Tenth Amendment of the Superannuation (PSSAP) Trust Deed

Link to law: https://www.comlaw.gov.au/Details/F2013L02063

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now
 
THIS DEED is made on         27/11/2013            by THE MINISTER FOR FINANCE.
WHEREAS section 10 of the Superannuation Act 2005 (the Act) provides for the Minister to establish a superannuation scheme to be administered by the Board established under section 20 of the Superannuation Act 1990 (1990 Act) before its repeal by the Superannuation Legislation (Consequential Amendments and Transitional Provisions) Act 2011;
AND WHEREAS the body corporate, that was previously constituted as the Board under repealed section 20 of the 1990 Act, is continued in existence under the name Commonwealth Superannuation Corporation (CSC) by section 5 of the Governance of Australian Government Superannuation Schemes Act 2011;
AND WHEREAS the Public Sector Superannuation Accumulation Plan (the PSSAP) was established by Trust Deed dated 29 June 2005[1] (the Trust Deed);
AND WHEREAS the Schedule to the Trust Deed contains Rules for the administration of the PSSAP (the Rules);
AND WHEREAS the Trust Deed and the Rules have been amended from time to time by various Deeds;
AND WHEREAS section 11 of the Act provides for the Minister, by instrument in writing, to amend the Trust Deed, and under section 32 requires the consent of CSC to make amendments in certain circumstances;
AND WHEREAS CSC has consented to the amendments provided for in this Deed, except for clause 4, which does not require CSC consent.
NOW THIS DEED WITNESSES as follows:
1.      Commencement of amendments
The amendments in this Deed commence on the day after it is registered on the Federal Register of Legislative Instruments.
2.      Interpretation
Unless a contrary intention appears, a word or phrase in this Deed has the same meaning it has in the Trust Deed and the Rules.
3.      Release authorities
The Rules are amended as follows:
3.1       Rule 1.2.1 is amended by replacing the definition of “release authority” with the following definition:
            “release authority      means:
            (a)        a release authority received from a PSSAP member or the Commissioner of Taxation under section 292-410 of the Income Tax Assessment Act 1997; or
            (b)       a transitional release authority received from a PSSAP member under section 292‑80B of the Income Tax (Transitional Provisions) Act 1997; or
            (c)        a release authority issued by the Commissioner of Taxation under item 1 or 2 of the table in subsection 135‑10(1) in Schedule 1 to the Taxation Administration Act 1953 and received from a PSSAP member or the Commissioner of Taxation under Subdivision 135-B of that Schedule.”
3.2       The following note is inserted immediately after Rule 3.1.11A:
 
“Note:
For a release authority issued under item 1 or 2 of the table in subsection 135‑10(1) in Schedule 1 to the Taxation Administration Act 1953, this Rule is subject to any requirement(s) contained in Division 135 of Schedule 1 to that Act.

 
4.      Employer contribution shortfall
The rules are amended as follows:
4.1       Rule 2.2.10 is amended by deleting the rule and replacing it with the following new rule:
            “2.2.10               If the percentage reported under Rule 2.2.9(b) is less than the relevant charge percentage for the quarter, as specified in the table at subsection 19(2) of the Superannuation Guarantee (Administration) Act 1992, the designated employer is required to notify in writing the ordinary employer-sponsored member and CSC of an employer contribution shortfall. The amount of the employer contribution shortfall to be notified is the amount, expressed in dollars and cents, by which the reported amount falls short of the relevant charge percentage multiplied by the ordinary time earnings of the ordinary employer-sponsored member.”
 
IN WITNESS WHEREOF this Deed has been executed the day and year first hereinbefore written.
 
SIGNED, SEALED AND DELIVERED                         )  
                                                                                                                                                                        )
by                                                                                        )
                                                                                            )
Senator the Hon MATHIAS HUBERT PAUL CORMANN)
                                                                                            )
Minister for Finance                                                            )              
                                                                                            )
in the presence of:                                                               )
                                                                                            )
Simon Nicholas Atkinson                                                   )
                            (name)                                                     )  
                                                                                            )
Chief of Staff                                                                      )
                            (description)                                            )  
                                                                                            )
 
 
 
 
 
 
 
TABLE LISTING TRUST DEED AND AMENDING DEEDS
 
From 1 January 2005, paragraph 6(d) of the Legislative Instruments Act 2003 declared disallowable instruments (such as the instruments amending the Trust Deed) to be legislative instruments.  Legislative instruments are registered on the Federal Register of Legislative Instruments instead of being notified in the Gazette.
 
Date
Number
Gazette / Registration details

29 June 2005
Trust Deed
F2005L01901, 30 June 2005

25 July 2006
First
F2006L02524, 1 August 2006

21 June 2007
Second
F2007L01942, 28 June 2007

8 April 2008
Third
F2008L01089, 18 April 2008

22 June 2009
Fourth
F2009L02531, 25 June 2009

29 June 2011
Fifth
F2011L01390, 30 June 2011

10 February 2012
Sixth
F2012L00319, 15 February 2012

12 December 2012
Seventh
F2013L00027, 7 January 2013

14 March 2013
Eighth
F2013L00551, 25 March 2013

31 May 2013
Ninth
F2013L00934, 7 June 2013

 
 
 
 

[1] Section 4 of the Act defines “Trust Deed” to include that deed as subsequently amended.  A note listing particulars of the Trust Deed and the amending deeds is set out at the end of this Deed.