Superannuation Legislation Amendment (Trustee Board and Other Measures) Act 2006 (Cth)
Contents
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The Parliament of Australia enacts:
This Act may be cited as the
Superannuation Legislation Amendment (Trustee Board and Other Measures) Act 2006 .
(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
Sections 1 to 3 and anything in this Act not elsewhere covered by this table | The day on which this Act receives the Royal Assent. | 9 June 2006 |
Schedule 1, Part 1 | 1 July 2006. | 1 July 2006 |
Schedule 1, Part 2 | Immediately before the commencement of Schedule 1 to the However, the provision(s) do not commence at all if that Schedule commences before 1 July 2006. | 23 October 2006 |
Schedule 1, Part 3 | 1 July 2006. | 1 July 2006 |
Schedule 2 | Immediately after the commencement of Parts 1 and 3 of Schedule 1 to the | 1 July 2003 |
Note: This table relates only to the provisions of this Act as originally passed by the Parliament and assented to. It will not be expanded to deal with provisions inserted in this Act after assent.
(2) Column 3 of the table contains additional information that is not part of this Act. Information in this column may be added to or edited in any published version of this Act.
Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
Repeal the definition, substitute:
Board has the same meaning as in theSuperannuation Act 1990 .
Insert:
CSS means the superannuation scheme established by this Act.
Repeal the definition.
Insert:
PSS Fund has the same meaning as in theSuperannuation Act 1990 .
Insert:
Trustee has the same meaning astrustee has in theSuperannuation Act 1990 .
Omit “the scheme established under this Act”, substitute “the CSS”.
After “Board”, insert “in the performance of its functions in relation to the CSS”.
Repeal the heading, substitute:
Repeal the heading.
Repeal the sections.
After “Board”, insert “under this Act”.
After “strategies”, insert “in relation to the Fund”.
Add “under this Act”.
Repeal the heading.
Repeal the sections.
Omit “member of the Board”, substitute “Trustee”.
Omit “or decisions made by its delegates”, substitute “, or decisions made by its delegates, under this Act or the regulations”.
Omit “member of the Board” (wherever occurring), substitute “Trustee”.
Omit “member of the Board”, substitute “Trustee”.
Note: The heading to section 27R is altered by omitting “
members of the Board ” and substituting “Trustees ”.
After “demand”, insert “in relation to this Act or the regulations”.
Repeal the sections.
Omit “(1)”.
After “by the Board” (first occurring), insert “in accordance with subsection (3)”.
After “the Board”, insert “(in so far as it performs functions, or exercises powers, in relation to the Fund)”.
Omit “member of the Board”, substitute “Trustee”.
After “by it”, insert “under this section”.
Repeal the paragraph.
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Subsection 125(1) (definition of superannuation scheme ) Omit “the superannuation scheme constituted by this Act”, substitute “the CSS”.
Omit “the superannuation scheme constituted by this Act”, substitute “the CSS”.
After “of the Board”, insert “under this Act or the regulations”.
After “functions”, insert “in relation to the CSS and the Fund”.
Omit “member of the Board”, substitute “Trustee”.
After “powers”, insert “under this Act or the regulations”.
Omit “PSS Board”, substitute “PSS Fund”.
Note: The heading to section 248 is altered by omitting “
Board ” and substituting “Fund ”.
Omit “the Fund” (wherever occurring), substitute “the CSS Fund”.
Repeal the section, substitute:
The Board may make to the PSS Fund advances in respect of assets that are to be transferred to the PSS Fund under section 248.
Omit “PSS Board”, substitute “board, called the Australian Reward Investment Alliance,”.
Insert:
CSS has the same meaning as in theSuperannuation Act 1976 .
Repeal the definition.
Insert:
CSS Fund has the same meaning as in theSuperannuation Act 1976 .
Insert:
PSSAP has the same meaning as in theSuperannuation Act 2005 .
Insert:
PSSAP Fund has the same meaning as in theSuperannuation Act 2005 .
Omit “PSS Board”, substitute “Board”.
Insert:
(1AA) To avoid doubt, the Minister may amend the Trust Deed to include provisions relating to the functions and powers of the Board in relation to:
(a) the Public Sector Superannuation Scheme and the PSS Fund; and
(b) the PSSAP and the PSSAP Fund; and
(c) the CSS and the CSS Fund.
