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SUPERANNUATION LEGISLATION AMENDMENT (MYSUPER CORE PROVISIONS) E BILL 2012

Order of the day read for the adjourned debate on the motion of the Minister for Broadband, Communications and the Digital Economy (Senator Conroy)—That this bill be now read a second time.

Debate resumed.

Question put and passed.

Bill read a second time.

The Senate resolved itself into committee for the consideration of the bill.

In the committee

Bill taken as a whole by leave.

Explanatory memorandum: The Minister for Finance and Deregulation (Senator Wong) tabled a supplementary explanatory memorandum relating to the government amendments to be moved to the bill.

On the motion of Senator Wong the following amendments, taken together by leave, were debated and agreed to:

 Clause 2, page 2 (after table item 1), insert:

1A. Schedule 1, item 1AThe day this Act receives the Royal Assent.

Clause 2, page 2 (table item 3, column 2), omit "However, if the provision(s) do not commence before 1 January 2013, they commence on that day.".

Senator Cormann moved the following amendments together by leave:

 Schedule 1, item 6, page 4 (line 12), after "29T", insert "or satisfies the provisions of section 29TB".

 Schedule 1, item 9, page 9 (line 24), omit "or 29TB".

 Schedule 1, item 9, page 9 (line 29), omit "or 29TB".


 Schedule 1, item 9, page 11 (lines 7 to 14), omit paragraph 29TB(1)(b), substitute:

 (b) that employer is a large employer in relation to the fund (see subsection (2)); and

 Schedule 1, item 9, page 12 (after line 15), at the end of section 29TB, add:

  (3) An RSE licensee with a MySuper authorisation must report the details of MySuper products for large employers to APRA on an annual basis. APRA may disallow a large employer MySuper product at any time where it does not comply with subsection 29TB(2).

 Schedule 1, item 9, page 14 (line 30) to page 15 (line 8), omit paragraph 29U(2)(b).

 Schedule 1, item 9, page 21 (line 14), omit "sections 29T and 29TB", substitute "section 29T".

Debate ensued.

Question—That the amendments be agreed to—put and negatived.

Question—That the bill, as amended, be agreed to—divided, at the request of Senator Cormann, in respect of Schedule 1, item 12.

Schedule 1, item 12 agreed to.

Senator Cormann moved the following amendment:

 Schedule 1, item 9, page 12 (lines 1 to 15), omit subsection 29TB(2), substitute:

  (2) An employer is a large employer in relation to a regulated superannuation fund if there are 500 or more employees of the employer, or an associate of the employer, at the time the beneficial interest in that class is first issued and at the end of each annual reporting period.

Debate ensued.

Question—That the amendment be agreed to—put and negatived.

Bill, as amended, agreed to.

Bill to be reported with amendments.

The Acting Deputy President (Senator Cameron) resumed the chair and the Temporary Chair of Committees reported accordingly.

On the motion of Senator Wong the report from the committee was adopted and the bill read a third time.