Superannuation Liability (GST Windfall Fund) Bill 2025
[Bill 70]-VI
TASMANIA
SUPERANNUATION LIABILITY (GST WINDFALL
FUND) BILL 2025
CONTENTS
Short title
Commencement
Interpretation
Meaning of GST windfall
Superannuation Liability Fund
Transfer of money to Retirement Benefits Fund
Fund not to be closed other than in accordance with this Act
Regulations
Administration of Act
2
[Bill 70] 3
SUPERANNUATION LIABILITY (GST WINDFALL
FUND) BILL 2025
(Brought in by the Treasurer, the Honourable Eric Abetz)
A BILL FOR
An Act to establish a fund in the Public Account to ensure
that, where the GST allocation for a financial year exceeds
the amount budgeted for that financial year, a percentage
of the excess amount of GST is used to offset the unfunded
superannuation liability of the State
Be it enacted by Her Excellency the Governor of Tasmania, by
and with the advice and consent of the Legislative Council and
House of Assembly, in Parliament assembled, as follows:
Short title
This Act may be cited as the Superannuation
Liability (GST Windfall Fund) Act 2025.
Commencement
This Act is taken to have commenced on
1 July 2025.
Interpretation
In this Act, unless the contrary intention
appears –
Contributory Scheme means a contributory
scheme within the meaning of the Public
Sector Superannuation Reform Act 2016,
Superannuation Liability (GST Windfall Fund) Act 2025
Act No. of 2025
s. 3
4
other than the schemes to which Part 6 of
that Act apply;
Contributory Scheme member means –
(a) a person who is contributing to
the Contributory Scheme by way
of contributions, or salary
sacrifice, under the Public Sector
Superannuation Reform Act
2016; or
(b) a person who is receiving a
pension, under the regulations
made under that Act; or
(c) a person who is receiving a lump
sum benefit, under the regulations
made under that Act, other than a
lump sum benefit payable under
the schemes to which Part 6 of
that Act apply;
final budget outcome report means the report
that is publicly released in respect of a
financial year under section 18 of the
Charter of Budget Honesty Act 1998 of
the Commonwealth;
Fund means the Superannuation Liability
Fund established under section 5(1);
General Government Sector has the same
meaning as in the Financial Management
Act 2016;
Superannuation Liability (GST Windfall Fund) Act 2025
Act No. of 2025
s. 3
5
generally accepted accounting principles has
the same meaning as in the Financial
Management Act 2016;
GST windfall – see section 4;
Retirement Benefits Fund means the fund
continued in existence by section 27 of
the Public Sector Superannuation Reform
Act 2016;
Secretary means the Secretary of the
Department;
Specific Purpose Account has the same
meaning as in the Financial Management
Act 2016;
Superannuation Commission means the
Commission established by section 6 of
the Public Sector Superannuation Reform
Act 2016;
unfunded superannuation liability means the
liability of the State, in respect of the
superannuation entitlements of
Contributory Scheme members within
the General Government Sector, that –
(a) is calculated by the Department
in accordance with the generally
accepted accounting principles;
and
(b) is not covered by the Retirement
Benefits Fund.
Superannuation Liability (GST Windfall Fund) Act 2025
Act No. of 2025
s. 4
6
4. Meaning of GST windfall
(1) In this section –
Budget papers, in relation to a financial year,
means the information tabled by the
Treasurer in support of an Appropriation
Act, within the meaning of section 36 of
the Constitution Act 1934, for that
financial year;
equalisation payment, in respect of a financial
year, means a payment, by the
Commonwealth to the State, in respect of
the financial year –
(a) of a grant under section 5(3) of
the Federal Financial Relations
Act 2009 of the Commonwealth;
or
(b) under an intergovernmental
agreement that extends, or
replaces, section 5(3) of the
Federal Financial Relations Act
2009 of the Commonwealth; or
(c) under an Act of the
Commonwealth that the Minister
is satisfied is intended to replace
a grant under section 5(3) of the
Federal Financial Relations Act
2009 of the Commonwealth;
GST entitlement, in relation to a financial
year, means the amount of GST
revenue –
Superannuation Liability (GST Windfall Fund) Act 2025
Act No. of 2025
s. 5
7
(a) allocated to the State, for the
financial year, as reflected in the
final budget outcome report
publicly released for the financial
year; and
(b) that includes, but is not limited
to, any equalisation payments, in
respect of the financial year, as
specified in that final budget
outcome report;
GST estimate, in relation to a financial year,
means the amount that has been specified
in the Budget papers for that financial
year as the amount of GST revenue,
including any equalisation payments, that
is expected to be allocated to the State,
under the Federal Financial Relations
Act 2009 of the Commonwealth, for that
financial year;
GST revenue has the same meaning as in the
Federal Financial Relations Act 2009 of
the Commonwealth.
