24 May 12 Stronger Super Bill introduced
On 24 May 2012, Superannuation Legislation Amendment (Stronger Super) Bill 2012 was introduced into the House of Representatives.
The following is extracted from the Explanatory Memorandum.
SCHEDULE 1 to the Bill amends the Superannuation Industry (Supervision) Act 1993 (SIS Act) and the Retirement Savings Accounts Act 1997 (RSA Act) to introduce a framework to support the implementation of superannuation data and payment regulations and standards that will apply to specified superannuation transactions undertaken by superannuation entities/retirement savings account providers (RSA providers) and employers.
These amendments apply to:
- trustees of a superannuation entity/RSA providers in relation to conduct that occurs on or after 1 July 2013;
- an entity that is a medium to large employer (20 or more employees) on 1 July 2014 in relation to conduct that occurs on or after 1 July 2014; and
- an entity that is a small employer (fewer than 20 employees) on 1 July 2014 in relation to conduct that occurs on or after 1 July 2015, unless the regulations prescribe an alternate application date after 1 July 2015.
SCHEDULE 2 to the Bill amends the Australian Prudential Regulation Authority Act 1998 to enable costs associated with the implementation of the SuperStream measures to be included in the determination specifying the amount of the levy that is payable to the Commonwealth. Date of effect: 1 July 2012.