Treasury today released an exposure draft of the updated Superannuation Guarantee (Administration) Regulations 2018 as the 1993 iteration is scheduled to sunset on 1 October 2018.
The department said the draft regulations make no substantial alternations to the meaning or operation of the existing Superannuation Guarantee (Administration) Regulations 1993.
Interested parties have until 15 August to lodge submissions in response to the consultation paper.
“Minor technical changes have been made to adopt current drafting practices and to remove redundant references,” Treasury said.
Among other regulations, the exposure draft outlines the circumstances in which a super fund member will be considered to be a defined benefit member for the purposes of subsection 19(2CA) of the Superannuation Guarantee (Administration) Act 1992, which deals with individual super guarantee (SG) shortfalls.
This section will operate in the same way as the corresponding provision in the 1993 regulations.
Circumstances in which a member is considered to be a defined benefit member include being a member of the military super scheme, holding an interest as a non-member spouse in the military super scheme, and having a preserved benefit or an ancillary account in the military super scheme or both.
A member also qualifies if they are a preserved benefit member within the meaning of the Public Sector Superannuation Scheme trust deed.
The updated regulations also do not make substantive changes to the requirements or timing of defined benefit certificates, stating they operate in the same way as the 1993 regulations.
An employer must obtain a benefit certificate from an actuary, if the employer is required to lodge an SG statement, on or before the day on which the SG statement for the quarter to which the certificate relates is lodged; or if the employer is not required to lodge an SG statement, at or before the time ascertained, or on or before such later date as the commissioner allows.
