Commonwealth of Australia Bills Commonwealth of Australia Bills[Index] [Search] [Download] [Related Items] [Help]
This is a Bill, not an Act. For current law, see the Acts databases.
2013-2014-2015
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Superannuation Guarantee
(Administration) Amendment Bill 2015
No. , 2015
(Treasury)
A Bill for an Act to amend the Superannuation
Guarantee (Administration) Act 1992, and for
related purposes
No. , 2015
Superannuation Guarantee (Administration) Amendment Bill 2015
i
Contents
1
Short title ........................................................................................... 1
2
Commencement ................................................................................. 1
3
Schedules ........................................................................................... 2
Schedule 1--Temporary residents
3
Superannuation Guarantee (Administration) Act 1992
3
Schedule 2--Transfers to successor funds
4
Superannuation Guarantee (Administration) Act 1992
4
No. , 2015
Superannuation Guarantee (Administration) Amendment Bill 2015
1
A Bill for an Act to amend the Superannuation
1
Guarantee (Administration) Act 1992, and for
2
related purposes
3
The Parliament of Australia enacts:
4
1 Short title
5
This Act may be cited as the Superannuation Guarantee
6
(Administration) Amendment Act 2015.
7
2 Commencement
8
(1) Each provision of this Act specified in column 1 of the table
9
commences, or is taken to have commenced, in accordance with
10
column 2 of the table. Any other statement in column 2 has effect
11
according to its terms.
12
13
2
Superannuation Guarantee (Administration) Amendment Bill 2015
No. , 2015
Commencement information
Column 1
Column 2
Column 3
Provisions
Commencement
Date/Details
1. The whole of
this Act
1 July 2015.
1 July 2015
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 Schedules
7
Legislation that is specified in a Schedule to this Act is amended or
8
repealed as set out in the applicable items in the Schedule
9
concerned, and any other item in a Schedule to this Act has effect
10
according to its terms.
11
Temporary residents Schedule 1
No. , 2015
Superannuation Guarantee (Administration) Amendment Bill 2015
3
Schedule 1
--Temporary residents
1
2
Superannuation Guarantee (Administration) Act 1992
3
1 After subsection 32C(2A)
4
Insert:
5
(2AA) Paragraph (2)(ba) does not apply if the employee is, within the
6
meaning of the Migration Act 1958, the holder of a temporary visa.
7
2 At the end of section 32NA
8
Add:
9
(11) An employer is not required under section 32N to give an
10
employee a standard choice form if the employee is, within the
11
meaning of the Migration Act 1958, the holder of a temporary visa.
12
3 Application of amendments
13
If:
14
(a) an employee commences employment before the
15
commencement of this Schedule; but
16
(b) the 28 day period referred to in subsection 32N(2) of the
17
Superannuation Guarantee (Administration) Act 1992 ends
18
after that commencement;
19
the amendments made by this Schedule are taken to have applied, in
20
relation to that employee, from the commencement of that employment.
21
Schedule 2 Transfers to successor funds
4
Superannuation Guarantee (Administration) Amendment Bill 2015
No. , 2015
Schedule 2
--Transfers to successor funds
1
2
Superannuation Guarantee (Administration) Act 1992
3
1 Paragraph 32C(2)(ba)
4
Omit "either".
5
2 Subparagraph 32C(2)(ba)(ii)
6
Omit "and" (last occurring), substitute "or".
7
3 At the end of paragraph 32C(2)(ba)
8
Add:
9
(iii) meets the requirements to be a successor default fund
10
under subsection (2AB) of this section; and
11
4 Before subsection 32C(2B) (before the heading)
12
Insert:
13
(2AB) For the purposes of subparagraph (2)(ba)(iii), a fund (the new
14
fund) meets the requirements to be a successor default fund if:
15
(a) the employee's interest in a fund (the original fund) is
16
transferred to the new fund without the consent of the
17
member; and
18
(b) the original fund is a fund:
19
(i) to which subparagraph (2)(ba)(i) applies; or
20
(ii) to which subparagraph (2)(ba)(ii) applies, or would have
21
applied if the transfer had not occurred; and
22
(c) the new fund is a successor fund (within the meaning of the
23
Income Tax Assessment Act 1997) in relation to the transfer.
24
5 At the end of Division 4 of Part 3A
25
Add:
26
32J A successor fund may become a chosen fund
27
For the purposes of this Act, if:
28
Transfers to successor funds Schedule 2
No. , 2015
Superannuation Guarantee (Administration) Amendment Bill 2015
5
(a) an employee's interest in a superannuation fund (the original
1
fund) is transferred to another superannuation fund without
2
the consent of the member; and
3
(b) the other fund is a successor fund (within the meaning of the
4
Income Tax Assessment Act 1997) in relation to the transfer;
5
and
6
(c) immediately before the transfer takes effect, the original fund
7
was a chosen fund for the employee; and
8
(d) at the time the transfer takes effect, the other fund:
9
(i) is an eligible choice fund; and
10
(ii) is a fund to which the employer can make contributions
11
for the benefit of the employee;
12
from the time the transfer takes effect, the other fund is taken to be
13
a chosen fund for the employee, and the original fund is taken no
14
longer to be a chosen fund for the employee.
15
6 After subsection 32NA(1)
16
Insert:
17
(1A) An employer is not required under section 32N to give an
18
employee a standard choice form if:
19
(a) the employer is making contributions of a kind mentioned in
20
subsection 32C(2) for the benefit of the employee; and
21
(b) the fund to which the contributions are made meets the
22
requirements to be a successor default fund under
23
subsection 32C(2AB).
24
7 Application of amendments
25
The amendments made by this Schedule apply in relation to transfers of
26
interests in superannuation funds that occur on or after 1 July 2015.
27