Commonwealth Numbered Acts Commonwealth Numbered Acts1 Definitions
In this Schedule:
1922 scheme has the same meaning as in the Governance of Australian Government Superannuation Schemes Act 2011 .
acquisition of property has the same meaning as in paragraph 51(xxxi) of the Constitution.
amend includes repeal and remake.
ARIA (short for Australian Reward Investment Alliance) means the board established under section 20 of the Superannuation Act 1990 , as in force immediately before commencement.
asset means:
(a) any legal or equitable estate or interest in real or personal property, whether actual, contingent or prospective; and
(b) any right, power, privilege or immunity, whether actual, contingent or prospective.
assets official , in relation to an asset other than land, means the person or authority who, under a law of the Commonwealth, a State or a Territory, under a trust instrument or otherwise, has responsibility for keeping a register in relation to assets of the kind concerned.
Authority means the Defence Force Retirement and Death Benefits Authority established by section 8 of the Defence Force Retirement and Death Benefits Act 1973 , as in force immediately before commencement.
CEO has the same meaning as in the ComSuper Act 2011 .
Chair has the same meaning as in the Governance of Australian Government Superannuation Schemes Act 2011 .
commencement means the time when this Schedule commences.
Commissioner for Superannuation has the same meaning as Commissioner has in the Superannuation Act 1976 , as in force immediately before commencement.
ComSuper has the same meaning as in the ComSuper Act 2011 .
CSC (short for Commonwealth Superannuation Corporation) has the same meaning as in the Governance of Australian Government Superannuation Schemes Act 2011 .
CSS (short for Commonwealth Superannuation Scheme) has the same meaning as in the Superannuation Act 1976 .
CSS Board means the CSS Board established under section 27A of the Superannuation Act 1976 , as in force immediately before 1 July 2006.
decision has the same meaning as in the Administrative Appeals Tribunal Act 1975 .
Defence Department means the Department administered by the Minister administering the Defence Act 1903 .
DFSPB has the same meaning as in the Governance of Australian Government Superannuation Schemes Act 2011 .
doing a thing includes making an instrument.
Finance Department means the Department administered by the Minister administering the Financial Management and Accountability Act 1997 .
Finance Secretary means the Secretary of the Finance Department.
governing deed has the same meaning as in the Governance of Australian Government Superannuation Schemes Act 2011 .
instrument :
(a) includes:
(i) a contract, deed, undertaking or agreement; and
(ii) a notice, authority, order or instruction; and
(iii) an instrument made under an Act or regulations; and
(iv) regulations; but
(b) does not include an Act.
just terms has the same meaning as in paragraph 51(xxxi) of the Constitution.
land means any legal or equitable estate or interest in real property, whether actual, contingent or prospective.
land registration official , in relation to land, means the Registrar of Titles or other proper officer of the State or Territory in which the land is situated.
liability means any liability, duty or obligation, whether actual, contingent or prospective.
MSB (short for Military Superannuation and Benefits Scheme) has the same meaning as Scheme has in the Military Superannuation and Benefits Act 1991 .
MSB Board means the Military Superannuation and Benefits Board of Trustees No. 1 established by section 18 of the Military Superannuation and Benefits Act 1991 , as in force immediately before commencement.
MSB Fund (short for Military Superannuation and Benefits Scheme Fund) has the same meaning as Fund has in the Military Superannuation and Benefits Act 1991 , as in force immediately before commencement.
PNG has the same meaning as in the Governance of Australian Government Superannuation Schemes Act 2011 .
PSS (short for Public Sector Superannuation Scheme) has the same meaning as Public Sector Superannuation Scheme has in the Superannuation Act 1990 .
PSSAP (short for Public Sector Superannuation Accumulation Plan) has the same meaning as in the Superannuation Act 2005 .
PSS Board means the PSS Board established under section 20 of the Superannuation Act 1990 , as in force immediately before 1 July 2006.
Special Account has the same meaning as in the Financial Management and Accountability Act 1997 .
superannuation law means:
(a) the Defence Force Retirement and Death Benefits Act 1973 , as in force immediately before commencement; or
(b) the Defence Forces Retirement Benefits Act 1948 , as in force immediately before commencement; or
(c) the Military Superannuation and Benefits Act 1991 , as in force immediately before commencement; or
(d) the Papua New Guinea (Staffing Assistance) Act 1973 , as in force immediately before commencement; or
(e) the Superannuation Act 1922 , as in force immediately before commencement; or
(f) the Superannuation Act 1976 , as in force immediately before commencement; or
(g) the Superannuation Act 1990 , as in force immediately before commencement; or
(h) the Superannuation Act 2005 , as in force immediately before commencement.
trustee has the same meaning as in the Superannuation Act 1990 , as in force immediately before commencement.
