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This is a Bill, not an Act. For current law, see the Acts databases.
2022-2023
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Superannuation (Objective) Bill 2023
No. , 2023
(Treasury)
A Bill for an Act relating to the objective of
superannuation, and for related purposes
No. , 2023
Superannuation (Objective) Bill 2023
i
Contents
1
Short title ........................................................................................... 1
2
Commencement ................................................................................. 1
3
Simplified outline of this Act ............................................................ 2
4
Definitions ......................................................................................... 2
5
The objective of superannuation ........................................................ 3
6
Statements of compatibility
--
Bills relating to
superannuation ................................................................................... 4
7
Statements of compatibility
--
regulations relating to
superannuation ................................................................................... 5
8
Act does not create enforceable rights or duties etc. .......................... 6
9
Regulations ........................................................................................ 7
No. , 2023
Superannuation (Objective) Bill 2023
1
A Bill for an Act relating to the objective of
1
superannuation, and for related purposes
2
The Parliament of Australia enacts:
3
1 Short title
4
This Act is the
Superannuation (Objective) Act 2023
.
5
2 Commencement
6
(1) Each provision of this Act specified in column 1 of the table
7
commences, or is taken to have commenced, in accordance with
8
column 2 of the table. Any other statement in column 2 has effect
9
according to its terms.
10
11
Section 3
2
Superannuation (Objective) Bill 2023
No. , 2023
Commencement information
Column 1
Column 2
Column 3
Provisions
Commencement
Date/Details
1. The whole of
this Act
The 28th day after this Act receives the
Royal Assent.
Note:
This table relates only to the provisions of this Act as originally
1
enacted. It will not be amended to deal with any later amendments of
2
this Act.
3
(2) Any information in column 3 of the table is not part of this Act.
4
Information may be inserted in this column, or information in it
5
may be edited, in any published version of this Act.
6
3 Simplified outline of this Act
7
A statement of compatibility is required for Bills and regulations
8
relating to superannuation, unless an exception applies.
9
The statement of compatibility must include an assessment of
10
whether the Bill is, or the regulations are, compatible with the
11
objective of superannuation.
12
4 Definitions
13
In this Act:
14
excepted matter
means a matter that relates to any of the
15
following:
16
(a) a public sector superannuation scheme (within the meaning
17
of the
Superannuation Industry (Supervision) Act 1993
)
18
established by or under a law of the Commonwealth;
19
(b) the Australian Defence Force Superannuation Scheme
20
(within the meaning of the
Australian Defence Force
21
Superannuation Act 2015
);
22
(c) the superannuation scheme established under the
Military
23
Superannuation and Benefits Act 1991
;
24
Section 5
No. , 2023
Superannuation (Objective) Bill 2023
3
(d) the retirement scheme constituted by the
Parliamentary
1
Contributory Superannuation Act 1948
;
2
(e) the parliamentary superannuation scheme established by the
3
Parliamentary Superannuation Act 2004
;
4
(f) the scheme for the provision of retirement and other benefits
5
to and in respect of Judges under the
Judges' Pensions Act
6
1968
;
7
(g) a Commonwealth superannuation contribution (within the
8
meaning of the
Federal Circuit and Family Court of
9
Australia Act 2021
) payable to a Judge (within the meaning
10
of that Act);
11
(h) the allocation of a superannuation interest (within the
12
meaning of the
Family Law Act 1975
) between:
13
(i) the parties to a marriage; or
14
(ii) the parties to a de facto relationship;
15
whether the allocation is dealt with under that Act or any
16
other law of the Commonwealth;
17
(i) any other thing prescribed by regulations made for the
18
purposes of this paragraph.
19
objective of superannuation
means the objective set out in
20
subsection 5(1).
21
rule-maker
has the same meaning as in the
Legislation Act 2003
.
22
statement of compatibility
has the meaning given by subsection
23
6(1) or 7(1).
24
5 The objective of superannuation
25
(1) The objective of superannuation
is to preserve savings to deliver
26
income for a dignified retirement, alongside government support,
27
in an equitable and sustainable way.
28
(2) This section does not affect:
29
(a) the operation of any law of the Commonwealth (other than
30
this Act or regulations made under this Act); or
31
Section 6
4
Superannuation (Objective) Bill 2023
No. , 2023
(b) the operation of the governing rules (within the meaning of
1
the
Superannuation Industry (Supervision) Act 1993
) of any
2
superannuation entity (within the meaning of that Act); or
3
(c) any power, duty, right or liability of the trustee (within the
4
meaning of that Act) of such an entity in its capacity as
5
trustee.
