Title Treasury Laws Amendment (Your Superannuation, Your Choice) Bill 2019
Database Bills & Legislation
Long Title a Bill for an Act to amend the [itals]Superannuation Guarantee (Administration) Act 1992[eitals], and for related purposes
Date 25-08-2020 05:43 PM
Source House of Reps
Parl No. 46
Bill Number 215/19
Bill Type Government
Portfolio Treasury
Reps Bill Code O
Status Act
System Id legislation/bills/r6447_aspassed/0000


Treasury Laws Amendment (Your Superannuation, Your Choice) Bill 2019
</head> <body lang="EN-AU" link="blue" vlink="blue"> <div class="WordSection1"> <p class="Session">2019‑2020</p> <p class="MsoNormal"><span style="font-size:14.0pt"> </span></p> <p class="MsoNormal"><span style="font-size:14.0pt">The Parliament of the</span></p> <p class="MsoNormal"><span style="font-size:14.0pt">Commonwealth of Australia</span></p> <p class="MsoNormal"><span style="font-size:14.0pt"> </span></p> <p class="House">HOUSE OF REPRESENTATIVES</p> <p class="MsoNormal"> </p> <p class="MsoNormal"> </p> <p class="MsoNormal"> </p> <p class="Reading">As passed by both Houses</p> <p class="MsoNormal"><span style="font-size:9.5pt"> </span></p> <p class="MsoNormal"><span style="font-size:9.5pt"> </span></p> <p class="MsoNormal"><span style="font-size:9.5pt"> </span></p> <p class="MsoNormal"><span style="font-size:9.5pt"> </span></p> <p class="ShortT">Treasury Laws Amendment (Your Superannuation, Your Choice) Bill 2020</p> <p class="MsoNormal"> </p> <p class="Actno">No.      , 2020</p> <p class="MsoNormal"> </p> <p class="MsoNormal"> </p> <p class="MsoNormal"> </p> <p class="MsoNormal"> </p> <p class="MsoNormal"> </p> <p class="LongT">A Bill for an Act to amend the <i>Superannuation Guarantee (Administration) Act 1992</i>, and for related purposes</p> <p class="MsoHeader"><span class="CharAmSchNo"> </span><span class="CharAmSchText"> </span></p> <p class="MsoHeader"><span class="CharAmPartNo"> </span><span class="CharAmPartText"> </span></p> </div> <span style="font-size:11.0pt;font-family:"Times New Roman","serif""><br clear="all" style="page-break-before:always"/></span> <div class="WordSection2"> <p class="MsoNormal"><span style="font-size:18.0pt">Contents</span></p> <p class="MsoToc5"><a name="BKCheck15B_1"/>1............ Short title............................................................................................. 1</p> <p class="MsoToc5">2............ Commencement................................................................................... 1</p> <p class="MsoToc5">3............ Schedules............................................................................................ 2</p> <p class="MsoToc5">4............ Review of amendments....................................................................... 2</p> <p class="MsoToc6">Schedule 1—Choice of fund for workplace determinations and enterprise agreements<span style="font-size:9.0pt;font-weight:normal">              </span> <span style="font-size:9.0pt;font-weight:normal">4</span></p> <p class="MsoToc9">Superannuation Guarantee (Administration) Act 1992<span style="font-size:9.0pt;font-style:normal">                                     </span> <span style="font-size:9.0pt;font-style:normal">4</span></p> <p class="MsoNormal"> </p> <p class="MsoNormal"> </p> </div> <span style="font-size:11.0pt;font-family:"Times New Roman","serif""><br clear="all" style="page-break-before:always"/></span> <div class="WordSection3"> <p class="Page1">A Bill for an Act to amend the <i>Superannuation Guarantee (Administration) Act 1992</i>, and for related purposes</p> <p class="MsoNormal" style="margin-top:12.0pt;line-height:normal"> <span style="font-size:16.0pt">The Parliament of Australia enacts:</span></p> <opc-section depth="0" ref="211df6fb2d424cc59375ab29847b6faa" title="1  Short title"><a name="211df6fb2d424cc59375ab29847b6faa"/><p class="ActHead5"><a name="_Toc49335554"><span class="CharSectno">1</span>  Short title</a></p> <p class="subsection">                    This Act is the <i>Treasury Laws Amendment (Your Superannuation, Your Choice) Act 2020</i>.</p> </opc-section><opc-section depth="0" ref="66070247fc6549fc93e664f7ceacdeda" title="2  Commencement"><a name="66070247fc6549fc93e664f7ceacdeda"/><p class="ActHead5"><a name="_Toc49335555"><span class="CharSectno">2</span>  Commencement</a></p> <p class="subsection">              (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.