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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 (Service Providers and Other Governance Measures) Bill 2013


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Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Bill 2012



Type
Government
Originating house
House of Representatives
Status
Act
Portfolio
Treasury

Summary

Amends the: Corporations Act 2001 to require registrable superannuation entity licensees that are also responsible entities of registered managed investment schemes to comply with requirements on adequate resources and risk management systems; Superannuation Industry (Supervision) Act 1993 to: over-ride any provision in the governing rules of a registrable superannuation entity that requires the trustee to use a specified service provider, investment entity or financial product; enable the Australian Prudential Regulation Authority to issue infringement notices for a broader range of breaches of the Act; require superannuation trustees to provide eligible persons, generally on request, with the reasons for decisions made in relation to a complaint; require persons seeking to take legal action against a director for a breach of their duties to first seek leave from the court; extend the availability of certain legal defences to directors and trustees; remove restrictions on director voting; clarify the definition of ‘superannuation contribution’ to include defined benefits; and make consequential amendments; Superannuation (Resolution of Complaints) Act 1993 to increase the time limits within which beneficiaries can lodge complaints with the Superannuation Complaints Tribunal regarding total and permanent disability claims; First Home Saver Accounts Act 2008 to make consequential amendments; and Superannuation Legislation Amendment (MySuper Core Provisions) Act 2012 to make technical 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 29/11/12  
Second reading moved 29/11/12  
Second reading debate 21/03/13  
Second reading debate 15/05/13  
Second reading agreed to 15/05/13  
Consideration in detail debate 15/05/13 Amendment details: 36 Government agreed to
Third reading agreed to 15/05/13  
     
Senate
Introduced and read a first time 16/05/13  
Second reading moved 16/05/13  
Second reading debate 24/06/13  
Second reading agreed to 24/06/13  
Third reading agreed to 24/06/13  
     
Text of bill as passed both Houses 24/06/13  
Assent 26/06/13 Act no.: 61 - Year: 2013
     

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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  • Correction to supplementary explanatory memorandum

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  • Supplementary explanatory memorandum 1

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  • Supplementary explanatory memorandum 2

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  • Revised explanatory memorandum

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Second reading speeches


Proposed amendments

House of Representatives
  • Government [sheet ZA304]

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  • Government [sheet CD233]

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  • Non-Government
HOCKEY, Joe, MP

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Senate
  • Opposition [sheet 7415]
CORMANN, Sen Mathias

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Schedules of amendments

Bills Digest



Notes
  • Referred to Committee (29/11/2012): Joint Committee on Corporations and Financial Services; Committee report (05/02/2013)
  • Access information for House of Representatives and Senate committees
  • An electronic version of this Act is available in ComLaw ( www.comlaw.gov.au )