Commonwealth Numbered Regulations - Explanatory Statements

[Index] [Search] [Download] [Related Items] [Help]


SUPERANNUATION (CSS) FEES REGULATIONS 1993 NO. 201

EXPLANATORY STATEMENT

STATUTORY RULES 1993 No. 201

Issued by the authority of the Minister for Finance

Superannuation Act 1976

Superannuation (CSS) Fees Regulations

Section 168 of the Superannuation Act 1976 (the Act) provides for the GovernorGeneral to make Regulations not inconsistent with the Act to prescribe matters required or permitted or which are necessary or convenient to be prescribed for the carrying out or giving effect to the Act.

Division 4 of Part XA of the Act provides for the reconsideration of decisions made by the Commonwealth Superannuation Board of Trustees No.2 (the Board). Subsection 153AN(1) of the Act, contained in that Part, provides for the payment of a prescribed fee by a person who makes an application under section 153AM of the Act for reconsideration of a decision made by the Board.

Subsection 153AN(2) of the Act requires that any fees received by the Board under subsection 153AN(1) are to be paid into the Consolidated Revenue Fund. Subsection 153AN(3) enables provisions in the Regulations to be made for fees paid under subsection 153AN(1) to be refunded in certain circumstances.

Section 168 of the Act does not provide for the retrospective operation of Regulations made under section 153AN and, accordingly, any applications for reconsideration of decisions received before the making of the Regulation will not be subject to any fee prescribed.

The fee imposed on requests for reconsideration of Board decisions will be one hundred and fifty dollars ($150).

Details of the Regulations are as follows:

Regulation 1 provides that the Regulations may be cited as the Superannuation (CSS) Fees Regulations.

Regulation 2 provides that, in the Regulations, the term "the Act" means the Superannuation Act 1976.

Regulation 3 provides that the fee to apply be $150 and that it be payable before the Board accepts the person's application. The fee will be refundable where the Board determines the application in the person's favour or where the application is dismissed under section 153AP of the Act.

The Regulations contained in the Statutory Rule operate from the date of gazettal.


[Index] [Related Items] [Search] [Download] [Help]