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Treasury Laws Amendment (Protecting Your Superannuation Package) Bill 2018

2016-2017-2018

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

Treasury Laws Amendment (Protecting Your Superannuation Package) Bill 2018

 

No.      , 2018

 

(Treasury)

 

 

 

A Bill for an Act to amend the law relating to superannuation, and for related purposes

   

   



Contents

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

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

3............ Schedules............................................................................................ 2

Schedule 1—Fees charged to superannuation members                                 3

Part 1—Amendments                                                                                                     3

Superannuation Industry (Supervision) Act 1993                                                 3

Part 2—Application provisions                                                                                 8

Schedule 2—Insurance for superannuation members                                   10

Part 1—Amendments                                                                                                   10

Superannuation Industry (Supervision) Act 1993                                               10

Part 2—Application and transitional provisions                                             16

Schedule 3—Inactive low-balance accounts and consolidation into active accounts          21

Part 1—Amendments                                                                                                   21

Income Tax Assessment Act 1997                                                                             21

Superannuation (Unclaimed Money and Lost Members) Act 1999                  23

Taxation Administration Act 1953                                                                          44

Part 2—Application and transitional provisions                                             46

 

 



A Bill for an Act to amend the law relating to superannuation, and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act is the Treasury Laws Amendment (Protecting Your Superannuation Package) Act 2018 .

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

Provisions

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.  Schedules 1, 2 and 3

The day after 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   Schedules

                   Legislation 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.