Contents

1............ Short title [see Note 1] ....................................................................... 1

2............ Commencement [see Note 1] .............................................................. 1

3............ Interpretation ...................................................................................... 1

3AA...... Closure of productivity benefit scheme from 1 July 2006 ................. 9

3AB...... Modification of productivity benefit scheme from 1 July 2005 ........ 9

3A......... Only one benefit in respect of a day of employment ....................... 10

3B......... Rates of salary .................................................................................. 11

3C......... Continuing contributions .................................................................. 12

3D......... Variation of Table ............................................................................. 14

3E.......... Interest factors .................................................................................. 14

3F.......... Qualified employees ......................................................................... 15

4............ Other employers may apply interim benefit .................................... 15

4A......... Arrangements for certain employers ................................................ 15

4B......... Nominated fund ................................................................................ 15

4C......... Approved funds ............................................................................... 16

4D......... Nominated and approved superannuation funds to comply with standards            16

4E.......... Payments of equivalent benefit to declared funds ............................ 16

4EA....... Payments of equivalent benefit to Board ......................................... 17

4F.......... Payments of contributions to declared funds ................................... 17

4G......... Interest .............................................................................................. 18

4H......... Certain employees to become members of nominated fund ............. 18

5............ Qualifying service ............................................................................. 19

6............ When benefit payable ....................................................................... 20

7............ Employers to pay interim benefit for their employees .................... 22

8............ Amount of interim benefit before 1 July 1990 ................................. 22

8A......... Amount of interim benefit from 1 July 1990 ................................... 23

9............ Assignment of benefit ....................................................................... 24

9A......... Declarations ...................................................................................... 24

9B......... Legislative instruments disallowable ................................................ 24

9C......... Delegation by Minister ..................................................................... 24

9D......... Minister to comply with the Superannuation Industry (Supervision) Act 1993      24

9E.......... Source of payments .......................................................................... 25

9F.......... Employers to ensure membership of funds ...................................... 25

10.......... Regulations ....................................................................................... 25

Schedule--Table of continuing contributions                                                         26

Notes                                                                                                                                             27

 

 

Notes to the Superannuation (Productivity Benefit) Act 1988

Note 1

The Superannuation (Productivity Benefit) Act 1988 as shown in this compilation comprises Act No. 70, 1988 amended as indicated in the Tables below.

All relevant information pertaining to application, saving or transitional provisions prior to 15 March 2007 is not included in this compilation. For subsequent information see Table A.

The Superannuation (Productivity Benefit) Act 1988 was modified by the A.C.T. Self‑Government (Consequential Provisions) Regulations (1989 No. 3 as amended), see Table B.

Table of Acts

Act	Number and year	Date of Assent	Date of commencement	Application, saving or transitional provisions
Superannuation Benefit (Interim Arrangement) Act 1988	70, 1988	15 June 1988	1 Jan 1988
Superannuation Amendment Act 1988	130, 1988	14 Dec 1988	14 Dec 1988	--
Superannuation Legislation Amendment Act 1990	40, 1990	7 June 1990	Ss. 94 and 98: Royal Assent (a) Ss. 95-97 and 99-106: 1 July 1990 (a)	--
Superannuation Legislation Amendment Act 1991	130, 1991	2 Sept 1991	Ss. 10, 11 and 60: 1 Apr 1991 S. 26: 18 Dec 1986 Ss. 82-84: 1 July 1990 Remainder: Royal Assent	--
Superannuation Legislation Amendment Act 1992	187, 1992	18 Dec 1992	Ss. 67 and 68: 1 July 1990 (b) Ss. 66, 69 and 70: Royal Assent (b)	--
Superannuation Industry (Supervision) Consequential Amendments Act 1993	82, 1993	30 Nov 1993	Part 12 (ss. 60-64): 1 Dec 1993 (c)	S. 64
Statute Law Revision Act 1996	43, 1996	25 Oct 1996	Schedule 2 (item 111): (d)	--
Retirement Savings Accounts (Consequential Amendments) Act 1997	62, 1997	28 May 1997	2 June 1997 (see s. 2 and Gazette 1997, No. S202)	--
Financial Sector Reform (Consequential Amendments) Act 1998	48, 1998	29 June 1998	Schedule 1 (item 192): 1 July 1998 ( see Gazette 1998, No. S316) (e)
Public Employment (Consequential and Transitional) Amendment Act 1999	146, 1999	11 Nov 1999	Schedule 1 (items 902-907): 5 Dec 1999 (see Gazette 1999, No. S584) (f)	--
Superannuation (Consequential Amendments) Act 2005	81, 2005	29 June 2005	Schedule 3: 1 July 2005	--
Superannuation Legislation Amendment (Simplification) Act 2007	15, 2007	15 Mar 2007	Schedule 1 (items 365, 406(1)-(3)): (g)	Sch. 1 (item 406(1)-(3)) [see Table A]
Superannuation Legislation Amendment (Trustee Board and Other Measures) (Consequential Amendments) Act 2008	26, 2008	23 June 2008	Schedule 2 (items 33-38): Royal Assent Schedule 4 (items 3-7): 1 July 2008	--

(a)     The Superannuation (Productivity Benefit) Act 1988 was amended by sections 94-106 only of the Superannuation Legislation Amendment Act 1990, paragraph 2(1)(a) and subsection 2(3) of which provide as follows:

                 (1)   The following provisions:

                              (a)   Parts 1 and 2, sections 6, 69, 70, 71, 94 and 98 and Part 5, of this Act;

                         commence on the day on which this Act receives the Royal Assent.

