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Commonwealth Superannuation Board Bill 1998

Part 5 Miscellaneous

   

23   Costs of management of CSS Fund and administration of repealed Superannuation Act 1976 , repealed Superannuation Act 1922 and Papua New Guinea (Staffing Assistance) Act 1973

             (1)  The costs of and incidental to the management of the CSS Fund are to be paid out of that Fund.

             (2)  The costs of and incidental to the administration of the repealed Superannuation Act 1976 , the repealed Superannuation Act 1922 and the Papua New Guinea (Staffing Assistance) Act 1973 (other than costs referred to in subsection (1)) are to be paid out of the money of the Board.

             (3)  The cost of a medical examination carried out for the purposes of section 16 or 16AB of the repealed Superannuation Act 1976 is part of the costs of and incidental to the administration of that Act.

             (4)  The Board may prepare an estimate of the costs referred to in subsection (2) that are likely to be incurred for a financial year.

             (5)  The authorised person may, by writing signed by him or her, direct an agency to pay to the Board, in respect of a period that is, or is included in, a financial year for which an estimate of costs has been prepared under subsection (4), such part of the costs so estimated as:

                     (a)  the authorised person thinks appropriate to be paid by the agency; and

                     (b)  is stated in the direction.

             (6)  In deciding whether to give a direction to an agency under subsection (5), and in determining the part of the estimated costs to be stated in the direction, the authorised person is to take into account the Board’s responsibilities referred to in subsection 7(2) and any other matters that he or she thinks relevant.

             (7)  Subsection (6) does not prevent an agency from agreeing with the Board in respect of a financial year:

                     (a)  if the authorised person has not given a direction to the agency to pay to the Board a part of the estimated costs—to pay to the Board an amount in respect of the costs referred to in subsection (2) in relation to the financial year; or

                     (b)  if the authorised person has given a direction to the agency to pay to the Board a part of the estimated costs—to pay to the Board an additional amount in respect of the costs referred to in subsection (2) in relation to the financial year.

             (8)  An agency:

                     (a)  must pay to the Board:

                              (i)  any amount that it is directed to pay to the Board under subsection (5); and

                             (ii)  any amount that it agrees to pay to the Board under subsection (7); and

                     (b)  may apply for the purpose of making any such payment any money under its control.

             (9)  The Minister may, by writing, authorise a person to give directions to an agency under subsection (5).

           (10)  In this section:

agency means:

                     (a)  a Department of State; or

                     (b)  a Department of the Parliament; or

                     (c)  a branch or part of the Australian Public Service in relation to which a person has, under an Act, the powers of, or exercisable by, the Secretary to a Department of the Australian Public Service; or

                     (d)  an authority or other body (other than a State or a State authority) that employs people who are eligible employees for the purposes of the repealed Superannuation Act 1976 ;

and includes an authority or other body that is an approved authority for the purposes of the repealed Superannuation Act 1976 .

authorised person means the Minister or a person authorised by the Minister under subsection (9) to give directions to agencies under subsection (5).

24   Costs of management of PSS Fund and administration of repealed Superannuation Act 1990 and Trust Deed

             (1)  The costs of and incidental to the management of the PSS Fund are to be paid out of that Fund.

             (2)  The costs of and incidental to the administration of the repealed Superannuation Act 1990 and the Trust Deed (other than costs referred to in subsection (1)) are to be paid out of the money of the Board.

             (3)  The cost of a medical examination carried out for the purposes of the Rules for the administration of the Public Sector Superannuation Scheme set out in the Schedule to the Trust Deed is part of the costs of and incidental to the administration of the repealed Superannuation Act 1990 and the Trust Deed.

             (4)  The Board may prepare an estimate of the costs referred to in subsection (2) that are likely to be incurred for a financial year.

             (5)  The authorised person may, by writing signed by him or her, direct an agency to pay to the Board, in respect of a period that is, or is included in, a financial year for which an estimate of costs has been prepared under subsection (4), such part of the costs so estimated as:

                     (a)  the authorised person thinks appropriate to be paid by the agency; and

                     (b)  is stated in the direction.

             (6)  In deciding whether to give a direction to an agency under subsection (5), and in determining the part of the estimated costs to be stated in the direction, the authorised person is to take into account the Board’s responsibilities referred to in subsection 7(2) and any other matters that he or she thinks relevant.

