Public Sector Superannuation Reform (Parliamentary Superannuation) Regulations 2016 (Tas)

Public Sector Superannuation Reform (Parliamentary Superannuation) Regulations 2016

I, the Governor in and over the State of Tasmania and its Dependencies in the Commonwealth of Australia, acting with the advice of the Executive Council, make the following regulations under the Public Sector Superannuation Reform Act 2016 .

29 November 2016

C. WARNER

Governor

By Her Excellency's Command,

PETER GUTWEIN

Treasurer

PART 1 - Preliminary

1. Short title These regulations may be cited as the Public Sector Superannuation Reform (Parliamentary Superannuation) Regulations 2016 .

2. Commencement These regulations take effect on the day on which Part 5 of the Public Sector Superannuation Reform Act 2016 commences.

3. Interpretation In these regulations, unless the contrary intention appears – additional salary, in respect of a member, has the same meaning as in the Parliamentary Salaries, Superannuation and Allowances Act 2012 ; assessment notice means a notice issued by the Taxation Commissioner requiring the payment of an amount of surcharge contributions tax, including interest on that payment, in respect of any person and includes – (a) a notice that has been issued in respect of superannuation contributions transferred to the Commission under these regulations; and (b) an amendment to that notice issued by the Taxation Commissioner; basic salary has the same meaning as in the Parliamentary Salaries, Superannuation and Allowances Act 2012 ; benefit means a benefit payable under Part 3 or 4 ; child, in respect of a member or former member, means a person who – (a) is less than 18 years of age; and (b) is the child of the member or former member and his or her surviving partner – and includes – (c) a person less than that age who has been legally adopted by the member or by the surviving partner of the member; and (d) a person of 18 or more years of age but less than 25 years of age who is receiving full-time education at a school, college, university or other educational or training institution; Committee means the Parliamentary Superannuation Committee established under regulation 5 ; complying superannuation plan has the same meaning as in the Income Tax Assessment Act 1997 of the Commonwealth; concessional contributions has the same meaning as in the Income Tax Assessment Act 1997 of the Commonwealth; contributions means contributions and repayments to the Fund; death or invalidity benefit means a benefit payable under Subdivision 3 of Division 4 of Part 4 ; element taxed in the fund has the same meaning as in the Income Tax Assessment Act 1997 of the Commonwealth; element untaxed in the fund has the same meaning as in the Income Tax Assessment Act 1997 of the Commonwealth; eligible rollover fund means an eligible rollover fund within the meaning of the SIS Act; former member means – (a) in Part 3 and in the definition of child in this regulation – a person who has been a member of Parliament and who, immediately before 27 November 2002, was entitled to a pension or other benefit under the 1973 Act; or (b) in Part 4 – a person who, immediately before 27 November 2002, was entitled to a benefit under the 1985 Act; or (c) in Part 6 – a person to whom Part 3 or 4 applied who has ceased to be a member of either House; House means a House of the Parliament of this State; legal personal representative means – (a) the executor of the will or administrator of the estate of a deceased person; or (b) the trustee of the estate of a person under a legal incapacity; or (c) a person who holds a power of attorney granted by a person in respect of matters generally relating to these regulations; member means a member of Parliament to whom Part 3 or 4 applies; non-concessional contributions has the same meaning as in the Income Tax Assessment Act 1997 of the Commonwealth; non-concessional contributions cap has the same meaning as in the Income Tax Assessment Act 1997 of the Commonwealth; notional contributions surcharge amount means an amount calculated by the Commission under regulation 33 or 69 ; notional surchargeable contributions factor means a factor applying to a member as determined by the Actuary for the purposes of Division 5 of Part 3 or Division 5 of Part 4 ; notional taxed contributions has the same meaning as in the Income Tax Assessment Act 1997 of the Commonwealth; parliamentary salary means the basic salary that is payable to a member of Parliament and includes the additional salary, if any, that is payable to him or her; pension means a pension under Part 3 ; pensioner means a person who is receiving a pension under Part 3 ; PRB Fund means the Parliamentary Retiring Benefits Fund as continued under regulation 50 ; PRBF member means a member or former member of Parliament to whom Part 4 applies; preservation age means the preservation age defined in the SIS regulations as the preservation age; PS Fund means the Parliamentary Superannuation Fund as continued under regulation 10 ; PSF member means a member or former member of Parliament to whom Part 3 applies; PSRB Trust means the Parliamentary Superannuation and Retirement Benefits Trust as established under the 1973 Act immediately before 27 November 2002; regulated superannuation fund means a regulated superannuation fund within the meaning of the SIS Act; retiring benefit means a benefit payable under Subdivision 2 of Division 4 of Part 4 ; RSA means a retirement savings account within the meaning of the Retirement Savings Accounts Act 1997 of the Commonwealth; spouse includes the person with whom a PRBF member or PSF member is in a significant relationship, within the meaning of the Relationships Act 2003 ; subfund means a part of the Fund that is maintained by the Commission as a subfund for the purposes of these regulations; superannuation benefit has the same meaning as in the Income Tax Assessment Act 1997 of the Commonwealth; surcharge liability means liability for a tax or interest under the law of the Commonwealth arising from an entitlement to a benefit under these regulations; surchargeable contributions debt account means an account established under regulation 39 or 74 ; surviving partner means a person who is determined by the Commission – (a) under regulation 96 to be the surviving partner of a PRBF member; or (b) under regulation 97 to be the surviving partner of a PSF member; Taxation Commissioner means the person who is holding office as, or acting in the office of, the Commissioner of Taxation under the Taxation Administration Act 1953 of the Commonwealth; tax free component has the same meaning as in the Income Tax Assessment Act 1997 of the Commonwealth; termination benefit means a benefit payable under Subdivision 4 of Division 4 of Part 4 ; the SG Act means the Superannuation Guarantee (Administration) Act 1992 of the Commonwealth; the SIS Act means the Superannuation Industry (Supervision) Act 1993 of the Commonwealth; the SIS Regulations means the Superannuation Industry (Supervision) Regulations 1994 of the Commonwealth; the 1973 Act means the Parliamentary Superannuation Act 1973 ; the 1985 Act means the Parliamentary Retiring Benefits Act 1985 .