South Australian Consolidated Regulations

SUPERANNUATION REGULATIONS 2001 - REG 28

28—Proportion of remuneration package that is salary

        (1)         Subject to this regulation and to Division 3, the proportion of the value of the total remuneration package specified in a TEC contract for the purposes of the first definition of "salary" in section 4(1) of the Act is—

            (a)         in respect of a new scheme contributor—82.5 per cent;

            (b)         in respect of an old scheme contributor—78.5 per cent.

        (2)         Where a component of the total remuneration package specified in a TEC contract is—

            (a)         a higher duties allowance; or

            (b)         a bonus; or

            (c)         an allowance to compensate an employee for being denied a right of private practice or for being unable to exercise a right of private practice because of the nature of his or her employment; or

            (d)         an allowance or payment to compensate an employee in respect of money that was earned by the employee in the exercise of a right of private practice but was paid to his or her employer,

the amount of the contributor's salary for the purpose of determining both contributions and benefits will be taken to be an amount equivalent to the relevant proportion prescribed by subregulation (1) of the value of the total remuneration package excluding the value of that component.

        (3)         If, on the commencement of regulation 24AC of the revoked regulations, the salary of a contributor whose salary is to be determined under the first definition of "salary" in section 4(1) of the Act would have been less than it would be if determined under the second definition of "salary" in the Act, the proportion of the value of the total remuneration package specified in the contributor's TEC contract is the proportion that ensures that the value of the contributor's salary under both definitions of "salary" in the Act was the same at the commencement of that regulation.

        (4)         The proportion determined under subregulation (3) as at the commencement of regulation 24AC of the revoked regulations will continue to apply in relation to the contributor during his or her membership of the Scheme.