Part 2 -- Assets, liabilities and legal proceedings
2 Vesting of assets
Assets of the MSB Board
(1) Subitem (2) applies to the assets of the MSB Board (whether the assets are in Australia or elsewhere) immediately before commencement.
(2) At commencement, the assets to which this subitem applies cease to be assets of the MSB Board and become assets of CSC without any conveyance, transfer or assignment. CSC becomes the successor in law in relation to these assets.
Assets of the Authority
(3) Subitem (4) applies to the assets of the Authority (whether the assets are in Australia or elsewhere) immediately before commencement.
(4) At commencement, the assets to which this subitem applies cease to be assets of the Authority and become assets of CSC without any conveyance, transfer or assignment. CSC becomes the successor in law in relation to these assets.
3 Vesting of liabilities
Liabilities of the MSB Board
(1) Subitem (2) applies to the liabilities of the MSB Board (whether the liabilities arose in Australia or elsewhere) immediately before commencement.
(2) At commencement, the liabilities to which this subitem applies cease to be liabilities of the MSB Board and become liabilities of CSC without any conveyance, transfer or assignment. CSC becomes the successor in law in relation to these liabilities.
Liabilities of the Authority
(3) Subitem (4) applies to the liabilities of the Authority (whether the liabilities arose in Australia or elsewhere) immediately before commencement.
(4) At commencement, the liabilities to which this subitem applies cease to be liabilities of the Authority and become liabilities of CSC without any conveyance, transfer or assignment. CSC becomes the successor in law in relation to these liabilities.
4 Certificates relating to vesting of land
(1) This item applies if:
(a) any land vests in CSC under this Part; and
(b) there is lodged with a land registration official a certificate that:
(i) is signed by the Chair; and
(ii) identifies the land, whether by reference to a map or otherwise; and
(iii) states that the land has become vested in CSC under this Part.
Note: Certificates under paragraph (1)(b) are presumed to be authentic: see item 25.
(2) The land registration official may:
(a) register the matter in a way that is the same as, or similar to, the way in which dealings in land of that kind are registered; and
(b) deal with, and give effect to, the certificate.
5 Certificates relating to vesting of assets other than land
(1) This item applies if:
(a) any asset other than land vests in CSC under this Part; and
(b) there is lodged with an assets official a certificate that:
(i) is signed by the Chair; and
(ii) identifies the asset; and
(iii) states that the asset has become vested in CSC under this Part.
Note: Certificates under paragraph (1)(b) are presumed to be authentic: see item 25.
(2) The assets official may:
(a) deal with, and give effect to, the certificate as if it were a proper and appropriate instrument for transactions in relation to assets of that kind; and
(b) make such entries in the register as are necessary having regard to the effect of this Schedule.
6 Substitution of CSC or the CEO of ComSuper as a party to pending proceedings
Proceedings relating to the MSB Board
(1) If any proceedings to which the MSB Board was a party were pending in any court or tribunal immediately before commencement, CSC is substituted for the MSB Board, from commencement, as a party to the proceedings.
Proceedings relating to the Authority
(2) If any proceedings to which the Authority was a party were pending in any court or tribunal immediately before commencement, CSC is substituted for the Authority, from commencement, as a party to the proceedings.
Proceedings relating to the Commissioner for Superannuation
(3) If any proceedings relating to the 1922 scheme, the PNG or the DFSPB to which the Commissioner for Superannuation was a party were pending in any court or tribunal immediately before commencement, CSC is substituted for the Commissioner for Superannuation, from commencement, as a party to the proceedings.
(4) If any proceedings to which the Commissioner for Superannuation was a party were pending in any court or tribunal immediately before commencement (other than proceedings mentioned in subitem (3)), the CEO of ComSuper is substituted for the Commissioner for Superannuation, from commencement, as a party to the proceedings.
(5) The Minister may, by writing, determine that:
(a) subitem (3) applies as if the reference in that subitem to CSC were a reference to the CEO of ComSuper; and
(b) subitem (4) applies as if the reference in that subitem to the CEO of ComSuper were a reference to CSC.
A determination under this subitem has effect accordingly.
(6) A
determination made under subitem (5) is not a legislative instrument.
Part 3 -- References to, and things done by or in relation to, certain persons
Division 1--Provisions relating to the MSB Board
7 References in Acts and instruments to the MSB Board
(1) If:
(a) an Act or instrument is in force immediately before commencement; and
(b) the Act or instrument contains a reference to the MSB Board;
the Act or instrument has effect from commencement as if the reference to the MSB Board were a reference to CSC.
Note: During the first year after this item commences, instruments can retrospectively amend references to the MSB Board: see item 20.
(2) The Minister may, by writing, determine that subitem (1):
(a) does not apply in relation to a specified reference; or
(b) applies, in relation to a specified reference, as if the reference in that subitem to CSC were a reference to ComSuper; or
(c) applies, in relation to a specified reference, as if the reference in that subitem to CSC were a reference to the CEO of ComSuper.
