2007
2007
2007-07-05
act
government
publicspecial
act.reprint
allinforce
2007-06-08
2007-06-08
0
2007-07-05
act-2007-028
2007
none
act-2007-028
d6e03150-960c-45c8-861d-c10f4314b7e2
2ab266ad-6567-4fc6-adc4-c8ad148b5664
Note—
The Act was repealed by sec 7 of this Act with
effect from 5.7.2007.
An Act to amend the Superannuation Act 1916, the State Authorities Superannuation Act
1987 and the State Authorities
Non-contributory Superannuation Act 1987 with respect to
the payment of compulsory employee superannuation contributions by way of
salary sacrifice arrangements and the transfer of benefits to other
superannuation schemes; to amend the Superannuation
Administration Act 1996 with respect to the provision of
indemnities by the SAS Trustee Corporation; and for other
purposes.
1Name of
Act
This Act is the Superannuation
Legislation Amendment Act 2007.
2Commencement
This Act commences on the date of assent to this
Act.
3Amendment of State Authorities Non-contributory Superannuation Act
1987 No 212
The State Authorities
Non-contributory Superannuation Act 1987 is amended as set
out in Schedule 1.
4Amendment of State Authorities Superannuation Act 1987 No
211
The State Authorities
Superannuation Act 1987 is amended as set out in Schedule
2.
5Amendment of Superannuation Act 1916 No
28
The Superannuation
Act 1916 is amended as set out in Schedule
3.
6Amendment of Superannuation Administration Act 1996 No
39
The Superannuation
Administration Act 1996 is amended as set out in Schedule
4.
7Repeal of
Act
This Act is repealed on the day following the day
on which this Act commences.
Schedule 1Amendment of State Authorities Non-contributory Superannuation Act
1987
(Section 3)
[1]Section 4
Salary
Insert after section 4 (1) (a):
(a1)
if salary sacrifice contributions under an STC
Act are made in respect of the employee, the cost of the contributions,
and
[2]Section 4A Salary of executive
officers
Insert “, other than salary sacrifice
contributions,” after “superannuation” in section 4A
(3).
[3]Section 4B Salary not to be
affected by salary sacrifice
Omit the section.
[4]Schedule 5 Savings and
transitional provisions
Insert at the end of clause 1 (1):
Superannuation
Legislation Amendment Act 2007
Schedule 2Amendment of State Authorities Superannuation Act
1987
(Section 4)
[1]Section 3
Definitions
Omit “section 19A (b)” from the
definition of salary
sacrifice contribution in section 3 (1).
Insert instead “section 19A (1)
(b)”.
[2]Section 4
Salary
Insert after section 4 (1) (a):
(a1)
if salary sacrifice contributions are made in
respect of the contributor, the amounts payable for those contributions under
section 19B, and
[3]Section 4A Salary of executive
officers
Insert “, other than salary sacrifice
contributions,” after “superannuation” in section 4A
(3).
[4]Section 4B Salary not to be
affected by salary sacrifice
Omit the section.
[5]Sections 12 (3) (a1) and
19B
Omit “income” wherever
occurring.
[6]Section
19A
Omit the section. Insert instead:
19AContributions by or on behalf
of employees
(1)
Contributions may be made to the Fund for
crediting to a contributor’s account:
(a)
by the contributor (employee
contributions), and
(b)
by the contributor’s employer in accordance
with an agreement between the contributor and the employer under which the
contributor is to forgo remuneration yet to be earned and the remuneration
foregone is to be applied by the employer to contributions on behalf of the
contributor (salary
sacrifice contributions).
(2)
In this Act and the regulations, a reference
(however expressed) to a contribution by an employee or a contributor or a
contributor-financed portion of a benefit is taken to include a reference to a
salary sacrifice contribution or any part of a benefit financed by a salary
sacrifice contribution.
(3)
In this Act and the regulations, a reference
(however expressed) to an employer contribution or an employer-financed
portion of a benefit does not include a reference to a salary sacrifice
contribution or any part of a benefit financed by a salary sacrifice
contribution.
[7]Section 30A Contributor who is
executive officer
Omit section 30A (5) (d). Insert instead:
(d)
except as provided by subsection (6), is not
entitled to be paid the benefit provided by section 43 (6) until on or after
first ceasing to be an employee after making the election and unless there
exist the circumstances set out in section 43 (3),
and
[8]Section 30A
(6)
Omit the subsection. Insert instead:
(6)
If a contributor makes an election under
subsection (5) (e), STC must, as soon as practicable after the election is
made, pay to the trustee or provider of the nominated fund or account the
amount of the benefit provided by section 43 (6) to which the contributor is
entitled having regard to this section.
[9]Schedule 6 Savings and
transitional provisions
Insert at the end of clause 1 (1):
Superannuation
Legislation Amendment Act 2007
Schedule 3Amendment of Superannuation Act
1916
(Section 5)
[1]Section 3
Definitions
Insert in alphabetical order in section 3
(1):
Salary
sacrifice contribution—see section 10U
(2).
[2]Section 3AA Salary of
executive officers
Insert “, other than salary sacrifice
contributions,” after “superannuation” wherever occurring in
section 3AA (3) and (6B).
