Key Documents
Early last year a grant of around $55 million was provided under Part 23 of the Superannuation Industry (Supervision) Act 1993 (SIS Act) to compensate victims of fraud in the APRA-regulated superannuation industry resulting from the collapse of Trio Capital Limited (Trio). This grant was recouped via a levy imposed on the superannuation industry in 2011.
In the second half of 2012, the Government agreed to provide a further grant of $16.7 million under Part 23 of the SIS Act to compensate members of superannuation funds that invested in Trio and to recoup a shortfall of $2.2 million from the superannuation industry in relation to the 2011 levy.
Treasury has released exposure draft regulations and explanatory material for the levy to recoup the total amount of financial assistance granted under Part 23 of the SIS Act in the 2012-13 financial year ($16.7 million) and to collect the balance that remains to be recouped by the Commonwealth for the 2011 grant ($2.2 million).