A determination under this subitem has effect accordingly.
(3) The regulations may provide that an instrument containing a reference specified in a determination under paragraph (2)(a) has effect from commencement as if the reference were a reference to a person or body other than CSC, ComSuper or the CEO of ComSuper.
(4) A determination made under subitem (2) is not a legislative instrument.
8 Operation of laws
(1) If, before commencement, a thing was done by, or in relation to, the MSB Board, then, for the purposes of the operation of any law of the Commonwealth after commencement, the thing is taken to have been done by, or in relation to, CSC.
(2) For the purposes of subitem (1), a thing done before commencement under a provision that is amended by this Act has effect from that time as if it were done under that provision as amended. However, this is not taken to change the time at which the thing was actually done.
(3) The Minister may, by writing, determine that subitem (1):
(a) does not apply in relation to a specified thing done by, or in relation to, the MSB Board; or
(b) applies as if the reference in that subitem to CSC were a reference to ComSuper; or
(c) applies as if the reference in that subitem to CSC were a reference to the CEO of ComSuper.
A determination under this subitem has effect accordingly.
(4) The regulations may provide for a thing specified in a determination under paragraph (3)(a) to be taken to have been done by, or in relation to, a person or body other than CSC, ComSuper or the CEO of ComSuper.
(5) A determination made under subitem (3) is not a legislative instrument.
Division 2--Provisions relating to the Authority
9 References in Acts and instruments to the Authority
(1) If:
(a) an Act or instrument is in force immediately before commencement; and
(b) the Act or instrument contains a reference to the Authority;
the Act or instrument has effect from commencement as if the reference to the Authority were a reference to CSC.
Note: During the first year after this item commences, instruments can retrospectively amend references to the Authority: see item 20.
(2) The Minister may, by writing, determine that subitem (1):
(a) does not apply in relation to a specified reference; or
(b) applies, in relation to a specified reference, as if the reference in that subitem to CSC were a reference to ComSuper; or
(c) applies, in relation to a specified reference, as if the reference in that subitem to CSC were a reference to the CEO of ComSuper.
A determination under this subitem has effect accordingly.
(3) The regulations may provide that an instrument containing a reference specified in a determination under paragraph (2)(a) has effect from commencement as if the reference were a reference to a person or body other than CSC, ComSuper or the CEO of ComSuper.
(4) A determination made under subitem (2) is not a legislative instrument.
10 Operation of laws
(1) If, before commencement, a thing was done by, or in relation to, the Authority, then, for the purposes of the operation of any law of the Commonwealth after commencement, the thing is taken to have been done by, or in relation to, CSC.
(2) For the purposes of subitem (1), a thing done before commencement under a provision that is amended by this Act has effect from that time as if it were done under that provision as amended. However, this is not taken to change the time at which the thing was actually done.
(3) The Minister may, by writing, determine that subitem (1):
(a) does not apply in relation to a specified thing done by, or in relation to, the Authority; or
(b) applies as if the reference in that subitem to CSC were a reference to ComSuper; or
(c) applies as if the reference in that subitem to CSC were a reference to the CEO of ComSuper.
A determination under this subitem has effect accordingly.
(4) The regulations may provide for a thing specified in a determination under paragraph (3)(a) to be taken to have been done by, or in relation to, a person or body other than CSC, ComSuper or the CEO of ComSuper.
(5) A determination made under subitem (3) is not a legislative instrument.
Division 3--Provisions relating to the Commissioner for Superannuation
11 References in Acts and instruments to the Commissioner for Superannuation
(1) If:
(a) an Act (other than the Governor-General Act 1974 or the Superannuation Act 1922 ) or regulations are in force immediately before commencement; and
(b) the Act or regulations contain a reference to the Commissioner for Superannuation;
the Act or regulations have effect from commencement as if the reference to the Commissioner for Superannuation were a reference to CSC.
Note: During the first year after this item commences, instruments can retrospectively amend references to the Commissioner for Superannuation: see item 20.
(2) If:
(a) an instrument (other than a regulation or instrument of delegation) is in force immediately before commencement; and
(b) the instrument contains a reference to the Commissioner for Superannuation;
the instrument has effect from commencement as if the reference to the Commissioner for Superannuation were a reference to the CEO of ComSuper.
Note: During the first year after this item commences, instruments can retrospectively amend references to the Commissioner for Superannuation: see item 20.
(3) Despite subitem (2), the Defence Force (Superannuation) (Productivity Benefit) Determination 1988 , as in force immediately before commencement, has effect from commencement as if the reference to the Commissioner for Superannuation were a reference to CSC.
(4) The Minister may, by writing, determine that subitem (1):
(a) does not apply in relation to a specified reference; or
(b) applies, in relation to a specified reference, as if the reference in that subitem to CSC were a reference to ComSuper; or
(c) applies, in relation to a specified reference, as if the reference in that subitem to CSC were a reference to the CEO of ComSuper.
