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This is a Bill, not an Act. For current law, see the Acts databases.
2019
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Treasury Laws Amendment (Your
Superannuation, Your Choice) Bill 2019
No. , 2019
(Treasury)
A Bill for an Act to amend the
Superannuation
Guarantee (Administration) Act 1992
, and for
related purposes
No. , 2019
Treasury Laws Amendment (Your Superannuation, Your Choice) Bill
2019
i
Contents
1
Short title ........................................................................................... 1
2
Commencement ................................................................................. 1
3
Schedules ........................................................................................... 2
Schedule 1--Choice of fund for workplace determinations and
enterprise agreements
3
Superannuation Guarantee (Administration) Act 1992
3
No. , 2019
Treasury Laws Amendment (Your Superannuation, Your Choice) Bill
2019
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 is the
Treasury Laws Amendment (Your Superannuation,
6
Your Choice) Act 2019
.
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
2
Treasury Laws Amendment (Your Superannuation, Your Choice) Bill
2019
No. , 2019
1
Commencement information
Column 1
Column 2
Column 3
Provisions
Commencement
Date/Details
1. The whole of
this Act
The day after this Act receives the Royal
Assent.
Note:
This table relates only to the provisions of this Act as originally
2
enacted. It will not be amended to deal with any later amendments of
3
this Act.
4
(2) Any information in column 3 of the table is not part of this Act.
5
Information may be inserted in this column, or information in it
6
may be edited, in any published version of this Act.
7
3 Schedules
8
Legislation that is specified in a Schedule to this Act is amended or
9
repealed as set out in the applicable items in the Schedule
10
concerned, and any other item in a Schedule to this Act has effect
11
according to its terms.
12
Choice of fund for workplace determinations and enterprise agreements
Schedule 1
No. , 2019
Treasury Laws Amendment (Your Superannuation, Your Choice) Bill
2019
3
Schedule 1--Choice of fund for workplace
1
determinations and enterprise
2
agreements
3
4
Superannuation Guarantee (Administration) Act 1992
5
1 Paragraph 19(2B)(c)
6
Omit "(which deals with certain cases where no contributions are
7
required)", substitute "(which deals with certain cases where defined
8
benefit members cannot choose another fund)".
9
2 Section 20 (heading)
10
Repeal the heading, substitute:
11
20 Defined benefit schemes--certain cases where members cannot
12
choose another fund
13
3 Subsection 20(1)
14
Omit "either subsection (2) or (3) is satisfied", substitute
15
"subsection (2), (3) or (3A) is satisfied".
16
4 After subsection 20(3)
17
Insert:
18
Member's benefit not affected
19
(3A) This subsection is satisfied if the employee would be entitled, on
20
the employee's retirement, resignation or retrenchment, to the same
21
amount of benefit from the defined benefit superannuation scheme,
22
whether or not the employee had contributions:
23
(a) for the quarter; and
24
(b) made by the employer for the benefit of the employee;
25
to a fund (within the meaning of Part 3A) other than the defined
26
benefit superannuation scheme.
27
Schedule 1
Choice of fund for workplace determinations and enterprise agreements
4
Treasury Laws Amendment (Your Superannuation, Your Choice) Bill
2019
No. , 2019
5 Paragraph 32C(6)(g)
1
After "determination", insert "made before 1 July 2020".
2
6 Paragraph 32C(6)(h)
3
After "agreement", insert "made before 1 July 2020".
4
7 After subsection 32C(6)
5
Insert:
6
Contributions previously covered by paragraphs (6)(g) and (h)
7
(6AA) A contribution to a fund by an employer for the benefit of an
8
employee is also made in compliance with the choice of fund
9
requirements if:
10
(a) at the time the contribution is made, there is no chosen fund
11
for the employee; and
12
(b) the fund is a fund to which the employer has previously made
13
contributions, in compliance with the choice of fund
14
requirements under paragraph (6)(g) or (h), for the benefit of
15
the employee.
16