment Regulations 2006 (No. 2)

Section 80 of the Superannuation Guarantee (Administration) Act 1992 (the SG Act) provides that the Governor-General may make regulations prescribing all matters required or permitted by the SG Act to be prescribed, or necessary or convenient to be prescribed for carrying out or giving effect to the SG Act.

The Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 2004 (the Choice of Funds Act) amended the SG Act to provide that most employees would now be able to choose the fund into which their employer makes compulsory superannuation contributions.  However, subsection 32C(9) of the SG Act provides that a contribution provided under a Commonwealth, State or Territory law that has been prescribed under regulations is taken to satisfy the choice of fund requirements.

The effect of this is that certain public sector superannuation schemes are exempt from the choice of funds regime.

Regulation 9B and Schedule 2 to the Superannuation Guarantee (Administration) Regulations 1993 prescribe these Commonwealth and State laws.

The Regulations prescribe an additional State law under which contributions are taken to satisfy the choice of fund requirements.  These amendments were requested by the Tasmanian Government.  No further consultation has been undertaken.  The Regulations also removed a State law which is now inoperative.

Details of the Regulations are set out in the Attachment.

The SG Act specifies no conditions that need to be met before the power to make the Regulations may be exercised.

The Regulations are a legislative instrument for the purposes of the Legislative Instruments Act 2003.


ATTACHMENT

Details of the Superannuation Guarantee (Administration) Amendment Regulations 2006 (No. 2)

Regulation 1 -- Name of Regulations

This regulation provides that the title of the Regulations is the Superannuation Guarantee (Administration) Amendment Regulations 2006 (No. 2).

Regulation 2 -- Commencement

This regulation provides that the commencement date for the Regulations will be the day after they are registered.

Regulation 3 -- Amendment of Superannuation Guarantee (Administration) Regulations 1993

This regulation provides that Schedule 1 amends the Superannuation Guarantee (Administration) Regulations 1993 (the Principal Regulations).

Schedule 1

Subsection 32C(9) of the Superannuation Guarantee (Administration) Act 1992 provides that contributions to a fund are made in compliance with the Act if the contributions are made under a law of the Commonwealth, of a State or of a Territory, as prescribed in the Regulations.

Regulation 9B of the Principal Regulations prescribes, for the purposes of subsection 32C(9), the laws mentioned in Schedule 2 to the Regulations, with effect from 1 July 2005.  Schedule 2 lists the relevant laws.

The Regulations included the Retirement Benefits (Tasmanian Ambulance Service Superannuation Scheme) Act 2006 (the new Act) in the table of prescribed Tasmanian legislation (Schedule 2, Table 7).  This facilitated the transfer of the operation of the Tasmanian Ambulance Service Superannuation Scheme from the Ambulance Service Act 1982 to the new Act.  The commencement date of the new Act was 30 June 2006.

The Regulations also removed the State Fire Commission Superannuation Scheme Act 1994 from the table of prescribed Tasmanian legislation.  This Act is now inoperative.


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