Regulations
The following regulations implement the Government’s Stronger Super reforms:
- Superannuation Legislation Amendment (MySuper Measures) Regulation 2013
- Superannuation Legislation Amendment Regulation 2013 (No. 1)
Acts
The following legislation implements the Government’s Stronger Super reforms:
Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Act 2013
On 26 June 2013 the Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Bill 2012 received Royal Assent. This Bill, together with other tranches of legislation already introduced, continues the Government’s commitment to enhancing the governance and integrity of Australia’s superannuation system.
The Explanatory Memorandum explains how these reforms will apply to superannuation members, industry and employers.
A copy of the Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Act 2013 is available on the ComLaw website.
Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Act 2012
On 19 September the Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Bill 2012 and Superannuation Auditor Registration Imposition Bill 2012 were introduced into Parliament. These Bills reinstate the temporary loss relief for merging superannuation funds with certain modifications, introduce a registration regime for auditors of self‑managed superannuation funds, expand the information required to be reported by superannuation providers to the Commissioner of Taxation, facilitates the electronic transmission of payments and associated information between certain funds, schemes and providers by providing for a register to be kept by the Commissioner of Taxation and makes technical amendments to five Acts in relation to eligible superannuation entities.
The Explanatory Memorandum is available.
Superannuation Auditor Registration Imposition Act 2012
On 19 September the Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Bill 2012 and Superannuation Auditor Registration Imposition Bill 2012 were introduced into Parliament. These Bills reinstate the temporary loss relief for merging superannuation funds with certain modifications, introduce a registration regime for auditors of self‑managed superannuation funds, expand the information required to be reported by superannuation providers to the Commissioner of Taxation, facilitates the electronic transmission of payments and associated information between certain funds, schemes and providers by providing for a register to be kept by the Commissioner of Taxation and makes technical amendments to five Acts in relation to eligible superannuation entities.
The Explanatory Memorandum is available.
Superannuation Legislation Amendment (MySuper Core Provisions) Act 2012
On 28 November 2012 the Superannuation Legislation Amendment (MySuper Core Provisions) Act 2012 received Royal Assent. The Act provides the legislative detail around core aspects of MySuper, including the changes to superannuation guarantee requirements, the application process for MySuper, the MySuper authorisation process, the characteristics of a MySuper product and the permitted fees and charging rules associated within a MySuper product.
The Explanatory Memorandum is available.
Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Act 2012
On 8 September 2012, the Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Bill 2012 was granted Royal Assent. The Act expands the covenants for registrable superannuation entity (RSE) licensees, applies new trustee duties to trustees of an RSE that offers a MySuper product and applies personal duties to the directors of corporate trustees in their own right. It also introduces the power for APRA to make prudential standards in relation to superannuation.
The Explanatory Memorandum is available.
Schedule 1 – Trustee obligations commences on 1 July 2013.
Schedule 2 – Prudential standards commenced on 9 September 2012.
Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Act 2012
On 3 December 2012 the Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Act 2012 received Royal Assent. The Act represents the third tranche of legislation implementing the Government’s Stronger Super (MySuper and governance) reforms. The Bill contains provisions relating to superannuation fees, intra-fund advice, insurance, collection and disclosure of information, default funds in modern awards and enterprise agreements, moving accrued default balances to MySuper, an exception for defined benefit funds and new requirements for eligible rollover funds.
The Explanatory Memorandum is available.
Superannuation Legislation Amendment (Stronger Super) Act 2012
On 28 June 2012 the Superannuation Legislation Amendment (Stronger Super) Bill 2012 and Superannuation Supervisory Levy Imposition Amendment Bill 2012 received Royal Assent. The Acts establish a framework to implement the superannuation data and payment regulations and standards that will apply to specified superannuation transactions undertaken by superannuation entities, retirement savings account providers and employers. They also provide an administrative penalty framework for non-compliance with the superannuation data and payment regulations and standards. Costs associated with the SuperStream measures are to be included in the Minister’s determination specifying the amount of levy payable to the Commonwealth; enable the Minister to make a determination that specifies the proportion of levy money paid to the Australian Prudential Regulation Authority (APRA) that is to be credited to the APRA Special Account; and insert a definition of the measures covered by SuperStream.
The Explanatory Memorandum is available.
Superannuation Supervisory Levy Imposition Amendment Act 2012
On 28 June 2012 the Superannuation Legislation Amendment (Stronger Super) Bill 2012 and Superannuation Supervisory Levy Imposition Amendment Bill 2012 received Royal Assent. The Acts establish a framework to implement the superannuation data and payment regulations and standards that will apply to specified superannuation transactions undertaken by superannuation entities, retirement savings account providers and employers. They also provide an administrative penalty framework for non-compliance with the superannuation data and payment regulations and standards. Costs associated with the SuperStream measures are to be included in the Minister’s determination specifying the amount of levy payable to the Commonwealth; enable the Minister to make a determination that specifies the proportion of levy money paid to the Australian Prudential Regulation Authority (APRA) that is to be credited to the APRA Special Account; and insert a definition of the measures covered by SuperStream.
The Explanatory Memorandum is available.