19 Jun 12 Super Bills passed by House
On 18 June 2012, the following Bills were passed by the House of Representatives 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.
In media release No 2012/032, issued 19 June 2012, the Minister for Employment and Workplace Relations and Minister for Financial Services and Superannuation, Bill Shorten, welcomed the passage of the legislation.
The Bills now proceed to the Senate.