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Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 2) Bill 2017

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8318

2016-2017

 

The Parliament of the

Commonwealth of Australia

 

THE SENATE

 

 

 

 

 

Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 2) Bill 2017

 

 

( 1 )     Clause  2 , page 2 (table item  2 ), omit the table item, substitute:

2.  Schedule 1

1 July 2018.

1 July 2018

3.  Schedule 2

The day after this Act receives the Royal Assent .

 

[choice of fund]

( 2 )     Schedule  1 , items  5 to 7 , page 4 (lines 1 to 16) , omit the items, substitute:

5  Subsection 32C(6) (heading)

Repeal the heading, substitute:

Contributions under certain agreements etc.

6  Paragraphs 32C(6)(g) and (h)

Repeal the paragraphs.

7  After subsection 32C(6)

Insert:

Contributions under pre-July 2018 enterprise agreements or workplace determinations

       (6AA)  A contribution to a fund by an employer for the benefit of an employee is also made in compliance with the choice of fund requirements if:

                     (a)  the contribution is made at a time on or after 1 July 2018 when there is no chosen fund for the employee; and

                     (b)  the contribution, or a part of the contribution, is made under, or in accordance with, an enterprise agreement or a workplace determination; and

                     (c)  the enterprise agreement or workplace determination was made (within the meaning of the Fair Work Act 2009 ) before 1 July 2018.

8  Paragraph 32NA(2)(a)

After “subsections 32C(3) to (9)”, insert “, other than subsection 32C(6AA),”.

[choice of fund]