Omit “CSS Board”, substitute “CSS Fund”.
Note: The heading to section 6A is altered by omitting “
scheme under the Superannuation Act 1976 ” and substituting “CSS ”.
Repeal the heading, substitute:
Omit “PSS Board”, substitute “Australian Reward Investment Alliance”.
Add:
Note: The appointment provisions for the trustees are provided in the Trust Deed (see section 23).
After “section”, insert “27C of the
Superannuation Act 1976 (functions and powers in relation to the CSS and the CSS Fund) and section”.
Omit “4”, substitute “6”.
Omit “member of the Board”, substitute “trustee”.
Omit “member of the Board”, substitute “trustee”.
Omit “member of the Board” (wherever occurring), substitute “trustee”.
Insert:
(1) If:
(a) the Board would otherwise hold the only unit, or all the units, in a unit trust; and
(b) the Board is also the trustee of the trust;
then:
(c) the Board is taken, for the purposes of holding a unit in the unit trust, to be a corporation by the name of “The Holding Board”; and
(d) the Board must hold a unit in the unit trust in that corporate name.
Note: This subsection gives the Board a new and separate legal personality for the purposes of holding a unit in the unit trust. This has the effect of preventing any merger of legal and equitable interests relating to the unit trust for the purposes of trust law.
(2) If the unit trust referred to in subsection (1) is a pooled superannuation trust (within the meaning of the
Superannuation Industry (Supervision) Act 1993 ), then, for the purposes of that Act, theIncome Tax Assessment 1936 and theIncome Tax Assessment Act 1997 , the corporation named as “The Holding Board” is taken to be a regulated superannuation fund (within the meaning of those Acts).
After “Trust Deed”, insert “in relation to the Public Sector Superannuation Scheme”.
After “Trust Deed”, insert “in relation to the Public Sector Superannuation Scheme or the PSS Fund”.
Repeal the paragraph, substitute:
(d) a delegate of the Board in the performance of his or her functions under this Act or the regulations, or under the Trust Deed in relation to the Public Sector Superannuation Scheme or the PSS Fund; or
After “Trust Deed” (second occurring), insert “in relation to the Public Sector Superannuation Scheme or the PSS Fund”.
Omit “in relation to this Act, the regulations or the Trust Deed”, substitute “that relates to this Act or the regulations, or to the Trust Deed in relation to the Public Sector Superannuation Scheme or the PSS Fund,”.
Omit “PSS Board”, substitute “Board”.
After “section”, insert “27C of the
Superannuation Act 1976 (functions and powers in relation to the CSS and the CSS Fund) and section”.
After “decisions”, insert “under this Act, the regulations or the Trust Deed”.
Repeal the subsection, substitute:
(2) If a tribunal, authority or person is empowered:
(a) to review a decision of the Board under this Act, the regulations or the Trust Deed; and
(b) to vary, or make a decision in substitution for, the Board’s decision under this Act, the regulations or the Trust Deed;
the tribunal, authority or person is not bound by any presumption made by the Board under subsection (1).
Repeal the items.
Repeal the item.
(1) In this Part:
acquisition of property has the same meaning as in paragraph 51(xxxi) of the Constitution.
amend includes repeal and remake.
asset means:
(a) any legal or equitable estate or interest in real or personal property, whether actual, contingent or prospective; and
(b) any right, power, privilege or immunity, whether actual, contingent or prospective.
assets official , in relation to an asset other than land, means the person or authority who, under a law of the Commonwealth, a State or a Territory, under a trust instrument or otherwise, has responsibility for keeping a register in relation to assets of the kind concerned.
Australian Reward Investment Alliance means the board established under section 20 of theSuperannuation Act 1990 immediately after the commencement time.
commencement time means the time when this Part commences.