A determination under this subitem has effect accordingly.
(5) The Minister may, by writing, determine that subitem (2):
(a) does not apply in relation to a specified reference; or
(b) applies, in relation to a specified reference, as if the reference in that subitem to the CEO of ComSuper were a reference to ComSuper; or
(c) applies, in relation to a specified reference, as if the reference in that subitem to the CEO of ComSuper were a reference to CSC.
A determination under this subitem has effect accordingly.
(6) The regulations may provide that an Act or instrument containing a reference specified in a determination under paragraph (4)(a) or (5)(a) has effect from commencement as if the reference were a reference to a person or body other than CSC, ComSuper or the CEO of ComSuper.
(7) A determination made under subitem (4) or (5) is not a legislative instrument.
12 Operation of laws
(1) If, before commencement, a thing was done by, or in relation to, the Commissioner for Superannuation in relation to the 1922 scheme, the PNG or the DFSPB, then, for the purposes of the operation of any law of the Commonwealth after commencement, the thing is taken to have been done by, or in relation to, CSC.
(2) If, before commencement, a thing was done by, or in relation to, the Commissioner for Superannuation in relation to the Governor-General Act 1974 , then, for the purposes of the operation of any law of the Commonwealth after commencement, the thing is taken to have been done by, or in relation to, the Finance Secretary.
(3) If, before commencement, a thing was done by, or in relation to, the Commissioner for Superannuation (other than in relation to the 1922 scheme, the PNG, the DFSPB or the Governor-General Act 1974 ), then, for the purposes of the operation of any law of the Commonwealth after commencement, the thing is taken to have been done by, or in relation to, the CEO of ComSuper.
(4) For the purposes of subitems (1) to (3), a thing done before commencement under a provision that is amended by this Act has effect from that time as if it were done under that provision as amended. However, this is not taken to change the time at which the thing was actually done.
(5) The Minister may, by writing, determine that subitem (1):
(a) does not apply in relation to a specified thing done by, or in relation to, the Commissioner for Superannuation; or
(b) applies as if the reference in that subitem to CSC were a reference to ComSuper; or
(c) applies as if the reference in that subitem to CSC were a reference to the CEO of ComSuper.
A determination under this subitem has effect accordingly.
(6) The Minister may, by writing, determine that subitem (2):
(a) does not apply in relation to a specified thing done by, or in relation to, the Commissioner for Superannuation; or
(b) applies as if the reference in that subitem to the Finance Secretary were a reference to ComSuper; or
(c) applies as if the reference in that subitem to the Finance Secretary were a reference to the CEO of ComSuper; or
(d) applies as if the reference in that subitem to the Finance Secretary were a reference to CSC.
A determination under this subitem has effect accordingly.
(7) The Minister may, by writing, determine that subitem (3):
(a) does not apply in relation to a specified thing done by, or in relation to, the Commissioner for Superannuation; or
(b) applies as if the reference in that subitem to the CEO of ComSuper were a reference to ComSuper; or
(c) applies as if the reference in that subitem to the CEO of ComSuper were a reference to CSC.
A determination under this subitem has effect accordingly.
(8) The regulations may provide for a thing specified in a determination under paragraph (5)(a), (6)(a) or (7)(a) to be taken to have been done by, or in relation to, a person or body other than CSC, ComSuper, the CEO of ComSuper or the Finance Secretary.
(9) A determination made under subitem (5), (6) or (7) is not a legislative instrument.
13 Trustees of ARIA
A person who is a trustee immediately before commencement ceases, immediately after commencement, to hold office as a trustee by force of this item.
14 Commissioner for Superannuation
(1) The person who is the Commissioner for Superannuation immediately before commencement ceases, immediately after commencement, to hold office as the Commissioner for Superannuation by force of this item.
(2) The person who is the Commissioner for Superannuation immediately before commencement is taken to have been duly appointed as the Chief Executive Officer by the Minister under section 9 of the ComSuper Act 2011 :
(a) for the balance of the person's term of appointment that remained immediately before commencement; and
(b) on the terms and conditions provided for by that Act.
15 Rights of review of certain decisions
(1) Despite the amendment of section 99 of the Defence Force Retirement and Death Benefits Act 1973 by Schedule 1 to this Act, an application may be made to CSC under that section for review of a decision by the Authority, or a delegate of the Authority, made before commencement under:
(a) that Act; or
(b) the Defence Forces Retirement Benefits Act 1948 ; or
(c) any other Act that relates to retirement benefits for members of the Defence Force and modifies or affects the provisions of the Defence Forces Retirement Benefits Act 1948 ;
and for this purpose, a reference to the Authority in that section is to be read as a reference to CSC.
