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This is a Bill, not an Act. For current law, see the Acts databases.
New South Wales
Superannuation Legislation
Amendment Bill 2010
Contents
Page
1 Name of Act 2
2 Commencement 2
Schedule 1 Amendment of Police Regulation (Superannuation)
Act 1906 No 28 3
Schedule 2 Amendment of State Authorities Non-contributory
Superannuation Act 1987 No 212 5
Schedule 3 Amendment of State Authorities Superannuation Act
1987 No 211 7
Schedule 4 Amendment of Superannuation Act 1916 No 28 11
b2010-010-07.d12
New South Wales
Superannuation Legislation
Amendment Bill 2010
No , 2010
A Bill for
An Act to amend various superannuation Acts with respect to death and disability
benefits for ambulance officers, deferred superannuation benefits and reductions and
increases in benefits for tax purposes; and for other purposes.
Clause 1 Superannuation Legislation Amendment Bill 2010
The Legislature of New South Wales enacts: 1
1 Name of Act 2
This Act is the Superannuation Legislation Amendment Act 2010. 3
2 Commencement 4
This Act commences on a day or days to be appointed by proclamation. 5
Page 2
Superannuation Legislation Amendment Bill 2010
Amendment of Police Regulation (Superannuation) Act 1906 No 28 Schedule 1
Schedule 1 Amendment of Police Regulation 1
(Superannuation) Act 1906 No 28 2
[1] Section 14AAA Restoration of death benefit previously reduced to offset 3
contribution tax liabilities 4
Omit "section 279D of the Income Tax Assessment Act 1936" from 5
section 14AAA (1). 6
Insert instead "section 295-485 of the Income Tax Assessment Act 1997". 7
[2] Section 14AAA (2) 8
Omit section 14AAA (2) and (3). Insert instead: 9
(2) The amount of the increase is to be the amount determined by 10
STC, after obtaining actuarial advice, as the amount of increase 11
required to obtain the deduction referred to in subsection (1). 12
[3] Section 14AB Power of STC to adjust benefits to comply with certain 13
standards relating to superannuation 14
Insert "or 14AD" after "section 14AA" in section 14AB (10) (a). 15
[4] Section 14AC Commutation of pensions for adjustment of benefits 16
Omit "determination reducing a benefit that may be taken in the form of a 17
pension is made under section 14AA" from section 14AC (1). 18
Insert instead "benefit that may be taken in the form of a pension is reduced 19
under section 14AA or 14AD". 20
[5] Section 14AD 21
Insert after section 14AC: 22
14AD Power of STC to reduce benefits for no-TFN tax 23
(1) This section applies to a benefit if: 24
(a) a right to the benefit accrues under this Act to or in respect 25
of a contributor or former contributor, and 26
(b) STC has paid or is liable to pay no-TFN tax in respect of 27
employer contributions to the Fund, and 28
(c) a portion of that tax is referable to the employer-financed 29
portion of that benefit, and 30
(d) the benefit is of a kind prescribed by the regulations for the 31
purposes of this section. 32
Page 3
Superannuation Legislation Amendment Bill 2010
Schedule 1 Amendment of Police Regulation (Superannuation) Act 1906 No 28
(2) The amount of the benefit is reduced by the amount necessary to 1
offset STC's liability to pay no-TFN tax so far as it is referable to 2
the employer-financed portion of that benefit. 3
(3) The amount of the reduced benefit is to be determined by STC 4
after obtaining actuarial advice. 5
(4) A contributor or former contributor may elect to have his or her 6
SANCS benefit reduced instead of the benefit to which this 7
section applies if the SANCS benefit is payable to the contributor 8
or former contributor. On an election being made, the SANCS 9
benefit is reduced accordingly and the benefit to which this 10
section applies is reduced only if it is necessary to do so to meet 11
any shortfall in the amount of offset. 12
(5) The regulations may provide for the establishment of debt 13
accounts in respect of contributors or former contributors for the 14
purposes of this section. 15
(6) In this section: 16
employer contribution includes a salary sacrifice contribution. 17
employer-financed portion of a benefit includes any part of the 18
benefit financed by a salary sacrifice contribution. 19
no-TFN tax means an amount equal to the difference between 20
the amount of: 21
(a) income tax payable by STC under the Income Tax 22
Assessment Act 1997 of the Commonwealth on employer 23
contributions to the Fund for a contributor if there is a 24
failure by the contributor to provide information about his 25
or her tax file number to STC, and 26
(b) income tax that would be so payable if the information 27
