1Superannuation (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

1. This Declaration may be cited as the Superannuation (Productivity Benefit) Alternative Arrangements (Contracts for Labour) Declaration.

Commencement

2. This Declaration is taken to have commenced on 1 July 1992.

Interpretation

3. In this Declaration, “the Act” means the Superannuation (Productivity Benefit ) Act 1988.

Declared class of employees

4. (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

5. (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.