Superannuation (Objective) Act 2024

SECTION 7   STATEMENTS OF COMPATIBILITY - REGULATIONS RELATING TO SUPERANNUATION  
Requirement for statement of compatibility

7(1)    
Subject to subsections (3) and (4) , the rule-maker for regulations made under an Act must, if the regulations relate to superannuation, cause a statement (a statement of compatibility ) to be prepared in respect of the regulations.

Content of statement of compatibility

7(2)    
A statement of compatibility must include an assessment of whether the regulations are compatible with the objective of superannuation.

Exceptions

7(3)    
This section does not apply in relation to regulations to the extent that the regulations:

(a)    deal with a matter other than superannuation; or

(b)    deal with a matter that:

(i) relates to superannuation; and

(ii) is of a minor or technical nature; or

(c)    deal with an excepted matter; or

(d)    amend or repeal, or relate to an amendment or repeal of, regulations made:

(i) under an Act prescribed by regulations made for the purposes of paragraph 6(4)(d) ; or

(ii) under or for the purposes of a provision of an Act prescribed by regulations made for the purposes of that paragraph; or

(e)    amend or repeal, or relate to an amendment or repeal of, regulations, or a provision of regulations, prescribed by regulations made for the purposes of this paragraph.

7(4)    
This section does not apply in relation to regulations if the rule-maker for the regulations is satisfied that:

(a)    the regulations (the new regulations ) are made because other regulations have been, or will be, repealed by an Act (for example, by section 50 of the Legislation Act 2003 ); and

(b)    the new regulations do not involve a substantial change in policy in the law relating to superannuation.

Note:

Section 50 of the Legislation Act 2003 deals with the sunsetting of legislative instruments.

Explanatory statements

7(5)    
The explanatory statement (within the meaning of the Legislation Act 2003 ) for regulations relating to superannuation must include:

(a)    the statement of compatibility for the regulations; or

(b)    if a statement of compatibility is not required because an exception under subsection (3) or (4) applies - a reference to each applicable exception.

Application

7(6)    
This section applies in relation to regulations made on or after the commencement of this Act.