Commonwealth Consolidated Acts

SUPERANNUATION LEGISLATION AMENDMENT (STRONGER SUPER) ACT 2012 - SCHEDULE 2

Australian Prudential Regulation Authority Act 1998

1   At the end of paragraph   50(1)(a)

Add:

  ; and (iii)   implementing the SuperStream measures until 30   June 2018;

2   At the end of paragraph   50(1)(b)

Add:

  ; and (iii)   implementing the SuperStream measures until 30   June 2018.

3   After subsection   50(1)

Insert:

  (1A)   The Minister may make, by legislative instrument, for each financial year, a determination specifying the proportion of amounts of levy money paid to APRA, on behalf of the Commonwealth, for the year, that is to be credited to the APRA Special Account on an ongoing basis.

4   Subsections   50(2) and 50(3)

Repeal the subsections, substitute:

  (2)   The proportion determined under subsection   ( 1A) of any amount of levy money paid to APRA, on behalf of the Commonwealth, for a financial year, is to be credited to the APRA Special Account.

  (3)   If the amount of levy money paid to APRA, on behalf of the Commonwealth, for a financial year, exceeds the sum of:

  (a)   the amount determined under paragraph   ( 1)(a), or the total of the amounts determined under paragraph   ( 1)(b), for that financial year; and

  (b)   the proportion determined under subsection   ( 1A) of amounts of levy money, for that financial year;

the excess is to be credited to the APRA Special Account.

Note:   The annual financial statements of APRA, in respect of the APRA Special Account, must be prepared in accordance with the Finance Minister's Orders (see section   49 of the Financial Management and Accountability Act 1997 ).

5   Subsection   50(6)

Insert:

"SuperStream measures" means:

  (a)   the superannuation data and payment regulations and standards made under the Superannuation Industry (Supervision) Act 1993 ; and

  (b)   the data and payment regulations and standards for retirement savings accounts made under the Retirement Savings Accounts Act 1997 ; and

  (c)   the consolidation of active and inactive superannuation interests; and

  (d)   the requirement that tax file numbers be the primary means for identifying member accounts; and

  (e)   any other matter prescribed by the regulations made for the purposes of this subsection.

6   Application

The amendments made by this Schedule apply from 1   July 2012.