Commonwealth Numbered Regulations - Explanatory Statements

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SUPERANNUATION (PSS) (LIABILITY TO TAXATION) REGULATIONS 2000 2000 NO. 155

STATUTORY RULES 2000 No. 155

Issued by the Authority of the Minister for Finance and Administration

Superannuation Act 1990

Superannuation (PSS) (Liability to Taxation) Regulations 2000

Subsection 48(1) of the Superannuation Act 1990 (the 1990 Act) provides that the Governor-General may make Regulations for the purposes of the Act.

Paragraph 48(2)(a) of the 1990 Act requires the PSS Board to consent to the making of the Regulations where the Regulations do not meet the exemptions specified in paragraph 48(2)(b) of the 1990 Act.

The 1990 Act makes provision for, and in relation to, the Public Sector

Superannuation Scheme (PSS) for Commonwealth employees and certain other persons commencing from 1 July 1990. Contributions by or on behalf of PSS

members as well as interest earnings on those contributions are paid into the PSS

Fund. The PSS Board is responsible for the management and investment of the Fund, and the administration of the PSS.

Subsection 26(1) of the 1990 Act provides that except where specified, the PSS Board and Fund are not subject to taxation laws. Exceptions specified are the

Superannuation Contributions Tax (Assessment and Collection) Act 1997, the Income Tax Assessment Act 1936, the Income Tax Assessment Act 1997 and any law specified in regulations made under subsection 26(3) of the 1990 Act.

The purpose of these Regulations is to ensure that the PSS Board and Fund are subject to the Goods and Services Tax (GST) laws. The Office of the Australian Government Solicitor considers that the following GST laws should be specified in the Regulations to put the application of the GST to the PSS Board and Fund beyond doubt:

* A New Tax System (Goods and Services Tax) Act 1999;

* A New Tax System (Goods and Services Tax Transition) Act 1999;

* A New Tax System (Goods and Services Tax) Regulations 1999; and

* Part VI of the Taxation Administration Act 1953.

The Regulations are consistent with the Government's intention that the GST laws apply to all Commonwealth entities, superannuation funds and trustee boards.

The PSS Board has consented to these Regulations.

Details of the amendments are explained in the Attachment.

The Regulations commence on 1 July 2000.

ATTACHMENT

Regulation 1

Regulation 1 provides that the Regulations are called the Superannuation (PSS) (Liability to Taxation) 2000.

Regulation 2

Regulation 2 provides that the Regulations commence on 1 July 2000.

Regulation 3

Regulation 3 defines the 'Act' to mean the Superannuation Act 1990.

Regulation 4

Regulation 4 uses the regulation making power under subsection 26(3) of the Act to ensure that subsection 26(1) of the Act does not exempt the PSS Board and Fund from the GST laws specified in Schedule 1.

Schedule 1

Schedule 1 specifies the GST laws which apply to the PSS Board and Fund to be:

* A New Tax System (Goods and Services Tax) Act 1999

* A New Tax System (Goods and Services Tax Transition) Act 1999

* A New Tax System (Goods and Services Tax) Regulations 1999

* Part V1 of the Taxation Administration Act 1953.