(2) Despite the amendment of section 99 of the Defence Force Retirement and Death Benefits Act 1973 by Schedule 1 to this Act, an application may be made to the Administrative Appeals Tribunal under that section for review of a decision by the Authority, or a delegate of the Authority, made before commencement under:
(a) that Act; or
(b) the Defence Forces Retirement Benefits Act 1948 ; or
(c) any other Act that relates to retirement benefits for members of the Defence Force and modifies or affects the provisions of the Defence Forces Retirement Benefits Act 1948 ;
if, at commencement, the period for making an application for review has not ended.
(3) Despite the amendment of section 4B of the Governor-General Act 1974 by Schedule 1 to this Act, an application may be made to the Administrative Appeals Tribunal under that section for review of a decision by the Commissioner for Superannuation made before commencement under that Act if, at commencement, the period for making an application for review has not ended.
(4) Despite the amendment of section 54 of the Papua New Guinea (Staffing Assistance) Act 1973 by Schedule 1 to this Act, an application may be made to CSC under that section for review of a decision by the Commissioner for Superannuation, or a delegate of the Commissioner, made before commencement under that Act, and for this purpose, a reference to the Commissioner in that section is to be read as a reference to CSC.
(5) Despite the amendment of section 54 of the Papua New Guinea (Staffing Assistance) Act 1973 by Schedule 1 to this Act, an application may be made to the Administrative Appeals Tribunal under that section for review of a decision by the Commissioner of Superannuation, or a delegate of the Commissioner, made before commencement under that Act if, at commencement, the period for making an application for review has not ended.
(6) Despite the repeal of section 154 of the Superannuation Act 1976 by Schedule 1 to this Act, an application may be made to CSC under that section for review of a decision by the Commissioner for Superannuation, or a delegate of the Commissioner, made before commencement under:
(a) that Act; or
(b) the Superannuation Act 1922 ; or
(c) regulations made under either of those Acts;
and for this purpose, a reference to the Commissioner in that section is to be read as a reference to CSC.
(7) Despite the repeal of section 154 of the Superannuation Act 1976 by Schedule 1 to this Act, an application may be made to the Administrative Appeals Tribunal under that section for review of a decision by the Commissioner of Superannuation, or a delegate of the Commissioner, made before commencement under:
(a) that Act; or
(b) the Superannuation Act 1922 ; or
(c) regulations made under either of those Acts;
if, at commencement, the period for making an application for review has not ended.
16 Financial statements and other reporting requirements for the MSB Board
Reporting requirements
(1) If:
(a) immediately before commencement, a law required the MSB Board to provide a report (whether financial statements or otherwise) for a period; and
(b) the period ends after commencement;
CSC must provide the report, as required, for so much of the period as occurs before commencement.
(2) If:
(a) under subitem (1), CSC is required to provide a report for a part of a period; and
(b) CSC is also required to provide a similar report for the remainder of the period;
CSC may meet the requirements in a single report for the period.
Outstanding reporting requirements
(3) If:
(a) a law required the MSB Board to provide a report (whether financial statements or otherwise) for a period that ended before commencement; and
(b) the report has not been provided by commencement;
CSC must provide the report as required.
17 Financial statements and other reporting requirements for the Authority
Reporting requirements
(1) If:
(a) immediately before commencement, a law required the Authority to provide a report (whether financial statements or otherwise) for a period; and
(b) the period ends after commencement;
CSC must provide the report, as required, for so much of the period as occurs before commencement.
(2) If:
(a) under subitem (1), CSC is required to provide a report for a part of a period; and
(b) CSC is also required to provide a similar report for the remainder of the period;
CSC may meet the requirements in a single report for the period.
Outstanding reporting requirements
(3) If:
(a) a law required the Authority to provide a report (whether financial statements or otherwise) for a period that ended before commencement; and
(b) the report has not been provided by commencement;
CSC must provide the report as required.
18 Financial statements and other reporting requirements for the Commissioner for Superannuation
Reporting requirements
(1) If:
(a) immediately before commencement, a law required the Commissioner for Superannuation to provide a report (whether financial statements or otherwise) for a period; and
(b) the report relates to the 1922 scheme or the PNG; and
(c) the period ends after commencement;
CSC must provide the report, as required, for so much of the period as occurs before commencement.
(2) If:
(a) under subitem (1), CSC is required to provide a report for a part of a period; and
(b) CSC is also required to provide a similar report for the remainder of the period;
CSC may meet the requirements in a single report for the period.
(3) If:
(a) immediately before commencement, a law required the Commissioner for Superannuation to provide a report (whether financial statements or otherwise) for a period; and
(b) the report is not covered by subitem (1); and
(c) the period ends after commencement;
the CEO of ComSuper must provide the report, as required, for so much of the period as occurs before commencement.
(4) If:
(a) under subitem (3), the CEO of ComSuper is required to provide a report for a part of a period; and
(b) the CEO of ComSuper is also required to provide a similar report for the remainder of the period;
the CEO of ComSuper may meet the requirements in a single report for the period.