             (7)  Subsection (6) does not prevent an agency from agreeing with the Board in respect of a financial year:

                     (a)  if the authorised person has not given a direction to the agency to pay to the Board a part of the estimated costs—to pay to the Board an amount in respect of the costs referred to in subsection (2) in relation to the financial year; or

                     (b)  if the authorised person has given a direction to the agency to pay to the Board a part of the estimated costs—to pay to the Board an additional amount in respect of the costs referred to in subsection (2) in relation to the financial year.

             (8)  An agency:

                     (a)  must pay to the Board:

                              (i)  any amount that it is directed to pay to the Board under subsection (5); and

                             (ii)  any amount that it agrees to pay to the Board under subsection (7); and

                     (b)  may apply for the purpose of making any such payment any money under its control.

             (9)  The Minister may, by writing, authorise a person to give directions to an agency under subsection (5).

           (10)  In this section:

agency means:

                     (a)  a Department of State; or

                     (b)  a Department of the Parliament; or

                     (c)  a branch or part of the Australian Public Service in relation to which a person has, under an Act, the powers of, or exercisable by, the Secretary to a Department of the Australian Public Service; or

                     (d)  an authority or other body (other than a State or a State authority) that employs people who are members of the Public Sector Superannuation Scheme;

and includes an authority or other body that is an approved authority for the purposes of the repealed Superannuation Act 1990 .

authorised person means the Minister or a person authorised by the Minister under subsection (9) to give directions to agencies under subsection (5).

25   Indemnification

             (1)  Any matter or thing done, or omitted to be done, in good faith by:

                     (a)  a member, or a person acting as a member, in the performance of functions or the exercise of powers under this Act, the superannuation legislation or a declared non-statutory superannuation instrument; or

                     (b)  a delegate of the Board in the performance of functions or the exercise of powers under this Act, the superannuation legislation or a declared non-statutory superannuation instrument; or

                     (c)  an employee of the Board in the performance of functions or the exercise of powers under this Act, the superannuation legislation or a declared non-statutory superannuation instrument; or

                     (d)  a member of a Reconsideration Advisory Committee established under the repealed Superannuation Act 1976 or the Trust Deed in the performance of functions or the exercise of powers under that repealed Act or the Trust Deed; or

                     (e)  any other person who performs duties in connection with the administration of any of the superannuation legislation or any declared non-statutory superannuation instrument;

does not subject the person concerned to any action, liability, claim or demand.

             (2)  Subsection (1) does not preclude the Board from being subject to any action, liability, claim or demand.

26   Certain liabilities of Board to be satisfied out of relevant Fund

             (1)  Except in cases where the SIS Act does not so permit:

                     (a)  any money becoming payable by the Board in respect of an action, liability, claim or demand arising out of the repealed Superannuation Act 1976 is to be paid out of the CSS Fund; and

                     (b)  any money becoming payable by the Board in respect of an action, liability, claim or demand arising out of the repealed Superannuation Act 1990 or the Trust Deed is to be paid out of the PSS Fund; and

                     (c)  any money becoming payable by the Board in respect of an action, liability, claim or demand arising out of a declared non-statutory superannuation instrument is to be paid out of any superannuation fund established under or for the purposes of the instrument.

             (2)  If an amount is paid out of a fund under subsection (1), an amount equal to the amount so paid is to be paid into the fund concerned out of the Consolidated Revenue Fund.

             (3)  Any money becoming payable by the Board in respect of an action, liability, claim or demand arising out of the repealed Superannuation Act 1922 or the Papua New Guinea (Staffing Assistance) Act 1973 is to be paid out of the Consolidated Revenue Fund.

             (4)  The Consolidated Revenue Fund is appropriated for the purposes of subsections (2) and (3).

27   Exemptions from taxation

             (1)  Subject to this section, the Board in so far as it is a trustee, the CSS Fund and the PSS Fund are not liable to pay tax under:

                     (a)  a law of the Commonwealth; or

                     (b)  a law of a State or Territory to which the Commonwealth is not subject.

             (2)  Subsection (1) does not apply to the following laws:

                     (a)  the Income Tax Assessment Act 1936 ;

                     (b)  the Income Tax Assessment Act 1997 ;

                     (c)  the Superannuation Contributions Tax (Assessment and Collection) Act 1997 ;

                     (d)  a law declared by the regulations to be a law to which subsection (1) does not apply.

             (3)  Subject to the following provisions of this section, except in so far as it is a trustee, the Board is not liable to pay tax under:

                     (a)  a law of the Commonwealth; or

                     (b)  a law of a State or Territory to which the Commonwealth is not subject.

             (4)  Subsection (3) does not apply to a law declared by the regulations to be a law to which that subsection does not apply.