about the tax file number was provided. 28
SANCS benefit means a benefit that accrues to or in respect of a 29
contributor or former contributor who is an employee or former 30
employee under the State Authorities Non-contributory 31
Superannuation Act 1987. 32
[6] Schedule 6 Savings and transitional provisions 33
Insert at the end of clause 1 (1): 34
Superannuation Legislation Amendment Act 2010 35
Page 4
Superannuation Legislation Amendment Bill 2010
Amendment of State Authorities Non-contributory Superannuation Act 1987 Schedule 2
No 212
Schedule 2 Amendment of State Authorities 1
Non-contributory Superannuation Act 2
1987 No 212 3
[1] Section 26AA Restoration of death benefit previously reduced to offset 4
contribution tax liabilities 5
Omit "section 279D of the Income Tax Assessment Act 1936" from 6
section 26AA (1). 7
Insert instead "section 295-485 of the Income Tax Assessment Act 1997". 8
[2] Section 26AA (2) 9
Omit section 26AA (2) and (3). Insert instead: 10
(2) The amount of the increase is to be the amount determined by 11
STC, after obtaining actuarial advice, as the amount of increase 12
required to obtain the deduction referred to in subsection (1). 13
[3] Section 26AB 14
Insert after section 26AA: 15
26AB Power of STC to reduce benefits for no-TFN tax 16
(1) This section applies to a benefit if: 17
(a) a right to the benefit accrues under this Act to or in respect 18
of an employee or former employee, and 19
(b) STC has paid or is liable to pay no-TFN tax in respect of 20
employer contributions to the Fund, and 21
(c) a portion of that tax is referable to that benefit, and 22
(d) the benefit is of a kind prescribed by the regulations for the 23
purposes of this section. 24
(2) The amount of the benefit is reduced by the amount necessary to 25
offset STC's liability to pay no-TFN tax so far as it is referable to 26
that benefit. 27
(3) The amount of the reduced benefit is to be determined by STC 28
after obtaining actuarial advice. 29
(4) The regulations may provide for the establishment of debt 30
accounts in respect of employees or former employees for the 31
purposes of this section. 32
Page 5
Superannuation Legislation Amendment Bill 2010
Schedule 2 Amendment of State Authorities Non-contributory Superannuation Act 1987
No 212
(5) In this section: 1
no-TFN tax means an amount equal to the difference between 2
the amount of: 3
(a) income tax payable by STC under the Income Tax 4
Assessment Act 1997 of the Commonwealth on employer 5
contributions to the Fund for an employee if there is a 6
failure by the employee to provide information about his or 7
her tax file number to STC, and 8
(b) income tax that would be so payable if the information 9
about the tax file number was provided. 10
Note. An employee or former employee may also elect to have a benefit 11
under this Act reduced, instead of having a benefit in the Police 12
Superannuation Scheme, the State Authorities Superannuation Scheme 13
or the State Superannuation Scheme reduced. 14
[4] Schedule 5 Savings and transitional provisions 15
Insert at the end of clause 1 (1): 16
Superannuation Legislation Amendment Act 2010 17
Page 6
Superannuation Legislation Amendment Bill 2010
Amendment of State Authorities Superannuation Act 1987 No 211 Schedule 3
Schedule 3 Amendment of State Authorities 1
Superannuation Act 1987 No 211 2
[1] Section 45AA Restoration of death benefit previously reduced to offset 3
contribution tax liabilities 4
Omit "section 279D of the Income Tax Assessment Act 1936" from 5
section 45AA (1). 6
Insert instead "section 295-485 of the Income Tax Assessment Act 1997". 7
[2] Section 45AA (2) 8
Omit section 45AA (2) and (3). Insert instead: 9
(2) The amount of the increase is to be the amount determined by 10
STC, after obtaining actuarial advice, as the amount of increase 11
required to obtain the deduction referred to in subsection (1). 12
[3] Section 45B 13
Insert after section 45AA: 14
45B Power of STC to reduce benefits for no-TFN tax 15
(1) This section applies to a benefit if: 16
(a) a right to the benefit accrues under this Act to or in respect 17
of a contributor or former contributor, and 18
(b) STC has paid or is liable to pay no-TFN tax in respect of 19
employer contributions to the Fund, and 20
(c) a portion of that tax is referable to the employer-financed 21
portion of that benefit, and 22
(d) the benefit is of a kind prescribed by the regulations for the 23
purposes of this section. 24
(2) The amount of the benefit is reduced by the amount necessary to 25
offset STC's liability to pay no-TFN tax so far as it is referable to 26
