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2002
THE PARLIAMENT OF THE COMMONWEALTH OF
AUSTRALIA
HOUSE OF REPRESENTATIVES
SUPERANNUATION INDUSTRY
(SUPERVISION) AMENDMENT BILL 2002
EXPLANATORY
MEMORANDUM
(Circulated by authority of the Minister for Revenue and
Assistant Treasurer,
Senator the Hon Helen Coonan)
Table of Contents
1 Outline
1. This Bill makes minor amendments to section
237 of the Superannuation Industry (Supervision) Act 1993 the SIS Act.
2. These amendments are consequential to the amendments being made to
the Superannuation (Financial Assistance Funding) Levy Act 1993 in the
Superannuation (Financial Assistance Funding) Levy Amendment Bill 2002. The
amendments contain no new policy.
Financial Impact
Statement
3. The proposed amendments have no financial
impact.
2 Regulation Impact
Statement
Problem
Identification
2.1 The amendments in
Schedule 1 are consequential to the proposed amendments contained in the
Superannuation (Financial Assistance Funding) Levy Amendment Bill 2002, which
amends the Superannuation (Financial Assistance Funding) Levy Act 1993.
The impact of these proposed amendments are assessed in the regulation impact
statement contained in the Explanatory Memorandum attached to that
Bill.
3 Proposed
legislation
Clause
1 Short Title
3.1 Upon enactment,
the Act would be known as Superannuation Industry (Supervision) Amendment Act
2002.
Clause 2 Commencement
3.2 Clause 2 provides for the sections 1
to 3, and anything in the Act not covered by the table contained within clause
2, to commence on Royal Assent.
3.3 Schedule 1 of the act will
commence at the same time that the Superannuation (Financial Assistance
Funding) Levy Amendment Act 2002 commences.
Clause 3 Schedules
3.4 Clause 3 states that each Act that is
specified in a schedule to this Act will be amended or repealed, as it is
included in this Act.
Schedule 1 Amendment of
the Superannuation Industry (Supervision) Act 1993
3.5 This schedule makes minor amendments
to subsection 237(2) of Superannuation Industry (Supervision) Act 1993 to
clarify that a reference in subsection 237(2) to a levy that was imposed can
relate to one or more determinations to grant financial assistance.
3.6 Items 1-3 remove certain terms specified in the singular (a
determination, to a fund, the amount) and replacing them with terms which give
effect to this policy (one or more determinations, the total amount).