Statutory Rules 1995   No. 941

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Superannuation (Former Provident Account Contributors) Regulations2 (Amendment)

I, The Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Superannuation Act 1976.

Dated 11 May 1995.

                                                                                    BILL HAYDEN

                                                                                   Governor-General

By His Excellency’s Command,

KIM C. BEAZLEY

Minister for Finance

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1.   Commencement

1.1   Subregulations 3.4 and 3.6 are taken to have commenced on 1 July 1993.

[NOTE: The remainder of these Regulations commence on gazettal: see Acts Interpretation Act 1901, s. 48.]

2.   Amendment

2.1   The Superannuation (Former Provident Account Contributors) Regulations are amended as set out in these Regulations.

3.   Schedule (Modifications of the Act in the application of the Act in relation to certain persons to whom section 183 of the Act applies)

3.1   Modifications of section 136:

Before the first modification insert:

“Omit ‘subject to this Division’ from subsection (1), substitute ‘subject to this Division and Division 9 of Part XII’”. 

3.2   Modification of Part XII:

Added section 211:

Omit the section, substitute:

   “211 (1)   Where:

             (a)   a person, including a deceased person, made an election and payment to the former Board under subsection 119J (1) of the superseded Act in connection with his or her becoming an employee for the purposes of that Act (whether or not he or she had previously made another such election and payment); and

             (b)   that person did not thereafter, at any time before the commencing day, cease to be an employee for the purposes of that Act;

the succeeding provisions of this section have effect in relation to that person.

           “(2)   A reference in subsection 197 (2), 200 (1) or 201 (2) or in paragraph 204 (1) (a), 205 (2) (a), 209 (1) (a) or 210 (2) (a) to the accumulated basic contributions of a person shall be read as a reference to the amount by which the amount that, but for this subsection, would be his or her accumulated basic contributions exceeds the sum of:

             (a)   an amount equal to:

                          (i)   except where subparagraph (ii) applies—the employee component of the transfer value an amount equal to the amount of which was so paid by him or her to the former Board under subsection 119J (1) of the superseded Act; or

                         (ii)   if the amount so paid by him or her to the former Board under subsection 119J (1) of the superseded Act was equal to the sum of the amounts of 2 or more transfer values—the sum of the employee components of those transfer values; and

             (b)   interest (compounded each year on 30 June) on the amount ascertained in accordance with paragraph (a) calculated:

                          (i)   in respect of the period that commenced on the date on which the amount was so paid to the former Board under subsection 119J (1) of the superseded Act and ended immediately before the commencing day—at the rate applicable at the relevant time under subsection 90 (3) of that Act; and

                         (ii)   in respect of the period that commenced on the commencing day and ended when the person ceased to be an eligible employee—at the rate applicable at the relevant time under a determination made by the Board under subsection 154A (1).

           “(3)   Where:

             (a)   that person, or another person, is entitled to payment of a lump sum benefit that is an amount referred to in subsection 197 (2), 200 (1), 201 (2), 204 (1) or 205 (2); or

             (b)   there is payable in respect of an eligible child or eligible children a lump sum benefit that is an amount referred to in subsection 209 (1) or 210 (2);

there is payable to the person so entitled or in respect of that eligible child or those eligible children, as the case may be, in addition to that lump sum benefit, a lump sum benefit of an amount equal to the amount so paid to the former Board under subsection 119J (1) of the superseded Act together with interest on that amount calculated in the same manner as interest is calculated under paragraph (2) (b) on an amount ascertained in accordance with paragraph (2) (a).

           “(4)   For the purposes of this section, a person shall be taken to have made a payment to the former Board if the payment was made to that Board by another person on his or her behalf.

           “(5)   This section does not have effect in relation to a person if subsection 136 (2A) or (2F) applies in relation to the person.”.

3.3   Modification of Part XII:

Added subsection 222 (1):

Definition of “rate of fund contribution tax”:

Omit “Minister”, substitute “Board”. 

3.4   Modification of Part XII:

Added subsection 222 (1):

Definition of “relevant period of employment”:

Omit “1993” from paragraph (a), substitute “1994”. 

3.5   Modification of Part XII:

Added subsection 222 (1):

Definition of “relevant period of employment”:

Omit all the words and paragraphs after paragraph (b).

3.6  Modification of Part XII:

Added subsection 223 (3):

Definition of “AEC”:

Omit “1993”, substitute “1994”. 

3.7   Modification of Part XII:

Added section 224:

Omit “214”, substitute “223”. 

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NOTES

1.   Notified in the Commonwealth of Australia Gazette on 18 May 1995.

2.   Statutory Rules 1978 No. 227 as amended by 1991 Nos. 171 and 468; 1992 No. 269; 1993 No. 353.