the employer-financed portion of that benefit. 27
(3) The amount of the reduced benefit is to be determined by STC 28
after obtaining actuarial advice. 29
(4) A contributor or former contributor may elect to have his or her 30
SANCS benefit reduced instead of the benefit to which this 31
section applies if the SANCS benefit is payable to the contributor 32
or former contributor. On an election being made, the SANCS 33
benefit is reduced accordingly and the benefit to which this 34
section applies is reduced only if it is necessary to do so to meet 35
any shortfall in the amount of offset. 36
Page 7
Superannuation Legislation Amendment Bill 2010
Schedule 3 Amendment of State Authorities Superannuation Act 1987 No 211
(5) The regulations may provide for the establishment of debt 1
accounts in respect of contributors or former contributors for the 2
purposes of this section. 3
(6) In this section: 4
employer contribution includes a salary sacrifice contribution. 5
employer-financed portion of a benefit includes any part of the 6
benefit financed by a salary sacrifice contribution. 7
no-TFN tax means an amount equal to the difference between 8
the amount of: 9
(a) income tax payable by STC under the Income Tax 10
Assessment Act 1997 of the Commonwealth on employer 11
contributions to the Fund for a contributor if there is a 12
failure by the contributor to provide information about his 13
or her tax file number to STC, and 14
(b) income tax that would be so payable if the information 15
about the tax file number was provided. 16
SANCS benefit means a benefit that accrues to or in respect of a 17
contributor or former contributor who is an employee or former 18
employee under the State Authorities Non-contributory 19
Superannuation Act 1987. 20
[4] Part 5B, heading 21
Omit "Transfer". Insert instead "Retention or payment". 22
[5] Section 46AE Retention or payment of eligible deferred benefits 23
Omit section 46AE (2). Insert instead: 24
(2) An eligible person who reaches the retirement age may: 25
(a) elect to retain the eligible deferred benefit in the Fund, or 26
(b) elect to have the eligible deferred benefit paid or 27
transferred to the First State Superannuation Fund or 28
another complying superannuation fund, complying 29
approved deposit fund or retirement savings account (the 30
nominated fund or account). 31
[6] Section 46AE (3) 32
Insert "to transfer an eligible deferred benefit" after "eligible person" where 33
firstly occurring. 34
[7] Section 46AE (4) 35
Omit the subsection. 36
Page 8
Superannuation Legislation Amendment Bill 2010
Amendment of State Authorities Superannuation Act 1987 No 211 Schedule 3
[8] Part 5E 1
Insert after Part 5D: 2
Part 5E Death or incapacity benefits for ambulance 3
officers 4
46AL Definitions 5
In this Part: 6
ambulance officer means a member of the NSW Health Service 7
who is an officer within the meaning of the ambulance officers 8
award. 9
ambulance officers award means a State industrial instrument 10
prescribed by the regulations for the purposes of this definition. 11
amending Act means the Superannuation Legislation 12
Amendment Act 2010. 13
death or incapacity benefit means a benefit payable to or in 14
respect of an ambulance officer under an ambulance officers 15
award (whether provided for in that award or by or under any Act, 16
law or instrument) if: 17
(a) the ambulance officer dies, or 18
(b) the ambulance officer suffers total and permanent 19
incapacity or partial and permanent incapacity. 20
46AM Application of Part 21
This Part has effect despite any other provision of this Act or the 22
regulations. 23
46AN Provision to be made with respect to death or incapacity benefits 24
for ambulance officers 25
(1) The regulations may make provision for or with respect to the 26
following: 27
(a) the effect on coverage under this Act for an additional 28
benefit, and liability to pay the additional benefit levy, of a 29
contributor or former contributor who is or was an 30
ambulance officer and who is covered for a death or 31
incapacity benefit, 32
(b) preventing the repayment of any additional benefit levy 33
paid by a contributor or former contributor who is or was 34
an ambulance officer, 35
Page 9
Superannuation Legislation Amendment Bill 2010
Schedule 3 Amendment of State Authorities Superannuation Act 1987 No 211
(c) any other matter that is necessary or convenient for the 1
purposes of complying with or giving effect to an 2
ambulance officers award or this Part. 3
(2) Any such regulations may take effect from the date of 4
commencement of this Part, as inserted by the amending Act, or 5
