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

2010-2011-2012

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

 

 

 

 

 

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

 

No.      , 2012

 

(Treasury)

 

 

 

A Bill for an Act to amend the law in relation to superannuation and for related purposes

   

   



Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 1

3............ Schedule(s)......................................................................................... 4

Schedule 1—Fees and costs                                                                                               6

Part 1—Amendments                                                                                                     6

Superannuation Industry (Supervision) Act 1993                                                 6

Part 2—Application                                                                                                      19

Schedule 2—Provision of benefits                                                                               20

Part 1—Amendments                                                                                                   20

Superannuation Guarantee (Administration) Act 1992                                     20

Superannuation Industry (Supervision) Act 1993                                               20

Part 2—Application                                                                                                      23

Schedule 3—Collection and disclosure of information                                  24

Part 1—Amendments                                                                                                   24

Australian Prudential Regulation Authority Act 1998                                       24

Corporations Act 2001                                                                                              26

Financial Sector (Collection of Data) Act 2001                                                  45

Superannuation Industry (Supervision) Act 1993                                               48

Part 2—Application and transitional provisions                                             52

Schedule 4—Modern awards and enterprise agreements                            54

Part 1—Amendments                                                                                                   54

Fair Work Act 2009                                                                                                    54

Superannuation Guarantee (Administration) Act 1992                                     58

Superannuation Industry (Supervision) Act 1993                                               58

Part 2—Transitional                                                                                                      60

Schedule 5—Defined benefit members                                                                    62

Superannuation Guarantee (Administration) Act 1992                                     62

Superannuation Industry (Supervision) Act 1993                                               62

Schedule 6—Moving accrued default amounts                                                  65

Superannuation Industry (Supervision) Act 1993                                               65

Schedule 7—Eligible rollover funds                                                                           75

Part 1—Main amendments                                                                                        75

Superannuation Industry (Supervision) Act 1993                                               75

Part 2—Other amendments                                                                                       89

Retirement Savings Accounts Act 1997                                                                  89

Schedule 8—Other amendments                                                                                  90

Superannuation Guarantee (Administration) Act 1992                                     90

Superannuation Industry (Supervision) Act 1993                                               90

 



A Bill for an Act to amend the law in relation to superannuation and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Act 2012 .

2   Commencement

             (1)  Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Column 3

Provision(s)

Commencement

Date/Details

1.  Sections 1 to 3 and anything in this Act not elsewhere covered by this table

The day this Act receives the Royal Assent.

 

2.  Schedule 1, items 1 to 6

Immediately after the commencement of item 2 of Schedule 1 to the Superannuation Legislation Amendment (MySuper Core Provisions) Act 2012 .

 

3.  Schedule 1, item 7

Immediately after the commencement of item 2 of Schedule 1 to the Superannuation Legislation Amendment (MySuper Core Provisions) Act 2012 .

However, the provision(s) do not commence at all if item 1 of Schedule 3 to the Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Act 2012 commences on or before that time.

 

4.  Schedule 1, items 8 to 16

Immediately after the commencement of item 2 of Schedule 1 to the Superannuation Legislation Amendment (MySuper Core Provisions) Act 2012 .

 

5.  Schedule 1, items 17 and 18

Immediately after the commencement of the provision(s) covered by table item 24.

 

6.  Schedule 1, items 19 and 20

Immediately after the commencement of item 2 of Schedule 1 to the Superannuation Legislation Amendment (MySuper Core Provisions) Act 2012 .

 

7.  Schedule 1, item 21

Immediately after the commencement of the provision(s) covered by table item 24.

 

8.  Schedule 1, items 22 to 36

Immediately after the commencement of item 9 of Schedule 1 to the Superannuation Legislation Amendment (MySuper Core Provisions) Act 2012 .

 

9.  Schedule 1, items 37 and 38

The day after this Act receives the Royal Assent.

 

10.  Schedule 1, item 39

Immediately after the commencement of the provision(s) covered by table item 24.

 

11.  Schedule 1, items 40 and 41

Immediately after the commencement of item 2 of Schedule 1 to the Superannuation Legislation Amendment (MySuper Core Provisions) Act 2012 .

 

12.  Schedule 2, item 1

Immediately after the commencement of item 1 of Schedule 1 to the Superannuation Legislation Amendment (MySuper Core Provisions) Act 2012 .

 

13.  Schedule 2, items 2 to 4

1 July 2013.

1 July 2013

14.  Schedule 2, item 5

The day this Act receives the Royal Assent.

 

15.  Schedule 2, items 6 and 7

1 July 2013.

1 July 2013

16.  Schedule 3, items 1 to 39

1 July 2013.

1 July 2013

17.  Schedule 3, item 40

Immediately after the commencement of item 2 of Schedule 1 to the Superannuation Legislation Amendment (MySuper Core Provisions) Act 2012 .

 

18.  Schedule 3, items 41 to 47

1 July 2013.

1 July 2013

19.  Schedule 4, items 1 to 8

Immediately after the commencement of item 2 of Schedule 1 to the Superannuation Legislation Amendment (MySuper Core Provisions) Act 2012 .

 

20.  Schedule 4, items 9 and 10

1 January 2014.

1 January 2014

21.  Schedule 4, items 11 to 13

Immediately after the commencement of the provision(s) covered by table item 24.

 

22.  Schedule 5, items 1 to 3

1 January 2014.

1 January 2014

23.  Schedule 5, items 4 to 10

Immediately after the commencement of item 2 of Schedule 1 to the Superannuation Legislation Amendment (MySuper Core Provisions) Act 2012 .

 

24.  Schedule 6

Immediately after the commencement of item 2 of Schedule 1 to the Superannuation Legislation Amendment (MySuper Core Provisions) Act 2012 .

 

25.  Schedule 7

1 July 2013.

1 July 2013

26.  Schedule 8, item 1

Immediately after the commencement of item 1 of Schedule 1 to the Superannuation Legislation Amendment (MySuper Core Provisions) Act 2012 .

 

27.  Schedule 8, item 2

Immediately after the commencement of item 2 of Schedule 1 to the Superannuation Legislation Amendment (MySuper Core Provisions) Act 2012 .

However, the provision(s) do not commence at all unless item 1 of Schedule 3 to the Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Act 2012 commences on or before that time.

 

28.  Schedule 8, item 3

Immediately after the commencement of item 2 of Schedule 1 to the Superannuation Legislation Amendment (MySuper Core Provisions) Act 2012 .

 

Note:          This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

             (2)  Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

3   Schedule(s)

                   Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.