Commonwealth Numbered Acts Commonwealth Numbered Acts
Superannuation Guarantee (Administration) Act 1992
1 Paragraph 32C(2)(ba)
Omit "either".
2 Subparagraph 32C(2)(ba)(ii)
Omit "and" (last occurring), substitute "or".
3 At the end of paragraph 32C(2)(ba)
Add:
(iii) meets the requirements to be a successor default fund under subsection (2AB) of this section; and
4 Before subsection 32C(2B) (before the heading)
Insert:
(2AB) For the purposes of subparagraph (2)(ba)(iii), a fund (the new fund ) meets the requirements to be a successor default fund if:
(a) the employee's interest in a fund (the original fund ) is transferred to the new fund without the consent of the member; and
(b) the original fund is a fund:
(i) to which subparagraph (2)(ba)(i) applies; or
(ii) to which subparagraph (2)(ba)(ii) applies, or would have applied if the transfer had not occurred; and
(c) the new fund is a successor fund (within the meaning of the Income Tax Assessment Act 1997 ) in relation to the transfer.
5 At the end of Division 4 of Part 3A
Add:
32J A successor fund may become a chosen fund
For the purposes of this Act, if:
(a) an employee's interest in a superannuation fund (the original fund ) is transferred to another superannuation fund without the consent of the member; and
(b) the other fund is a successor fund (within the meaning of the Income Tax Assessment Act 1997 ) in relation to the transfer; and
(c) immediately before the transfer takes effect, the original fund was a chosen fund for the employee; and
(d) at the time the transfer takes effect, the other fund:
(i) is an eligible choice fund; and
(ii) is a fund to which the employer can make contributions for the benefit of the employee;
from the time the transfer takes effect, the other fund is taken to be a chosen fund for the employee, and the original fund is taken no longer to be a chosen fund for the employee.
6 After subsection 32NA(1)
Insert:
(1A) An employer is not required under section 32N to give an employee a standard choice form if:
(a) the employer is making contributions of a kind mentioned in subsection 32C(2) for the benefit of the employee; and
(b) the fund to which the contributions are made meets the requirements to be a successor default fund under subsection 32C(2AB).
7 Application of amendments
The amendments made by this Schedule apply in relation to transfers of interests in superannuation funds that occur on or after 1 July 2015.