AT824709CRV - The Gas Industry (Contractors - Mains and Services) Award 2003 [Transitional]

23. SUPERANNUATION

Note: The Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 2005 provides that individual employees generally have the opportunity to choose their own superannuation funds. For further information see the AIRC guidance note — Choice of Superannuation Funds and Award Provisions.

[23 corrected by PR942732 ppc 22May03]

23.1 Each employer is to make at the least the contributions as set out in accordance with the legislative requirements pursuant to Clause 23.2. These contributions will be based on the employee's 'ordinary time earnings' as prescribed in Clause 23.4.2.

23.2 Superannuation Legislation

The subject of superannuation is dealt with extensively by legislation including the Superannuation Guarantee (Administration) Act 1992, the Superannuation Guarantee Charge Act 1992, the Superannuation Industry (Supervision) Act 1993 and Superannuation (Resolution of Complaints) Act 1993. This legislation, as varied from time to time, governs the superannuation rights and obligations of the parties.

23.3 The employer shall make the contributions prescribed in Clause 23.1 on behalf of each employee to the Trustee of the relevant Approved Superannuation Fund (as defined), on a monthly basis.

23.4 Definitions

23.4.1 Approved Fund shall mean the TWU Superannuation Fund or a Superannuation Fund approved in accordance with the Commonwealth Operational Standards for Occupational Superannuation Funds.

23.4.2 Ordinary time earnings has the same meaning as the phrase has in the Superannuation Guarantee (Administration) Act 1992 (Cmth) as it is varied from time to time, and as that phrase is interpreted by rulings of the Australian Taxation Office from time to time.