             (5)  No tax or charge is payable under a law of the Commonwealth or a law of a State or Territory in respect of anything done (including any contract made, transaction entered into, or document made, executed, lodged or given) in connection with:

                     (a)  the assumption by the Board of responsibilities in relation to any of the superannuation legislation or any declared non-statutory superannuation instrument; or

                     (b)  anything done by the Board for the purposes of the assumption of any of those responsibilities; or

                     (c)  the vesting in, or transfer to, the Board under section 40A of the repealed Superannuation Act 1976 of:

                              (i)  the CSS Fund; or

                             (ii)  any assets of that Fund; or

                            (iii)  any assets acquired out of, or by the investment of, money in that Fund; or

                            (iv)  any assets of the CSS Board; or

                             (v)  any liabilities of the CSS Fund; or

                            (vi)  any liabilities of the CSS Board; or

                     (d)  the vesting in, or transfer to, the Board under section 4A of the repealed Superannuation Act 1990 of:

                              (i)  the PSS Fund; or

                             (ii)  any assets of that Fund; or

                            (iii)  any assets acquired out of, or by the investment of, money in that Fund; or

                            (iv)  any assets of the PSS Board; or

                             (v)  any liabilities of the PSS Fund; or

                            (vi)  any liabilities of the PSS Board; or

                     (e)  the securing of the registration of any right, title or interest of the Board in any land that vests in the Board as mentioned in paragraph (c) or (d) or the registration of the ownership by the Board of any other asset that vests in the Board as mentioned in either of those paragraphs, including the giving or lodging of a certificate under section 5, 6, 13 or 14 of the Superannuation Legislation (Commonwealth Employment—Saving and Transitional Provisions) Act 1998 or the doing of anything as the result of the giving or lodging of such a certificate.

             (6)  The reference in subsection (5) to a document made, executed, lodged or given includes, to avoid doubt, a reference to any instrument of transfer, statement or return required to be made, executed, lodged or given under a law of the Commonwealth or a law of a State or Territory.

             (7)  No tax is payable under a law of a State or Territory in respect of income derived from the investment of money standing to the credit of the CSS Fund or the PSS Fund or otherwise from the management of either of those Funds by the Board.

             (8)  In this section:

tax means a tax of any description and, to avoid doubt:

                     (a)  despite subsection 269A(3) of the Income Tax Assessment Act 1936 and any provision of the Income Tax Assessment Act 1997 , includes income tax; and

                     (b)  includes stamp duty.

28   Board to give information to Minister

                   The Board is to give to the Minister such information as the Minister from time to time requires relating to its functions, powers and responsibilities, including the investment of the CSS Fund, the PSS Fund and any superannuation fund established under or for the purposes of a declared non-statutory superannuation instrument.

29   Commonwealth Authorities and Companies Act 1997 not to apply

                   The Board is not a Commonwealth authority for the purposes of the Commonwealth Authorities and Companies Act 1997 .

30   Banking and investment

             (1)  The Board may open and maintain accounts with banks and must pay into such an account all money received by it that is money of the Board.

             (2)  The Board may invest money of the Board that is not immediately required for the purposes of the Board:

                     (a)  on deposit with a bank; or

                     (b)  in securities of the Commonwealth, of a State or of a Territory; or

                     (c)  in securities guaranteed by the Commonwealth, by a State or by a Territory; or

                     (d)  in any other manner approved by the Treasurer.

Note:          For the Board’s obligations in relation to money that forms part of the CSS fund and the PSS Fund, see section 41 of the repealed Superannuation Act 1976 and section 27 of the repealed Superannuation Act 1990 as those sections continue to apply because of the operation of Parts 3 and 5 of the Saving and Transitional Act.

31   Accounting and other records

             (1)  The Board must keep proper accounts and records of the Board’s transactions and affairs in accordance with the accounting principles generally applied in commercial practice.

             (2)  The Board must do all things necessary to ensure that:

                     (a)  all payments out of the money of the Board are correctly made and properly authorised; and

                     (b)  adequate control is maintained over:

                              (i)  the assets of the Board; and

                             (ii)  the incurring of liabilities by the Board.

             (3)  This section does not impose obligations on the Board in relation to:

                     (a)  transactions and affairs of a superannuation fund vested in or managed by the Board; or

                     (b)  assets of such a fund; or

                     (c)  the incurring of liabilities in respect of such a fund.

Note:          For the Board’s obligations in relation to matters referred to in this subsection, see section 44 of the repealed Superannuation Act 1976 and section 27A of the repealed Superannuation Act 1990 as those sections continue to apply because of the operation of Parts 3 and 5 of the Saving and Transitional Act.

