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27 Jun 12 Super Bills await Royal Assent

On 26 June 2012, the Senate passed the following Bills without amendment:

Superannuation Legislation Amendment (Stronger Super) Bill 2012
Superannuation Supervisory Levy Imposition Amendment Bill 2012

The measures contained in the Superannuation Legislation Amendment (Stronger Super) Bill 2012 implement changes recommended by the Cooper review into Australia’s superannuation system.

In particular, Superannuation Legislation Amendment (Stronger Super) Bill 2012:

  • introduces a framework to support the implementation of superannuation data and payment standards that will apply to superannuation transactions undertaken by superannuation funds and employers; and
  • enables costs to Government associated with the implementation of the SuperStream measures to be recovered by a levy on APRA regulated funds.

The Bills now await Royal Assent.

 


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