6
6 Statements of compatibility
--
Bills relating to superannuation
7
Requirement for statement of compatibility
8
(1) Subject to subsection (4), a member of Parliament who proposes to
9
introduce a Bill for an Act into a House of the Parliament must, if
10
the Bill relates to superannuation, cause a statement (a
statement of
11
compatibility
) to be prepared in respect of the Bill.
12
(2) Subject to subsection (4), a member of Parliament who introduces
13
a Bill for an Act into a House of the Parliament, or another member
14
acting on
the first member's
behalf, must, if the Bill relates to
15
superannuation, cause the statement of compatibility prepared
16
under subsection (1) to be presented to the House.
17
Content of statement of compatibility
18
(3) A statement of compatibility must include an assessment of
19
whether the Bill is compatible with the objective of
20
superannuation.
21
Exceptions
22
(4) This section does not apply in relation to a Bill to the extent that
23
the Bill:
24
(a) deals with a matter other than superannuation; or
25
(b) deals with a matter that:
26
(i) relates to superannuation; and
27
(ii) is of a minor or technical nature; or
28
(c) deals with an excepted matter; or
29
(d) amends or repeals, or relates to an amendment or repeal of,
30
an Act, or a provision of an Act, prescribed by regulations
31
made for the purposes of this paragraph.
32
Section 7
No. , 2023
Superannuation (Objective) Bill 2023
5
Application
1
(5) This section applies in relation to a Bill proposed to be introduced,
2
or introduced, into the Parliament on or after the commencement of
3
this Act.
4
7 Statements of compatibility
--
regulations relating to
5
superannuation
6
Requirement for statement of compatibility
7
(1) Subject to subsections (3) and (4), the rule-maker for regulations
8
made under an Act must, if the regulations relate to
9
superannuation, cause a statement (a
statement of compatibility
) to
10
be prepared in respect of the regulations.
11
Content of statement of compatibility
12
(2) A statement of compatibility must include an assessment of
13
whether the regulations are compatible with the objective of
14
superannuation.
15
Exceptions
16
(3) This section does not apply in relation to regulations to the extent
17
that the regulations:
18
(a) deal with a matter other than superannuation; or
19
(b) deal with a matter that:
20
(i) relates to superannuation; and
21
(ii) is of a minor or technical nature; or
22
(c) deal with an excepted matter; or
23
(d) amend or repeal, or relate to an amendment or repeal of,
24
regulations made:
25
(i) under an Act prescribed by regulations made for the
26
purposes of paragraph 6(4)(d); or
27
(ii) under or for the purposes of a provision of an Act
28
prescribed by regulations made for the purposes of that
29
paragraph; or
30
Section 8
6
Superannuation (Objective) Bill 2023
No. , 2023
(e) amend or repeal, or relate to an amendment or repeal of,
1
regulations, or a provision of regulations, prescribed by
2
regulations made for the purposes of this paragraph.
3
(4) This section does not apply in relation to regulations if the
4
rule-maker for the regulations is satisfied that:
5
(a) the regulations (the
new regulations
) are made because other
6
regulations have been, or will be, repealed by an Act (for
7
example, by section 50 of the
Legislation Act 2003
); and
8
(b) the new regulations do not involve a substantial change in
9
policy in the law relating to superannuation.
10
Note:
Section 50 of the
Legislation Act 2003
deals with the sunsetting of
11
legislative instruments.
12
Explanatory statements
13
(5) The explanatory statement (within the meaning of the
Legislation
14
Act 2003
) for regulations relating to superannuation must include:
15
(a) the statement of compatibility for the regulations; or
16
(b) if a statement of compatibility is not required because an
17
exception under subsection (3) or (4) applies
--
a reference to
18
each applicable exception.
19
Application
20
(6) This section applies in relation to regulations made on or after the
21
commencement of this Act.
22
8 Act does not create enforceable rights or duties etc.
23
(1) A failure to comply with section 6 in relation to a Bill that becomes
24
an Act does not affect the validity, operation or enforcement of the
25
Act or any other provision of a law of the Commonwealth.
26
(2) A failure to comply with section 7 in relation to regulations does
27
not affect the validity, operation or enforcement of the regulations
28
or any other provision of a law of the Commonwealth.
29
(3) A statement of compatibility prepared under this Act is not binding
30
on any court or tribunal.
31
Section 9
No. , 2023
Superannuation (Objective) Bill 2023
7
9 Regulations
1
The Governor-General may make regulations prescribing matters:
2
(a) required or permitted by this Act to be prescribed by the
3
regulations; or
4
(b) necessary or convenient to be prescribed for carrying out or
5
giving effect to this Act.
6