             (4)  If a requirement of this section is contravened, each member who:

                     (a)  caused the contravention; or

                     (b)  failed to take all reasonable steps to comply with the requirement, or secure compliance with the requirement;

is guilty of an offence punishable on conviction by imprisonment for not more than 6 months.

             (5)  Chapter 2 of the Criminal Code applies to the offence referred to in subsection (4).

32   Audit

             (1)  At least once a year, the Auditor-General must:

                     (a)  inspect and audit:

                              (i)  the accounts and records of the financial transactions of the Board; and

                             (ii)  the records relating to assets of the Board; and

                     (b)  report to the Minister the results of the inspection and audit.

             (2)  Subsection (1) does not impose obligations on the Auditor-General in relation to:

                     (a)  the accounts and records of the financial transactions of a superannuation fund vested in or managed by the Board; or

                     (b)  records relating to assets of such a fund.

Note:          For the obligations of the Auditor-General in relation to the CSS Fund and the PSS Fund, see section 44 of the repealed Superannuation Act 1976 and section 27B of the repealed Superannuation Act 1990 , as those sections continue to apply because of the operation of Parts 3 and 5 of the Saving and Transitional Act.

             (3)  The Auditor-General may, however, decide to dispense with all or any part of the detailed inspection and audit of the accounts and records.

             (4)  The Auditor-General must, as soon as practicable, report to the Minister any irregularity disclosed by the inspection and audit that the Auditor-General thinks is sufficiently important to be reported.

Note:          For the information-gathering powers of the Auditor-General, see Part 5 of the Auditor-General Act 1997 .

33   Exercise of powers by the Minister or Board

             (1)  If a provision of this Act refers to a determination or declaration made or other act done by the Minister or the Board and there is no other provision of this Act authorising the Minister or the Board to make such a determination or declaration or do such an act, the Minister or the Board is authorised by this section to make such a determination or declaration or do such an act.

             (2)  A determination or declaration by the Minister under this Act is to be in writing signed by the Minister.

             (3)  A determination by the Board under this Act is to be in writing under the Board’s common seal.

34   Annual report and financial statements

             (1)  The Board must, as soon as practicable after the end of the financial year beginning on 1 July 1998 and each later financial year, prepare and give to the Minister:

                     (a)  a report on the performance of its functions during that year; and

                     (b)  financial statements, in a form agreed between the Minister and the Board, in respect of the management of any superannuation fund vested in or managed by the Board during that year; and

                     (c)  financial statements, in a form agreed between the Minister and the Board, in respect of the management of the money of the Board.

             (2)  Before giving the financial statements to the Minister, the Board must submit them to the Auditor-General, who must report to the Minister:

                     (a)  whether the statements are based on proper accounts and records; and

                     (b)  whether the statements are in agreement with the accounts and records and show fairly:

                              (i)  the financial transactions and the state of each superannuation fund; and

                             (ii)  any other financial transactions of the Board; and

                     (c)  whether the receipt of money into each fund, the payment of money out of each fund, and the investment of money standing to the credit of each fund, during the year have been in accordance with the repealed Superannuation Act 1976 , the repealed Superannuation Act 1990 or the Trust Deed, or the relevant declared non-statutory superannuation instrument, as the case may be; and

                     (d)  as to such other matters arising out of the statements as the Auditor-General considers should be reported.

             (3)  The Minister must cause a copy of the report, and of the financial statements, prepared by the Board, together with a copy of the report of the Auditor-General in respect of those financial statements, to be laid before each House of the Parliament within 15 sitting days of that House after the receipt of whichever of those documents was last received by the Minister.

             (4)  If the Board has not complied with subsection (1) within a period of 6 months after the end of a financial year, the Board must, within 14 days after the end of that period, give to the Minister an interim report on the performance of its functions during that year together with interim financial statements in respect of the matters referred to in paragraphs (1)(b) and (c) during that year.

             (5)  The financial statements given to the Minister under subsection (4) must be in the appropriate forms approved by the Minister for the purposes of subsection (1) but need not be accompanied by a report of the Auditor-General.

             (6)  If the Board gives a report and financial statements to the Minister under subsection (4), the Minister must cause a copy of the report and a copy of the financial statements to be laid before each House of the Parliament within 15 sitting days of that House after the Minister receives them.

35   Regulations

                   The Governor-General may make regulations prescribing matters that:

                     (a)  are required or permitted by this Act to be prescribed; or

                     (b)  are necessary or convenient to be prescribed for carrying out or giving effect to this Act.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(241/97)