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Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Bill 2013

2010-2011-2012

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

 

 

 

 

 

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

 

No.      , 2012

 

(Treasury)

 

 

 

A Bill for an Act to amend the law in relation to superannuation, corporations and first home saver accounts, and for related purposes

   

   



Contents

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

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

3............ Schedule(s)......................................................................................... 6

Schedule 1—Amendments                                                                                                 7

Part 1—Amendments                                                                                                     7

Corporations Act 2001                                                                                                7

First Home Saver Accounts Act 2008                                                                     10

Superannuation Industry (Supervision) Act 1993                                               12

Superannuation Legislation Amendment (MySuper Core Provisions) Act 2012                 45

Superannuation (Resolution of Complaints) Act 1993                                       46

Part 2—Application and transitional provisions                                             48

 



A Bill for an Act to amend the law in relation to superannuation, corporations and first home saver accounts, and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act may be cited as the Superannuation Legislation Amendment (Service Providers and Other Governance 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 3

1 July 2013.

1 July 2013

3.  Schedule 1, items 4 to 6

1 July 2015.

1 July 2015

4.  Schedule 1, items 7 and 8

The later of:

(a) the day after this Act receives the Royal Assent; and

(b) the day after item 2 of Schedule 1 to the Superannuation Legislation Amendment (MySuper Core Provisions) Act 2012 commences.

 

5.  Schedule 1, item 9

1 July 2013.

1 July 2013

6.  Schedule 1, item 10

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

 

7.  Schedule 1, item 11

Immediately after the commencement of Schedule 1 to the Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Act 2012 .

1 July 2013

8.  Schedule 1, item 12

The day after this Act receives the Royal Assent.

 

9.  Schedule 1, items 13 to 15

1 July 2013.

1 July 2013

10.  Schedule 1, items 16 and 17

The day this Act receives the Royal Assent.

 

11.  Schedule 1, items 18 and 19

The later of:

(a) the day after this Act receives the Royal Assent; and

(b) the day after item 2 of Schedule 1 to the Superannuation Legislation Amendment (MySuper Core Provisions) Act 2012 commences.

 

12.  Schedule 1, item 20

1 July 2013.

1 July 2013

13.  Schedule 1, items 21 and 22

The later of:

(a) the day after this Act receives the Royal Assent; and

(b) the day after item 2 of Schedule 1 to the Superannuation Legislation Amendment (MySuper Core Provisions) Act 2012 commences.

 

14.  Schedule 1, item 23

1 July 2013.

1 July 2013

15.  Schedule 1, items 24 and 25

The day after this Act receives the Royal Assent.

 

16.  Schedule 1, items 26 to 37

1 July 2013.

1 July 2013

17.  Schedule 1, items 38 to 42

The later of:

(a) the day after this Act receives the Royal Assent; and

(b) the day after item 2 of Schedule 1 to the Superannuation Legislation Amendment (MySuper Core Provisions) Act 2012 commences.

 

18.  Schedule 1, item 43

Immediately after the commencement of Schedule 1 to the Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Act 2012 .

1 July 2013

19.  Schedule 1, items 44 to 47

The later of:

(a) the day after this Act receives the Royal Assent; and

(b) the day after item 2 of Schedule 1 to the Superannuation Legislation Amendment (MySuper Core Provisions) Act 2012 commences.

 

20.  Schedule 1, items 48 to 61

1 July 2013.

1 July 2013

21.  Schedule 1, items 62 to 69

Immediately after the commencement of Schedule 1 to the Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Act 2012 .

1 July 2013

22.  Schedule 1, item 70

1 July 2013.

However, if item 9 of Schedule 3 to the Superannuation Legislation Amendment (Reducing Illegal Early Release and Other Measures) Act 2012 commences on 1 July 2013, the provision(s) do not commence at all.

 

23. Schedule 1, item 71

Immediately after the commencement of item 9 of Schedule 3 to the Superannuation Legislation Amendment (Reducing Illegal Early Release and Other Measures) Act 2012 .

However, if item 9 of Schedule 3 to the Superannuation Legislation Amendment (Reducing Illegal Early Release and Other Measures) Act 2012 does not commence on 1 July 2013, the provision(s) do not commence at all.

 

24.  Schedule 1, items 72 to 110

1 July 2013.

1 July 2013

25.  Schedule 1, item 111

Immediately after the commencement of Schedule 7 to the Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Act 2012.

 

26.  Schedule 1, items 112 to 115

1 July 2013.

1 July 2013

27.  Schedule 1, item   116

The later of:

(a) the day after this Act receives the Royal Assent; and

(b) the day after item 7 of Schedule 1 to the Superannuation Legislation Amendment (MySuper Core Provisions) Act 2012 commences.

 

28.  Schedule 1, item 117

Immediately after the commencement of Schedule 7 to the Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Act 2012.

 

29.  Schedule 1, items 118 and 119

The later of:

(a) the day after this Act receives the Royal Assent; and

(b) the day after Schedule 6 to the Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Act 2012 commences.

 

30.  Schedule 1, item 120

The day this Act receives the Royal Assent.

 

31.  Schedule 1, items 121 to 123

The later of:

(a) the day after this Act receives the Royal Assent; and

(b) the day after items 12 and 13 of Schedule 1 to the Superannuation Legislation Amendment (MySuper Core Provisions) Act 2012 commence.

 

32.  Schedule 1, items 124 to 128

1 July 2013.

1 July 2013

33.  Schedule 1, item 129

The day this Act receives the Royal Assent.

 

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.