</p> <p class="Tabletext"> </p> <table class="MsoNormalTable" border="1" cellspacing="0" cellpadding="0" width="474" style="margin-left:5.35pt;border-collapse:collapse;border:none"> <thead> <tr> <td width="474" colspan="3" valign="top" style="width:355.55pt;border-top:solid windowtext 1.5pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; padding:0cm 5.35pt 0cm 5.35pt"> <p class="TableHeading">Commencement information</p> </td> </tr> <tr> <td width="113" valign="top" style="width:3.0cm;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.35pt 0cm 5.35pt"> <p class="TableHeading">Column 1</p> </td> <td width="255" valign="top" style="width:191.4pt;border:none;border-bottom: solid windowtext 1.0pt;padding:0cm 5.35pt 0cm 5.35pt"> <p class="TableHeading">Column 2</p> </td> <td width="105" valign="top" style="width:79.1pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.35pt 0cm 5.35pt"> <p class="TableHeading">Column 3</p> </td> </tr> <tr> <td width="113" valign="top" style="width:3.0cm;border:none;border-bottom:solid windowtext 1.5pt; padding:0cm 5.35pt 0cm 5.35pt"> <p class="TableHeading">Provisions</p> </td> <td width="255" valign="top" style="width:191.4pt;border:none;border-bottom: solid windowtext 1.5pt;padding:0cm 5.35pt 0cm 5.35pt"> <p class="TableHeading">Commencement</p> </td> <td width="105" valign="top" style="width:79.1pt;border:none;border-bottom:solid windowtext 1.5pt; padding:0cm 5.35pt 0cm 5.35pt"> <p class="TableHeading">Date/Details</p> </td> </tr> </thead> <tr> <td width="113" valign="top" style="width:3.0cm;border:none;border-bottom:solid windowtext 1.5pt; padding:0cm 5.35pt 0cm 5.35pt"> <p class="Tabletext">1.  The whole of this Act</p> </td> <td width="255" valign="top" style="width:191.4pt;border:none;border-bottom:solid windowtext 1.5pt; padding:0cm 5.35pt 0cm 5.35pt"> <p class="Tabletext">The day after this Act receives the Royal Assent.</p> </td> <td width="105" valign="top" style="width:79.1pt;border:none;border-bottom:solid windowtext 1.5pt; padding:0cm 5.35pt 0cm 5.35pt"> <p class="Tabletext"> </p> </td> </tr> </table> <p class="notetext"> 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.</p> <p class="subsection">              (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.</p> </opc-section><opc-section depth="0" ref="2ef516ec0a5d4e6590239b6a087994b7" title="3  Schedules"><a name="2ef516ec0a5d4e6590239b6a087994b7"/><p class="ActHead5"><a name="_Toc49335556"><span class="CharSectno">3</span>  Schedules</a></p> <p class="subsection">                    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.</p> </opc-section><opc-section depth="0" ref="09a0e47406b14b80a316313b4e357eca" title="4  Review of amendments"><a name="09a0e47406b14b80a316313b4e357eca"/><p class="ActHead5"><a name="opcCurrentFind"/><a name="opcAmSched"/><a name="_Toc49335557"><span class="CharSectno">4</span>  Review of amendments</a></p> <p class="subsection">              (1)  The Australian Prudential Regulation Authority (<b><i>APRA</i></b>) must conduct a review into the operation of the amendments made by this Act.</p> <p class="subsection">              (2)  Without limiting the matters that APRA may consider when conducting the review, the purpose of the review is to:</p> <p class="paragraph">                      (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</p> <p class="paragraph">                      (b)  consider whether amendments to the <i>Superannuation Guarantee (Administration) Act 1992</i> or any other Act are necessary to rectify the unintended consequences identified under paragraph (a).</p> <p class="subsection">              (3)  In conducting the review, APRA must consult industry stakeholders.</p> <p class="subsection">              (4)  The review must be completed before the end of the period of 30 months beginning on the day this Act commences.</p> <p class="subsection">              (5)  APRA must give the Minister a writt<a name="BK_S1P1L33C41"/>en report of the review.</p> <p class="subsection">              (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.</p> <p class="subsection">              (7)  In this section, <b><i>Minister</i></b> means the Minister administering the <i>Superannuation Guarantee (Administration) Act 1992</i>.</p> </opc-section><?DMS-Include seriesId="846989e6-ebb8-40ab-8748-21082fc15eb7"?></div> </body> </div></div></body></html>