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Treasury Laws Amendment (Your Superannuation, Your Choice) Bill 2019

2019-2020

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

As passed by both Houses

 

 

 

 

Treasury Laws Amendment (Your Superannuation, Your Choice) Bill 2020

 

No.      , 2020

 

 

 

 

 

A Bill for an Act to amend the Superannuation Guarantee (Administration) Act 1992 , and for related purposes

   

   



Contents

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

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

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

4............ Review of amendments....................................................................... 2

Schedule 1—Choice of fund for workplace determinations and enterprise agreements                4

Superannuation Guarantee (Administration) Act 1992                                       4

 

 



A Bill for an Act to amend the Superannuation Guarantee (Administration) Act 1992 , and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act is the Treasury Laws Amendment (Your Superannuation, Your Choice) Act 2020 .

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.  The whole of this Act

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Note:          This table relates only to the provisions of this Act as originally enacted.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                   Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

4   Review of amendments

             (1)  The Australian Prudential Regulation Authority ( APRA ) must conduct a review into the operation of the amendments made by this Act.

             (2)  Without limiting the matters that APRA may consider when conducting the review, the purpose of the review is to:

                     (a)  identify any unintended consequences of the amendments made by this Act on the operation of defined benefits schemes, including the ongoing viability and profitability of defined benefits schemes; and

                     (b)  consider whether amendments to the Superannuation Guarantee (Administration) Act 1992 or any other Act are necessary to rectify the unintended consequences identified under paragraph (a).

             (3)  In conducting the review, APRA must consult industry stakeholders.

             (4)  The review must be completed before the end of the period of 30 months beginning on the day this Act commences.

             (5)  APRA must give the Minister a writt en report of the review.

             (6)  The Minister must cause a copy of the report to be tabled in each House of the Parliament within 15 sitting days of that House after the report is given to the Minister.

             (7)  In this section, Minister means the Minister administering the Superannuation Guarantee (Administration) Act 1992 .