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This is a Bill, not an Act. For current law, see the Acts databases.


SUPERANNUATION LEGISLATION AMENDMENT (EARLY RELEASE OF SUPERANNUATION) BILL 2011

2010-2011
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Superannuation Legislation Amendment
(Early Release of Superannuation) Bill
2011
No. , 2011
(Treasury)
A Bill for an Act to amend the law relating to
superannuation, and for related purposes
i Superannuation Legislation Amendment (Early Release of Superannuation) Bill 2011
No. , 2011
Contents
1 Short
title
...........................................................................................
1
2 Commencement
.................................................................................
1
3 Schedule(s)
........................................................................................
2
Schedule 1--Amendments
3
Part 1--Administration of early release of superannuation on
compassionate grounds
3
Retirement Savings Accounts Act 1997
3
Superannuation Industry (Supervision) Act 1993
4
Part 2--Amendment of the Australian Prudential Regulation
Authority Act 1998
7
Australian Prudential Regulation Authority Act 1998
7
Part 3--Application and transitional provisions
9
Superannuation Legislation Amendment (Early Release of Superannuation) Bill 2011 No. ,
2011 1
A Bill for an Act to amend the law relating to
1
superannuation, and for related purposes
2
The Parliament of Australia enacts:
3
1 Short title
4
This Act may be cited as the Superannuation Legislation
5
Amendment (Early Release of Superannuation) Act 2011.
6
2 Commencement
7
(1) Each provision of this Act specified in column 1 of the table
8
commences, or is taken to have commenced, in accordance with
9
column 2 of the table. Any other statement in column 2 has effect
10
according to its terms.
11
12
2 Superannuation Legislation Amendment (Early Release of Superannuation) Bill 2011
No. , 2011
Commencement information
Column 1
Column 2
Column 3
Provision(s)
Commencement
Date/Details
1. Sections 1 to 3
and anything in
this Act not
elsewhere covered
by this table
The day this Act receives the Royal Assent.
2. Schedule 1
A single day to be fixed by Proclamation.
However, if the provision(s) do not
commence within the period of 6 months
beginning on the day this Act receives the
Royal Assent, they commence on the day
after the end of that period.
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 Schedule(s)
7
Each Act 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
12
Amendments Schedule 1
Administration of early release of superannuation on compassionate grounds Part 1
Superannuation Legislation Amendment (Early Release of Superannuation) Bill 2011 No. ,
2011 3
Schedule 1--Amendments
1
Part 1--Administration of early release of
2
superannuation on compassionate grounds
3
Retirement Savings Accounts Act 1997
4
1 Paragraph 3(1)(b)
5
Repeal the paragraph, substitute:
6
(b) APRA also has the general administration of sections 37 to
7
39 and section 49 to the extent that it is not conferred on
8
either of the following:
9
(i) the Chief Executive Medicare by paragraph (ba);
10
(ii) ASIC by paragraph (d); and
11
(ba) the Chief Executive Medicare has the general administration
12
of regulations made under section 38 to the extent that the
13
regulations relate to making determinations that an amount of
14
benefits in an RSA may be released on compassionate
15
grounds; and
16
2 Section 16
17
Insert:
18
Chief Executive Medicare has the same meaning as in the Human
19
Services (Medicare) Act 1973.
20
3 Section 16 (at the end of the definition of Regulator)
21
Add:
22
; and (c) the Chief Executive Medicare if the provision in which it
23
occurs is, or is being applied for the purposes of, a provision
24
that is administered by the Chief Executive Medicare under
25
paragraph 3(1)(ba).
26
4 At the end of section 168
27
Add:
28
(4) A reference in this section to the Regulator does not include the
29
Chief Executive Medicare.
30
Schedule 1 Amendments
Part 1 Administration of early release of superannuation on compassionate grounds
4 Superannuation Legislation Amendment (Early Release of Superannuation) Bill 2011
No. , 2011
Note:
For the definition of Regulator, see section 16.
1
5 Section 173
2
Before "In this Part", insert "(1)".
3
6 At the end of section 173
4
Add:
5
(2) A reference in this Part to the Regulator does not include the Chief
6
Executive Medicare.
7
Note:
For the definition of Regulator, see section 16.
8
7 After section 197
9
Insert:
10
198 Additional functions of the Chief Executive Medicare
11
In addition to the functions of the Chief Executive Medicare under
12
the Human Services (Medicare) Act 1973, the Chief Executive
13
Medicare has such additional functions as are conferred on the
14
Chief Executive Medicare under this Act.
15
Note:
Paragraph 3(1)(ba) of this Act confers functions on the Chief
16
Executive Medicare.
17
Superannuation Industry (Supervision) Act 1993
18
8 Paragraph 6(1)(b)
19
Repeal the paragraph, substitute:
20
(b) APRA also has the general administration of Parts 3 and 6
21
(other than section 60A) and section 105 to the extent that
22
that administration is not conferred on any of the following:
23
(i) the Chief Executive Medicare by paragraph (ba);
24
(ii) ASIC by paragraph (d);
25
(iii) the Commissioner of Taxation by paragraph (f); and
26
(ba) the Chief Executive Medicare has the general administration
27
of regulations made under Part 3 to the extent that the
28
regulations relate to making determinations that an amount of