Outstanding reporting requirements
(5) If:
(a) a law required the Commissioner for Superannuation to provide a report (whether financial statements or otherwise) for a period that ended before commencement; and
(b) the report relates to the 1922 scheme or the PNG; and
(c) the report has not been provided by commencement;
CSC must provide the report as required.
(6) If:
(a) a law required the Commissioner for Superannuation to provide a report (whether financial statements or otherwise) for a period that ended before commencement; and
(b) the report is not covered by subitem (5); and
(c) the report has not been provided by commencement;
the CEO of ComSuper must provide the report as required.
(7) The Minister may, by writing, determine that subitems (1), (2) and (5) apply as if references to CSC were references to the CEO of ComSuper. A determination under this subitem has effect accordingly.
(8) The Minister may, by writing, determine that subitems (3), (4) and (6) apply as if references to the CEO of ComSuper were references to CSC. A determination under this subitem has effect accordingly.
(9) A determination made under subitem (7) or (8) is not a legislative instrument.
19 CGT roll-over--transfer of MSB Fund assets to pooled superannuation trust
Object
(1) The object of this item is to provide for a CGT roll-over so as to facilitate the exercise by CSC of its powers under section 18 of the Military Superannuation and Benefits Act 1991 in relation to the MSB Fund to operate a pooled superannuation trust, known as the ARIA Investments Trust, that is used for investing the assets of the MSB Fund.
Roll-over
(2) There is a roll-over if:
(a) after 30 June 2011 and on or before 1 July 2012 (or such later date as is prescribed by the regulations), one or more CGT events happen because CSC ceases to hold CGT assets of the MSB Fund; and
(b) because of the cessation, CGT assets (the identical assets ) that, together, are identical to all the CGT assets of the MSB Fund just before the happening of the CGT events start to be held:
(i) by the trustee (the transferee trustee ) of the ARIA Investments Trust (whether or not all the identical assets were assets of the MSB Fund just before the CGT events); and
(ii) after 30 June 2011 and on or before 1 July 2012 (or such later date as is prescribed by the regulations); and
(c) the cessation is part of a scheme under which CGT assets of the MSB Fund are replaced with units in the ARIA Investments Trust.
Note: The transferee trustee may be CSC: see subsection 960-100(3) of the Income Tax Assessment Act 1997 .
(3) A capital gain or capital loss CSC makes from each of the CGT events is disregarded.
(4) For the transferee trustee, the first element of the cost base of each of the identical assets the transferee trustee holds is the cost base of the corresponding asset for CSC at the time of the relevant CGT event.
(5) For the transferee trustee, the first element of the reduced cost base of each of the identical assets the transferee trustee holds is the reduced cost base of the corresponding asset for CSC at the time of the relevant CGT event.
(6) For the purposes of the Income Tax Assessment Act 1997 , a roll-over covered by this item is taken to be a same-asset roll-over.
Interpretation
(7) An expression used in this item and in the Income Tax Assessment Act 1997 has the same meaning in this item as it has in that Act.
20 Amending instruments may be retrospective
(1) If:
(a) an instrument is made within the period of 12 months beginning on the day on which this item commences; and
(b) a provision of the instrument amends a reference to the MSB Board, the Authority or the Commissioner for Superannuation in any other instrument;
the provision may be expressed to take effect from the day that this item commences, or a later day in the period referred to in paragraph (a), that occurs before the instrument is made.
(2) This item has effect despite subsection 12(2) of the Legislative Instruments Act 2003 .
21 Constitutional safety net--acquisition of property
(1) If the operation of this Schedule would result in an acquisition of property from a person otherwise than on just terms, the Commonwealth is liable to pay a reasonable amount of compensation to the person.
(2) If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in a court of competent jurisdiction for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines.
22 Saving of existing delegations
Delegations by ARIA, the Authority, the MSB Board and the Commissioner for Superannuation etc.