                 (3)   The remaining provisions of this Act commence on 1 July 1990.

(b)    The Superannuation (Productivity Benefit) Act 1988 was amended by sections 66-70 only of the Superannuation Legislation Amendment Act 1992, subsections 2(1) and (3) of which provide as follows:

                 (1)   Subject to this section, this Act commences on the day on which it receives the Royal Assent.

                 (3)   Sections 67 and 68 are taken to have commenced on 1 July 1990.

(c)     The Superannuation (Productivity Benefit) Act 1988 was amended by Part 12 (sections
60-64) only of the Superannuation Industry (Supervision) Consequential Amendments Act 1993, subsection 2(1) of which provides as follows:

                 (1)   Subject to subsection (2), this Act commences on 1 December 1993.

(d)     The Superannuation (Productivity Benefit) Act 1988 was amended by Schedule 2 (item 111) only of the Statute Law Revision Act 1996, subsection 2(2) of which provides as follows:

                 (2)   Each item in Schedule 2 commences or is taken to have commenced (as the case requires) at the time specified in the note at the end of the item.

         Item 111 is taken to have commenced immediately after the commencement of section 104 of the Superannuation Legislation Amendment Act 1990.

         Section 104 commenced on 1 July 1990.

(e)     The Superannuation (Productivity Benefit) Act 1988 was amended by Schedule 1 (item 192) only of the Financial Sector Reform (Consequential Amendments) Act 1998, subsection 2(2) of which provides as follows:

                 (2)   Subject to subsections (3) to (14), Schedules 1, 2 and 3 commence on the commencement of the Australian Prudential Regulation Authority Act 1998.

(f)      The Superannuation (Productivity Benefit) Act 1988 was amended by Schedule 1 (items
902-907) only of the Public Employment (Consequential and Transitional) Amendment Act 1999, subsections 2(1) and (2) of which provide as follows:

                 (1)   In this Act, commencing time means the time when the Public Service Act 1999 commences.

                 (2)   Subject to this section, this Act commences at the commencing time.

(g)     Subsection 2(1) (item 2) of the Superannuation Legislation Amendment (Simplification) Act 2007 provides as follows:

                 (1)   Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information
Column 1	Column 2	Column 3
Provision(s)	Commencement	Date/Details
2.  Schedule 1	Immediately after the commencement of Schedule 1 to the Tax Laws Amendment (Simplified Superannuation) Act 2007.	15 March 2007

Table of Amendments

ad. = added or inserted     am. = amended     rep. = repealed     rs. = repealed and substituted
Provision affected	How affected
Title......................................	am. No. 40, 1990
S. 1......................................	am. No. 40, 1990
S. 3......................................	am. No. 130, 1988; No. 40, 1990; No. 130, 1991; No. 187, 1992; No. 82, 1993; No. 62, 1997; No. 146, 1999; No. 81, 2005; No. 26, 2008
S. 3A...................................	ad. No. 40, 1990
Ss. 3AA, 3AB.....................	ad. No. 81, 2005
Ss. 3B, 3C...........................	ad. No. 40, 1990
	am. No. 187, 1992
Ss. 3D-3F...........................	ad. No. 40, 1990
	am. No. 26, 2008
S. 4A...................................	ad. No. 40, 1990
	am. No. 187, 1992; No. 26, 2008
Ss. 4B, 4C...........................	ad. No. 40, 1990
S. 4D...................................	ad. No. 40, 1990
	am. No. 15, 2007
S. 4E....................................	ad. No. 40, 1990
S. 4EA.................................	ad. No. 130, 1991
Heading to s. 4F..................	am. No. 26, 2008
S. 4F....................................	ad. No. 40, 1990
	am. No. 26, 2008
S. 4G...................................	ad. No. 40, 1990
	am. No. 130, 1991; No. 26, 2008
S. 4H...................................	ad. No. 40, 1990
S. 5......................................	am. No. 40, 1990
S. 6......................................	am. No. 40, 1990; No. 82, 1993; No. 62, 1997; No. 48, 1998
Ss. 7, 8................................	am. No. 40, 1990
S. 8A...................................	ad. No. 40, 1990
	am. No. 26, 2008
S. 9A...................................	ad. No. 40, 1990
Heading to s. 9B..................	am. No. 43, 1996
	rs. No. 26, 2008
S. 9B...................................	ad. No. 40, 1990
	am. No. 43, 1996
	rs. No. 26, 2008
S. 9C...................................	ad. No. 40, 1990
S. 9D...................................	ad. No. 40, 1990
	am. No. 82, 1993
Ss. 9E, 9F............................	ad. No. 40, 1990
Schedule.............................	ad. No. 40, 1990

Table A

Application, saving or transitional provisions

Superannuation Legislation Amendment (Simplification) Act 2007
(No. 15, 2007)

Schedule 1

406  Application

(1)        The amendments made by this Schedule apply to the 2007‑2008 income year and later years.

(2)        Despite subitem (1), those amendments apply to the 2007‑2008 financial year and later years, to the extent that they relate to Division 292 of the Income Tax Assessment Act 1997.

(3)        Despite subitem (1), those amendments apply on and after 1 July 2007, to the extent that they relate to any of the following:

                     (a)  Divisions 82 and 83 of the Income Tax Assessment Act 1997;

                     (b)  Divisions 301 to 307 of that Act.

Table B

Modifications

A.C.T. Self‑Government (Consequential Provisions) Regulations (as amended)

Schedule 1

Subsection 3(1) (definition of qualified employee):

After "Ordinance" in paragraph (c) insert "or enactment".