(2) For the purposes of this Act, the GST windfall of
the State in any financial year is the amount, if
any, by which the GST entitlement for the
financial year exceeds the GST estimate for that
financial year.
5. Superannuation Liability Fund
(1) As soon as practicable after this Act receives the
Royal Assent, there is to be established a
Superannuation Liability (GST Windfall Fund) Act 2025
Act No. of 2025
s. 5
8
Specific Purpose Account to be named the
Superannuation Liability Fund.
(2) For the purposes of section 17(1) of the
Financial Management Act 2016 –
(a) the Fund is to be used for the purpose of
providing funds to offset the unfunded
superannuation liability; and
(b) the Department is the Agency
responsible for administering the Fund.
(3) There is to be paid into the Fund –
(a) each amount determined in accordance
with subsection (5)(b) to be paid into the
Fund in respect of a financial year; and
(b) such other amounts as the Treasurer may,
from time to time, advance for the
purposes of the Fund; and
(c) any income derived from the investment
of money standing to the credit of the
Fund.
(4) Within 3 months after the public release of the
final budget outcome report for a financial year,
the Secretary is to determine if there is a GST
windfall in respect of the financial year.
(5) If the Secretary determines that there is a GST
windfall in respect of a financial year, the
Secretary is to –
(a) calculate the amount of the GST windfall
for that financial year; and
Superannuation Liability (GST Windfall Fund) Act 2025
Act No. of 2025
s. 6
9
(b) determine the amount, being 50% of the
GST windfall for that financial year, to
be paid into the Fund in respect of the
financial year; and
(c) as soon as practicable after determining
an amount under paragraph (b), pay the
amount into the Fund.
(6) For the avoidance of doubt, the payment of an
amount under subsection (5)(c) into the Fund
does not require any further appropriation than
this section.
(7) Except as provided under this Act, the Financial
Management Act 2016 applies to the
administration, and management, of the Fund.
6. Transfer of money to Retirement Benefits Fund
(1) The Treasurer is to, from time to time, transfer
money from the Fund to the Retirement Benefits
Fund to be applied by the Superannuation
Commission to the unfunded superannuation
liability, in accordance with the Public Sector
Superannuation Reform Act 2016.
(2) Money may not be transferred from the Fund
other than in accordance with this section and
section 7.
(3) For the purposes of this section, the investment
of money standing to the credit of the Fund, in
accordance with section 31 of the Financial
Management Act 2016, is not a transfer of
money from the Fund.
Superannuation Liability (GST Windfall Fund) Act 2025
Act No. of 2025
s. 7
10
7. Fund not to be closed other than in accordance with
this Act
(1) The Treasurer may, with the approval of both
Houses of Parliament, transfer the money
standing to the credit of the Fund to another
account in the Public Account.
(2) For the purposes of subsection (1), a House of
Parliament is taken to have approved the transfer
of money under that subsection if –
(a) the Treasurer causes a proposal for the
money transfer to be laid before each
House of Parliament; and
(b) after the proposal has been laid before a
House of Parliament –
(i) the House passes a motion
approving the proposal; or
(ii) no notice of motion to disallow
the proposal is made within 5
sitting-days after the proposal has
been laid before it; or
(iii) if a notice of motion to disallow
the proposal has been made
within 5 sitting-days after the
proposal has been laid before it –
(A) the notice of motion is
withdrawn; or
(B) the motion is negatived;
or
Superannuation Liability (GST Windfall Fund) Act 2025
Act No. of 2025
s. 8
11
(C) a further period of 9
sitting-days of the House
ends without it having
passed the motion.
(3) If the Treasurer transfers the money standing to
the credit of the Fund in accordance with this
section –
(a) the Treasurer is to direct that the Fund be
closed; and
(b) after all liabilities relating to the Fund
have been met, the Department is to
close the Fund.
(4) The Fund may not be closed other than in
accordance with this section.
8. Regulations
(1) The Governor may make regulations for the
purposes of this Act.
(2) The regulations may –
(a) authorise any matter to be from time to
time determined, approved, applied or
regulated by any person or body
specified in the regulations; and
(b) be made subject to conditions so as to
apply differently according to matters,
limitations or restrictions, whether as to
time, circumstance or otherwise,
specified in the regulations.
Superannuation Liability (GST Windfall Fund) Act 2025
Act No. of 2025
s. 9
12
9. Administration of Act
Until provision is made in relation to this Act by
order under section 4 of the Administrative
Arrangements Act 1990 –
(a) the administration of this Act is assigned
to the Treasurer; and
(b) the department responsible to the
Treasurer in relation to the administration
of this Act is the Department of Treasury
and Finance.
Government Printer, Tasmania