(1) Despite the amendments and repeals made by Schedule 1 to this Act:
(a) any delegation to the Commissioner for Superannuation under a superannuation law that was in force immediately before commencement continues in force on and after commencement as if it were a delegation made by CSC to the CEO of ComSuper under section 36 of the Governance of Australian Government Superannuation Schemes Act 2011 ; and
(b) any delegation to a member of the staff assisting the Commissioner for Superannuation under a superannuation law that was in force immediately before commencement continues in force on and after commencement as if it were a delegation made by CSC to a member of the staff of ComSuper under section 36 of the Governance of Australian Government Superannuation Schemes Act 2011 ; and
(c) any delegation by the Commissioner for Superannuation under a superannuation law that was in force immediately before commencement continues in force on and after commencement as if it were a delegation made by the CEO of ComSuper under section 25 of the ComSuper Act 2011 ; and
(d) any other delegation under a superannuation law that was in force immediately before commencement continues in force on and after commencement as if it were a delegation made by CSC under section 36 of the Governance of Australian Government Superannuation Schemes Act 2011 ; and
(e) any sub-delegation to the Commissioner for Superannuation that was in force immediately before commencement continues in force on and after commencement as if it were a sub-delegation to the CEO of ComSuper under section 36 of the Governance of Australian Government Superannuation Schemes Act 2011 ; and
(f) any sub-delegation to a member of the staff assisting the Commissioner for Superannuation in the performance of his or her functions under a superannuation law that was in force immediately before commencement continues in force on and after commencement as if it were a sub-delegation to a member of the staff of ComSuper under section 36 of the Governance of Australian Government Superannuation Schemes Act 2011 ; and
(g) any sub-delegation by the Commissioner for Superannuation that was in force immediately before commencement continues in force on and after commencement as if it were a sub-delegation by the CEO of ComSuper under section 36 of the Governance of Australian Government Superannuation Schemes Act 2011 ; and
(h) any sub-delegation by a member of the staff assisting the Commissioner for Superannuation in the performance of his or her functions under a superannuation law that was in force immediately before commencement continues in force on and after commencement as if it were a sub-delegation by a member of the staff of ComSuper under section 36 of the Governance of Australian Government Superannuation Schemes Act 2011 ; and
(i) any other sub-delegation under a superannuation law that was in force immediately before commencement continues in force on and after commencement as if it were a sub-delegation made under section 36 of the Governance of Australian Government Superannuation Schemes Act 2011 .
(2) Subitem (1) does not apply to a delegation made by a Minister or under a governing deed.
Delegations made by a Minister
(3) Despite the amendment of section 51 of the Military Superannuation and Benefits Act 1991 by Schedule 1 to this Act:
(a) any delegation by the Minister to the MSB Board that was in force under that section immediately before commencement continues in force on and after commencement as if it were a delegation made by the Minister to CSC under that section as amended by Schedule 1 to this Act; and
(b) any delegation by the Minister to the Commissioner for Superannuation that was in force under that section immediately before commencement continues in force on and after commencement as if it were a delegation made by the Minister to the CEO of ComSuper under that section as amended by Schedule 1 to this Act; and
(c) any delegation by the Minister to a member of the staff assisting the Commissioner for Superannuation in the performance of his or her functions under the Military Superannuation and Benefits Act 1991 that was in force under that section immediately before commencement continues in force on and after commencement as if it were a delegation made by the Minister to a member of the staff of ComSuper under that section as amended by Schedule 1 to this Act; and
(d) any delegation to an APS employee in the Defence Department or an officer of the Defence Force that was in force under that section immediately before commencement continues in force on and after commencement as if it were a delegation made by the Minister to an APS employee in the Defence Department or officer, as the case may be, under that section as amended by Schedule 1 to this Act.
(4) Despite the amendment of:
(a) section 165 of the Superannuation Act 1976 by Schedule 1 to this Act; and
(b) section 47 of the Superannuation Act 1990 by Schedule 1 to this Act; and
(c) section 33 of the Superannuation Act 2005 by Schedule 1 to this Act;
the following paragraphs have effect:
(d) any delegation by the Minister to ARIA that was in force under any of those sections immediately before commencement continues in force on and after commencement as if it were a delegation made by the Minister to CSC under the relevant section as amended by Schedule 1 to this Act;
(e) any delegation by the Minister to the Commissioner for Superannuation that was in force under any of those sections immediately before commencement continues in force on and after commencement as if it were a delegation made by the Minister to the CEO of ComSuper under the relevant section as amended by Schedule 1 to this Act;
(f) any delegation by the Minister to a member of the staff assisting the Commissioner for Superannuation in the performance of his or her functions under any of the Acts mentioned in paragraphs (a), (b) and (c) that was in force under any of those sections immediately before commencement continues in force on and after commencement as if it were a delegation made by the Minister to a member of the staff of ComSuper under the relevant section as amended by Schedule 1 to this Act;
(g) any delegation by the Minister to an APS employee in the Finance Department that was in force under any of those sections immediately before commencement continues in force on and after commencement as if it were a delegation made by the Minister to an APS employee in the Finance Department under the relevant section as amended by Schedule 1 to this Act.