[3]Section 3A
Salary
Insert after section 3A (1) (a):
(a1)
if salary sacrifice contributions are made in
respect of the contributor, the amounts payable for those contributions under
section 10U (3) (a) and (b), and
[4]Section
10U
Insert after section 10T:
10USalary sacrifice
contributions
(1)
The whole or part of an amount that is required
to be contributed to the Fund by an employee under this Act may be paid by
salary sacrifice contributions.
(2)
A salary
sacrifice contribution is a contribution paid in accordance
with an agreement between an employee and the employee’s employer under
which the employee is to forgo remuneration yet to be earned and the
remuneration foregone is to be applied by the employer to the amount payable
for the employee contributions under this Act.
(3)
The amount payable to the Fund for a salary
sacrifice contribution to meet the requirement for an employee contribution
under this Act is to comprise the following:
(a)
the amount necessary (taking into account any
contributions not made on a salary sacrifice basis) to meet the required
employee contribution under this Act (the contribution
element),
(b)
the amount necessary to meet any tax payable
under Commonwealth taxation law in respect of the amount paid under paragraph
(a).
(4)
A salary sacrifice contribution is to be paid
within the same period as a contribution made by deduction from the salary or
wage of a contributor under section 20.
(5)
In this Act and the regulations, a reference
(however expressed) to any of the following is taken to include a reference to
the contribution element of a salary sacrifice contribution in accordance with
an agreement under this section:
(a)
a contribution by an employee or a
contributor,
(b)
the cost to an employee or a contributor of a
unit of pension,
(c)
an instalment for a unit of pension paid by an
employee or a contributor.
(6)
In this Act and the regulations, a reference
(however expressed) to an employer contribution or an employer-financed
portion of a benefit does not include a reference to a salary sacrifice
contribution or any part of a benefit financed by a salary sacrifice
contribution.
(7)
This section has effect despite any other
provision of this Act.
[5]Section 20AB Contributor who
is executive officer
Omit section 20AB (5) (d). Insert instead:
(d)
except as provided by subsection (6), is not
entitled to be paid the benefit provided by Division 3A of Part 4 until on or
after first ceasing to be an employee after making the election and unless
there exist the circumstances in which a person referred to in section 52A (1)
is entitled to be paid a benefit under that Division,
and
[6]Section 20AB
(6)
Omit the subsection. Insert instead:
(6)
If a contributor makes an election under
subsection (5) (e), STC must, as soon as practicable after the election is
made, pay to the trustee or provider of the nominated fund or account the
amount of the benefit provided by Division 3A of Part 4 to which the
contributor is entitled under subsections (7) and (8).
[7]Section 20AB
(7)
Omit “subsection (6) (a)”. Insert
instead “subsection (6)”.
[8]Schedule 25 Savings and
transitional provisions
Insert at the end of clause 1 (1):
Superannuation
Legislation Amendment Act 2007
Schedule 4Amendment of Superannuation Administration Act
1996
(Section 6)
[1]Section
80A
Insert after section 80:
80ASTC not to indemnify officers
without Ministerial approval
(1)
STC may indemnify a person who is or has been an
officer of STC against a liability incurred as an officer of STC, or enter
into an indemnity agreement, only with the written approval of the
Minister.
(2)
For the purposes of this section, an indemnity
agreement means an agreement or arrangement (whether made by
deed or otherwise), between STC and a person who is or has been an officer of
STC, that contains any one or more of the following provisions:
(a)
a provision that requires STC to indemnify the
person against any liability incurred as an officer of
STC,
(b)
a provision that requires STC to maintain an
insurance policy in respect of any liability incurred by the person as an
officer of STC,
(c)
a provision that requires STC to pay money to or
on behalf of the person to assist in defending or responding to any claim,
investigation or other proceedings relating to the person’s term of
office as an officer of STC (including a provision that requires payment in
advance of any liability being incurred by the person),
(d)
a provision that confers on the person a right of
access to documents held by STC, in any specified circumstances, in connection
with any claim, investigation or other proceedings relating to the
person’s term of office as an officer of STC.
(3)
If an indemnity agreement is entered into by STC
in accordance with the approval of the Minister under this section, STC may
indemnify a person, as required by that agreement, without obtaining a further
approval from the Minister.
(4)
The approval of the Minister under this
section:
(a)
may be given generally or may be limited to a
particular case or class of cases, and
(b)
is subject to such conditions (if any) as are
specified in the approval.
(5)
In this section:
officer
of STC means the following:
(a)
a member of the STC Board,
(b)
the chief executive officer of
STC.
[2]Schedule 3 Savings and
transitional provisions
Insert at the end of clause 1 (1):
Superannuation
Legislation Amendment Act 2007
[3]Schedule 3, Part
5
Insert after Part 4:
Part 5Provisions consequent on the
enactment of the Superannuation Legislation Amendment
Act 2007
30Indemnification agreements
entered into before commencement
(1)
Section 80A, as inserted by the Superannuation Legislation Amendment Act
2007, does not prevent STC from indemnifying a person who
is or has been an officer of STC against a liability incurred as an officer of
STC, without the approval of the Minister, if the indemnity is provided
pursuant to a deed or other written agreement entered into by STC before the
commencement of section 80A.
(2)
In this clause:
officer
of STC means the following:
(a)
a member of the STC Board,
(b)
the chief executive officer of
STC.
Historical
notes
Table of amending
instruments
Superannuation
Legislation Amendment Act 2007 No 28. Assented to
4.7.2007. Date of commencement, assent, sec 2.