29
benefits in a superannuation entity may be released on
30
compassionate grounds; and
31
Amendments Schedule 1
Administration of early release of superannuation on compassionate grounds Part 1
Superannuation Legislation Amendment (Early Release of Superannuation) Bill 2011 No. ,
2011 5
9 After subparagraph 6(1)(f)(i)
1
Insert:
2
(ia) to the extent that administration is not conferred on the
3
Chief Executive Medicare by paragraph (ba); and
4
10 Subsection 10(1)
5
Insert:
6
Chief Executive Medicare has the same meaning as in the Human
7
Services (Medicare) Act 1973.
8
11 Subsection 10(1) (at the end of the definition of Regulator)
9
Add:
10
; and (d) the Chief Executive Medicare if the provision in which it
11
occurs is, or is being applied for the purposes of, a provision
12
that is administered by the Chief Executive Medicare under
13
paragraph 6(1)(ba).
14
12 At the end of section 320
15
Add:
16
(4) A reference in this section to the Regulator does not include the
17
Chief Executive Medicare.
18
Note:
For the definition of Regulator, see subsection 10(1).
19
13 Subsection 326(1)
20
Omit "(1)".
21
14 Section 327
22
Before "In this Part", insert "(1)".
23
15 At the end of section 327
24
Add:
25
(2) A reference in this Part to the Regulator does not include the Chief
26
Executive Medicare.
27
Note:
For the definition of Regulator, see subsection 10(1).
28
16 After section 350
29
Schedule 1 Amendments
Part 1 Administration of early release of superannuation on compassionate grounds
6 Superannuation Legislation Amendment (Early Release of Superannuation) Bill 2011
No. , 2011
Insert:
1
351 Additional functions of the Chief Executive Medicare
2
In addition to the functions of the Chief Executive Medicare under
3
the Human Services (Medicare) Act 1973, the Chief Executive
4
Medicare has such additional functions as are conferred on the
5
Chief Executive Medicare under this Act.
6
Note:
Paragraph 6(1)(ba) of this Act confers functions on the Chief
7
Executive Medicare.
8
9
Amendments Schedule 1
Amendment of the Australian Prudential Regulation Authority Act 1998 Part 2
Superannuation Legislation Amendment (Early Release of Superannuation) Bill 2011 No. ,
2011 7
Part 2--Amendment of the Australian Prudential
1
Regulation Authority Act 1998
2
Australian Prudential Regulation Authority Act 1998
3
17 Paragraphs 50(1)(a) and (b)
4
Repeal the paragraphs, substitute:
5
(a) a determination specifying the amount of the levy money
6
payable to the Commonwealth, in respect of levy for that
7
financial year, to cover the costs to the Commonwealth of:
8
(i) providing market integrity and consumer protection
9
functions for prudentially regulated institutions; and
10
(ii) administering the function of making determinations
11
about the release on compassionate grounds of benefits
12
that are in a superannuation entity or retirement savings
13
account;
14
(b) a determination, in respect of each class of levy for that
15
financial year, specifying the amount of the levy money
16
payable to the Commonwealth in respect of that class of levy
17
for that financial year, to cover the costs to the
18
Commonwealth of:
19
(i) providing market integrity and consumer protection
20
functions for prudentially regulated institutions; and
21
(ii) administering the function of making determinations
22
about the release on compassionate grounds of benefits
23
that are in a superannuation entity or retirement savings
24
account.
25
Note:
Regulations made under the Superannuation Industry (Supervision)
26
Act 1993 and the Retirement Savings Accounts Act 1997 provide for
27
the making of determinations about the release of benefits on
28
compassionate grounds.
29
18 Subsection 50(6)
30
Insert:
31
retirement savings account has the same meaning as in the
32
Retirement Savings Accounts Act 1997.
33
19 Subsection 50(6)
34
Schedule 1 Amendments
Part 2 Amendment of the Australian Prudential Regulation Authority Act 1998
8 Superannuation Legislation Amendment (Early Release of Superannuation) Bill 2011
No. , 2011
Insert:
1
superannuation entity has the same meaning as in the
2
Superannuation Industry (Supervision) Act 1993.
3
4
Amendments Schedule 1
Application and transitional provisions Part 3
Superannuation Legislation Amendment (Early Release of Superannuation) Bill 2011 No. ,
2011 9
Part 3--Application and transitional provisions
1
20 Application provision--determinations about release on
2
compassionate grounds
3
The amendments made by Part 1 of this Schedule apply in relation to
4
any application for a determination that an amount of benefits be
5
released on compassionate grounds that is made after this Schedule
6
commences.
7
21 Transitional--pending applications for determinations
8
(1)
This item applies to an application for a determination that an amount of
9
benefits be released on compassionate grounds:
10
(a) that is made to APRA before Part 1 of this Schedule
11
commences; and
12
(b) for which no determination has been made immediately
13
before Part 1 of this Schedule commences.
14
(2)
After this Schedule commences, the application is taken to have been
15
made to the Chief Executive Medicare.
16
22 Application provision--determinations about amount of
17
levy money to cover Commonwealth costs
18
The amendments made by Part 2 of this Schedule apply to:
19
(a) the financial year that includes the day this Schedule
20
commences; and
21
(b) any financial year that commences after this Schedule
22
commences.
23

 


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