Delegations made under a governing deed
(5) For the purposes of a governing deed:
(a) any delegation by the Minister to the Board that was in force immediately before commencement continues in force on and after commencement as if it were a delegation made by the Minister to CSC under the relevant governing deed; and
(b) any delegation by the Minister to the Commissioner for Superannuation that was in force immediately before commencement continues in force on and after commencement as if it were a delegation made by the Minister to the CEO of ComSuper under the relevant governing deed; and
(c) any other delegation to the Commissioner for Superannuation that was in force immediately before commencement continues in force on and after commencement as if it were a delegation made by CSC to the CEO of ComSuper under the relevant governing deed; and
(d) any delegation by the Minister to a member of the staff assisting the Commissioner for Superannuation that was in force immediately before commencement continues in force on and after commencement as if it were a delegation made by the Minister to a member of the staff of ComSuper under the relevant governing deed; and
(e) any delegation to a member of the staff assisting the Commissioner for Superannuation in the performance of his or her functions under a superannuation law that was in force immediately before commencement continues in force on and after commencement as if it were a delegation made by CSC to a member of the staff of ComSuper under the relevant governing deed; and
(f) any other delegation that was in force immediately before commencement continues in force on and after commencement as if it were a delegation made by CSC under the relevant governing deed; and
(g) any sub-delegation to the Commissioner for Superannuation that was in force immediately before commencement continues in force on and after commencement as if it were a sub-delegation to the CEO of ComSuper under the relevant governing deed; and
(h) any sub-delegation to a member of the staff assisting the Commissioner for Superannuation that was in force immediately before commencement continues in force on and after commencement as if it were a sub-delegation to a member of the staff of ComSuper under the relevant governing deed; and
(i) any sub-delegation by the Commissioner for Superannuation that was in force immediately before commencement continues in force on and after commencement as if it were a sub-delegation by the CEO of ComSuper under the relevant governing deed; and
(j) any sub-delegation by a member of the staff assisting the Commissioner for Superannuation that was in force immediately before commencement continues in force on and after commencement as if it were a sub-delegation by a member of the staff of ComSuper under the relevant governing deed; and
(k) any other sub-delegation that was in force immediately before commencement continues in force on and after commencement as if it were a sub-delegation made under the relevant governing deed.
23 Saving of existing declarations
Despite the repeal and substitution of subsection 13(1) of the Superannuation Act 2005 by Schedule 1 to this Act, any declaration that was in force immediately before commencement continues in force on and after commencement as if it were a declaration made under subparagraph 13(1)(a)(ii) of the Superannuation Act 2005 as in force after commencement.
24 Transfer of custody of records
(1) Subitem (2) applies to any records or documents that, immediately before commencement, were in the custody of the Commissioner for Superannuation.
(2) The records and documents are to be transferred into the custody of the CEO of ComSuper at or after commencement.
25 Certificates taken to be authentic
A document that appears to be a certificate made or issued under a particular provision of this Schedule:
(a) is taken to be such a certificate; and
(b) is taken to have been properly given;
unless the contrary is established.
26 Special Accounts
Australian Reward Investment Alliance Special Account
(1) There is payable to CSC, at commencement, an amount equal to the credit balance of the Australian Reward Investment Alliance Special Account immediately before commencement, and the Consolidated Revenue Fund is appropriated accordingly.
Commonwealth Superannuation Administration Special Account
(2) An amount equal to:
(a) the credit balance of the Commonwealth Superannuation Administration Special Account immediately before commencement;
(b) less the amount mentioned in subitem (3);
is, after commencement, to be credited to the ComSuper Special Account.
(3) There is payable to CSC, at commencement, an amount equal to the amount held in Commonwealth Superannuation Administration Special Account on behalf of the MSB Board immediately before commencement, and the Consolidated Revenue Fund is appropriated accordingly.
27 Validation of audit fees paid
(1) This item applies if, before commencement, the financial statements of an Australian government superannuation scheme were audited by the Auditor-General.
(2) ARIA is taken always to have been liable to pay audit fees for an audit of the financial statements of the CSS, PSS or PSSAP for a financial year beginning on or after 1 July 2006 and ending before 1 July 2011.
(3) The CSS Board is taken always to have been liable to pay audit fees for an audit of the financial statements of the CSS for a financial year beginning on or after 1 July 1997 and ending before 1 July 2006.
(4) The PSS Board is taken always to have been liable to pay audit fees for an audit of the financial statements of the PSS for a financial year beginning on or after 1 July 1997 and ending before 1 July 2006.
(5) The MSB Board is taken always to have been liable to pay audit fees for an audit of the financial statements of the MSB for a financial year beginning on or after 1 July 1997 and ending before 1 July 2011.
(6) If any payment claims or payment claims for instalments were issued by the Auditor-General in respect of an audit to which this item applies, the Auditor-General is taken always to have had the power to issue the payment claims.
28 Regulations
(1) The Governor-General may make regulations prescribing matters:
(a) required or permitted by this Schedule to be prescribed; or
(b) necessary or convenient to be prescribed for carrying out or giving effect to this Schedule.
(2) In particular, regulations may be made prescribing matters of a transitional nature (including prescribing any saving or application provisions) relating to the amendments or repeals made by this Act.
Note: During the first year after this item commences, regulations can retrospectively amend references to the MSB Board, the Authority or the Commissioner for Superannuation: see item 20.