Superannuation (Productivity Benefit) Alternative Arrangements (Contracts for Labour) Declaration
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Statutory Rules 1993 No. 2041
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Superannuation (Productivity Benefit) Alternative Arrangements (Contracts for Labour) Declaration
I, RALPH WILLIS, Minister for Finance, make the following Declaration under section 4A of the Superannuation (Productivity Benefit) Act 1988.
Dated 15 July 1993.
RALPH WILLIS
Minister for Finance
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Citation
- This Declaration may be cited as the Superannuation (Productivity Benefit) Alternative Arrangements (Contracts for Labour) Declaration.
Commencement
- This Declaration is taken to have commenced on 1 July 1992.
Interpretation
- In this Declaration, “the Act” means the Superannuation (Productivity Benefit ) Act 1988.
Declared class of employees
- (1) For the purposes of subsection 4A (1) of the Act, the class of qualified employees referred to in subclause (2) is a class of employees who are neither fund employees nor interim arrangement employees.
(2) The class of qualified employees comprises persons each of whom is included in the class of persons declared to be qualified employees under clause 5 of the Superannuation (Productivity Benefit) (Qualified Employees) Declaration No. 3.
Arrangements for the declared class of employees
- (1) For the purposes of subsection 4A (2) of the Act, the following arrangements are to apply to the class of employees referred to in subclause 4 (2).
(2) An employee included in the class may at any time elect:
(a) to become a member of the nominated fund or an approved fund; or
(b) to specify a superannuation fund in accordance with subclause (5).
(3) An employee who makes an election under subclause (2) may revoke the election.
(4) An election under subclause (2) or a revocation under subclause (3):
(a) must be made by notice in writing to the employee’s designated employer; and
(b) takes effect when the notice is given.
(5) For the purposes of paragraph (2) (b), an employee may specify in an election a superannuation fund (including a superannuation fund personal to the employee) if:
(a) the employee is a member of that fund on the joining date; and
(b) the fund is a complying superannuation fund for the purposes of Part IX of the Income Tax Assessment Act 1936.
(6) If an employee makes an election under subclause (2), the Act commences to apply to the employee when the election takes effect as if:
(a) the employee were a fund employee and a remainder employee; and
(b) the superannuation fund (if any) specified by the employee in accordance with subclause (2) had been declared under subsection 4C (1) of the Act to be an approved fund; and
(c) the Act were modified by omitting subsections 4C (2) and (3).
(7) If an employee revokes an election made under subclause (2) without making a further election, subclause (6) ceases to have effect in relation to the employee when the revocation takes effect and the employee becomes an interim arrangement employee.
(8) If an employee has not made an election under subclause (2), the member is taken to have become an interim arrangement employee on the joining date.
(9) In this clause, “joining date”, in relation to an employee, means:
(a) if the employee was employed by his or her designated employer on 1 July 1992—1 July 1992; or
(b) if the employee became employed by his or her designated employer after 1 July 1992—the date on which the employee became employed by his or her designated employer.
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NOTE
Note: 1. Notified in the Commonwealth of Australia Gazette on 26 July 1993.