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Although every effort is made to ensure the accuracy of bills homepages, the authoritative sources for verifying the progress of bills are the House of Representatives Votes and Proceedings and the Journals of the Senate.

Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Bill 2012


Type
Government
Originating house
House of Representatives
Status
Act
Portfolio
Treasury

Summary

Amends the: Superannuation Industry (Supervision) Act 1993 to: require registrable superannuation entities to elect not to charge commissions in respect of amounts held in a MySuper product; make rules governing the charging for financial advice including intrafund advice and the general fee rules to apply to regulated superannuation funds and approved deposit funds; require trustees to transfer certain existing balances of members to MySuper; and require trustees to obtain authorisation from the Australian Prudential Regulation Authority (APRA) to operate an eligible rollover fund; Superannuation Guarantee (Administration) Act 1992 and Superannuation Industry (Supervision) Act 1993 to: require trustees to provide minimum levels of life and total and permanent disability insurance to members on an opt-out basis; and allow exceptions from MySuper for members of defined benefit funds; Australian Prudential Regulation Authority Act 1998, Corporations Act 2001, Financial Sector (Collection of Data) Act 2001 and Superannuation Industry (Supervision) Act 1993 to: expand the coverage of APRA’s data collection; enable the publication of MySuper product data; and require certain information to be published; Fair Work Act 2009, Superannuation Guarantee (Administration) Act 1992 and Superannuation Industry (Supervision) Act 1993 to allow only funds that offer a MySuper product and exempt public sector superannuation schemes to be eligible as default funds in modern awards and enterprise agreements; and Retirement Savings Accounts Act 1997, Superannuation Guarantee (Administration) Act 1992 and Superannuation Industry (Supervision) Act 1993 to make consequential amendments.

Progress of bill

For committee reference information, please see the Notes section at the end of this page.

House of Representatives
Introduced and read a first time 19/09/12  
Second reading moved 19/09/12  
Second reading debate 26/11/12  
Second reading debate 28/11/12  
Second reading agreed to 28/11/12  
Consideration in detail debate 28/11/12 Amendment details: 17 Government agreed to
Third reading agreed to 28/11/12  
     
Senate
Introduced and read a first time 29/11/12  
Second reading moved 29/11/12  
Second reading debate 29/11/12  
Second reading agreed to 29/11/12  
Third reading agreed to 29/11/12  
     
Text of bill as passed both Houses 29/11/12  
Assent 03/12/12 Act no.: 171 of 2012
     

Text of bill

  • First reading

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  • Third reading

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  • As passed by both Houses

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Explanatory memoranda

  • Explanatory memorandum

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  • Supplementary explanatory memorandum

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  • Revised explanatory memorandum

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Second reading speeches


Proposed amendments

House of Representatives
  • Government [Sheet BG247]

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  • Non-Government
HOCKEY, Joe, MP

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Senate
  • Opposition [sheet 7323]
CORMANN, Sen Mathias

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Schedules of amendments

Bills Digest



Notes
  • Referred to Committee (20/09/2012): Joint Committee on Corporations and Financial Services; Committee report (09/10/2012)
  • Access information for House of Representatives and Senate committees
  • An electronic version of this Act is available in ComLaw ( www.comlaw.gov.au )