the date on which an ambulance officers award first applies to an 6
ambulance officer (whichever is earlier). 7
(3) Without limiting section 46AM, regulations may be made under 8
this Part that are inconsistent with Part 3, 4, 5 or 6 of this Act, or 9
any regulations made under those Parts, but only to the extent that 10
the inconsistency with any of those provisions is necessary for 11
the purpose of compliance with or giving effect to an ambulance 12
officers award. 13
[9] Schedule 6 Savings and transitional provisions 14
Insert at the end of clause 1 (1): 15
Superannuation Legislation Amendment Act 2010 16
Page 10
Superannuation Legislation Amendment Bill 2010
Amendment of Superannuation Act 1916 No 28 Schedule 4
Schedule 4 Amendment of Superannuation Act 1916 1
No 28 2
[1] Section 61RAA Restoration of death benefit previously reduced to offset 3
contribution tax liabilities 4
Omit "section 279D of the Income Tax Assessment Act 1936" from 5
section 61RAA (1). 6
Insert instead "section 295-485 of the Income Tax Assessment Act 1997". 7
[2] Section 61RAA (2) 8
Omit section 61RAA (2) and (3). Insert instead: 9
(2) The amount of the increase is to be the amount determined by 10
STC, after obtaining actuarial advice, as the amount of increase 11
required to obtain the deduction referred to in subsection (1). 12
[3] Section 61RB Power of STC to adjust benefits to comply with certain 13
Commonwealth standards relating to superannuation 14
Insert "or 61RC" after "section 61RA" in section 61RB (10) (a). 15
[4] Section 61RC 16
Insert after section 61RB: 17
61RC Power of STC to reduce benefits for no-TFN tax 18
(1) This section applies to a benefit if: 19
(a) a right to the benefit accrues under this Act to or in respect 20
of a contributor or former contributor, and 21
(b) STC has paid or is liable to pay no-TFN tax in respect of 22
employer contributions to the Fund, and 23
(c) a portion of that tax is referable to the employer-financed 24
portion of that benefit, and 25
(d) the benefit is of a kind prescribed by the regulations for the 26
purposes of this section. 27
(2) The amount of the benefit is reduced by the amount necessary to 28
offset STC's liability to pay no-TFN tax so far as it is referable to 29
the employer-financed portion of that benefit. 30
(3) The amount of the reduced benefit is to be determined by STC 31
after obtaining actuarial advice. 32
(4) A contributor or former contributor may elect to have his or her 33
SANCS benefit reduced instead of the benefit to which this 34
section applies if the SANCS benefit is payable to the contributor 35
Page 11
Superannuation Legislation Amendment Bill 2010
Schedule 4 Amendment of Superannuation Act 1916 No 28
or former contributor. On an election being made, the SANCS 1
benefit is reduced accordingly and the benefit to which this 2
section applies is reduced only if it is necessary to do so to meet 3
any shortfall in the amount of offset. 4
(5) The regulations may provide for the establishment of debt 5
accounts in respect of contributors or former contributors for the 6
purposes of this section. 7
(6) In this section: 8
employer contribution includes a salary sacrifice contribution. 9
employer-financed portion of a benefit includes any part of the 10
benefit financed by a salary sacrifice contribution. 11
no-TFN tax means an amount equal to the difference between 12
the amount of: 13
(a) income tax payable by STC under the Income Tax 14
Assessment Act 1997 of the Commonwealth on employer 15
contributions to the Fund for a contributor if there is a 16
failure by the contributor to provide information about his 17
or her tax file number to STC, and 18
(b) income tax that would be so payable if the information 19
about the tax file number was provided. 20
SANCS benefit means a benefit that accrues to or in respect of a 21
contributor or former contributor who is an employee or former 22
employee under the State Authorities Non-contributory 23
Superannuation Act 1987. 24
[5] Section 61RE Commutation of pensions for adjustment of benefits 25
Omit "determination reducing a benefit that may be taken in the form of a 26
pension is made under section 61RA" from section 61RE (1). 27
Insert instead "benefit that may be taken in the form of a pension is reduced 28
under section 61RA or 61RC". 29
Page 12
Superannuation Legislation Amendment Bill 2010
Amendment of Superannuation Act 1916 No 28 Schedule 4
[6] Schedule 25 Savings and transitional provisions 1
Insert at the end of clause 1 (1): 2
Superannuation Legislation Amendment Act 2010 3
Page 13
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