Schedule 1—Transitional provision
1—Transitional provision
An amendment made by a provision of the Statutes Amendment (Equal
Superannuation Entitlements for Same Sex Couples) Act 2003 to a provision of
this Act that provides for, or relates to, the payment of a pension, lump sum
or other benefit to a person on the death of a member, or former member,
applies only if the death occurs on or after 3 July 2003.
Part 3—Amendment of Parliamentary Remuneration Act 1990
After section 4A insert:
4B—Salary sacrifice for superannuation purposes
(1) In this
section—
eligible member means—
(a) a
PSS 3 member; or
(b) a
non-participating member;
non-participating member means a member of either House of Parliament who has
made an election under section 7E of the
Parliamentary Superannuation Act 1974 ;
PSS 3 means the scheme of superannuation known as PSS 3 under the
Parliamentary Superannuation Act 1974 ;
PSS 3 member means a member of PSS 3 under the
Parliamentary Superannuation Act 1974 , other than a person who is only a
member of PSS 3 in order to establish a rollover account under
section 7F of that Act;
salary means basic salary and additional salary (if any).
(2) An eligible member
may elect to forego a percentage or amount of salary that would otherwise be
paid to the member and instead have contributions made—
(a) in
the case of a PSS 3 member—to PSS 3;
(b) in
the case of a non-participating member—to the complying fund that
applies in relation to the member under section 7E of the Parliamentary
Superannuation Act 1974 ,
for superannuation purposes.
(3) The election
must—
(a) be
made in writing; and
(b) be
signed by the member; and
(c) be
furnished to the Treasurer.
(4) The election
must—
(a)
subject to subsection (5), specify the percentage or amount of salary
that is foregone; and
(b)
specify the date from which the election is to have effect, being a
date—
(i)
that is at least 14 days after the date on which the
notice is furnished to the Treasurer; and
(ii)
that coincides with a date on which salary is actually
due to be paid to the member; and
(c)
contain such other information (if any) as is required by the Treasurer.
(5) The amount that
may be sacrificed under this section (whether by way of a percentage of salary
or an amount of salary), when aggregated with any amount by way of salary
sacrifice under section 4A or 6A(2) that applies in relation to the
member, cannot exceed 50 per cent of the member's salary.
(6) If an amount of
salary is specified, it must be an amount of salary per pay period.
(7) If a member has
made an election under this section then, while the election has effect—
(a) the
salary to which the member would otherwise be entitled under this Act is
reduced in accordance with the terms of the election; and
(b) the
Treasurer must make contributions of amounts representing the amount of
reduction for the benefit of the member—
(i)
in the case of a PSS 3 member—in accordance with
section 14C(2) of the Parliamentary Superannuation Act 1974 ;
(ii)
in the case of a non-participating member—to the
complying fund that applies in relation to the member under section 7E of
the Parliamentary Superannuation Act 1974 .
(8) A member who has
made an election under this section may vary the election from time to time in
accordance with the regulations.
(9) An election under
this section will cease to have effect if—
(a) the
member dies; or
(b) the
member revokes the election by notice in writing furnished to the Treasurer in
accordance with the regulations.
(10) For the purposes
of determining a percentage of salary under this section, other than under
subsection (5), any amount that may be deducted from salary under
section 4A or 6A(2) will be disregarded.
(11) A member who has
made an election under this section must—
(a) pay
to the Treasurer an administrative charge of an amount fixed by the Treasurer
at intervals, and in a manner, specified by the Treasurer; and
(b) if
required by the Treasurer, enter into an arrangement specified by the
Treasurer under which the member indemnifies the Crown with respect to—
(i)
any income tax or other taxation liability whatsoever
(including any administrative penalty, fine or other amount) that may become
payable pursuant to any relevant taxation legislation or ruling; and
(ii)
any other liability that may arise on account of the
member's decision to sacrifice salary under this section.
49—Amendment of section 6A—Ability to provide other allowances and
benefits
Section 6A(3)—delete subsection (3)