06 Jul 11 Early Release of Superannuation Bill introduced
On 6 July 2011, Superannuation Legislation Amendment (Early Release of Superannuation) Bill 2011 was introduced into the House of Representatives. The following is extracted from the Explanatory Memorandum.
Part 1 of Schedule 1 to the Bill amends the Retirement Savings Accounts Act 1997 and the Superannuation Industry (Supervision) Act 1993 to facilitate the transfer of the administration of the early release of superannuation on compassionate grounds from the Australian Prudential Regulation Authority to the Chief Executive Medicare Australia.
Part 2 of Schedule 1 to this Bill amends s 50 of the Australian Prudential Regulation Authority Act 1998 to include the costs of the administration of the early release of superannuation on compassionate grounds by the Department of Human Services as one of the costs covered by the determination to be made by the Minister, for each financial year, of the amount of the levy money payable to the Commonwealth.
Part 3 of Schedule 1 to the Bill includes application and transitional provisions for these amendments.
These amendments commence on a single day to be fixed by Proclamation. However, if any of the provision(s) do not commence within the period of six months beginning on the day the Act receives the Royal Assent, they commence on the day after the end of that period.
In media release No 2011/103, issued 7 July 2011, the Assistant Treasurer and Minister for Financial Services and Superannuation, Bill Shorten, commented on the terms of the legislation transferring the administration of early release of superannuation on compassionate grounds to Medicare Australia.