CSS Board means the CSS Board established under section 27A of theSuperannuation Act 1976 immediately before the commencement time.
financial liability means a liability to pay a person an amount, where the amount, or the method for working out the amount, has been determined.
instrument :
(a) includes:
(i) a contract, deed, undertaking or agreement; and
(ii) a notice, authority, order or instruction; and
(iii) an instrument made under an Act or regulations; and
(iv) regulations; but
(b) does not include an Act.
just terms has the same meaning as in paragraph 51(xxxi) of the Constitution.
land means any legal or equitable estate or interest in real property, whether actual, contingent or prospective.
land registration official , in relation to land, means the Registrar of Titles or other proper officer of the State or Territory in which the land is situated.
liability means any liability, duty or obligation, whether actual, contingent or prospective.(2) Subject to subitem (1), an expression used in this Part that is also used in the
Superannuation Act 1976 , theSuperannuation Act 1990 , or theSuperannuation Act 2005 , as amended by this Schedule, has the same meaning in this Part as it has in that Act.
(1) This item applies to the assets of the CSS Board (whether the assets are in Australia or elsewhere) immediately before the commencement time.
(2) At the commencement time, the assets to which this item applies cease to be assets of the CSS Board and become assets of the Australian Reward Investment Alliance without any conveyance, transfer or assignment. The Australian Reward Investment Alliance becomes the successor in law in relation to these assets.
(1) This item applies to the liabilities of the CSS Board (whether the liabilities arose in Australia or elsewhere) immediately before the commencement time.
(2) At the commencement time, the liabilities to which this item applies cease to be liabilities of the CSS Board and become liabilities of the Australian Reward Investment Alliance without any conveyance, transfer or assignment. The Australian Reward Investment Alliance becomes the successor in law in relation to these liabilities.
(1) This item applies if:
(a) any land vests in the Australian Reward Investment Alliance under this Part; and
(b) there is lodged with a land registration official a certificate that:
(i) is signed by the Chairperson; and
(ii) identifies the land, whether by reference to a map or otherwise; and
(iii) states that the land has become vested in the Australian Reward Investment Alliance under this Part.
Note: Certificates under paragraph (1)(b) are presumed to be authentic: see item 85.
(2) The land registration official may:
(a) register the matter in a way that is the same as, or similar to, the way in which dealings in land of that kind are registered; and
(b) deal with, and give effect to, the certificate.
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Certificates relating to vesting of assets other than land
(1) This item applies if:
(a) any asset other than land vests in the Australian Reward Investment Alliance under this Part; and
(b) there is lodged with an assets official a certificate that:
(i) is signed by the Chairperson; and
(ii) identifies the asset; and
(iii) states that the asset has become vested in the Australian Reward Investment Alliance under this Part.
Note: Certificates under paragraph (1)(b) are presumed to be authentic: see item 85.
(2) The assets official may:
(a) deal with, and give effect to, the certificate as if it were a proper and appropriate instrument for transactions in relation to assets of that kind; and
(b) make such entries in the register as are necessary having regard to the effect of this Part.
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Substitution of Australian Reward Investment Alliance as a party to pending proceedings If any proceedings to which the CSS Board was a party were pending in any court or tribunal immediately before the commencement time, the Australian Reward Investment Alliance is substituted for the CSS Board, from the commencement time, as a party to the proceedings.
(1) This item applies to any records or documents that, immediately before the commencement time, were in the custody of the CSS Board.
(2) The records and documents are to be transferred into the custody of the Australian Reward Investment Alliance at or after the commencement time.
73 Continuity of the Australian Reward Investment Alliance The amendments made by Part 1 of this Schedule do not affect:
(a) the continuity, after that Part commences, of the existence of the body that is renamed by those amendments as the Australian Reward Investment Alliance; or
(b) the continuing validity of the appointment of the trustees.
74 Membership of the Australian Reward Investment Alliance Employer representative (1) The person who is the member of the CSS Board referred to in subsection 27F(2) of the
Superannuation Act 1976 immediately before the commencement time:(a) is taken to have been duly appointed to the Australian Reward Investment Alliance by the Minister under paragraph 4.1(a) of the Trust Deed (within the meaning of the
Superannuation Act 1990 ) for the balance of the person’s term of appointment; and(b) is taken to have been so appointed on the same terms and conditions as applied to the person immediately before the commencement time.
Employee representative (2) The person who is the member of the CSS Board referred to in subsection 27F(3) of the
Superannuation Act 1976 immediately before the commencement time:(a) is taken to have been duly appointed to the Australian Reward Investment Alliance by the Minister under paragraph 4.1(b) of the Trust Deed (within the meaning of the
Superannuation Act 1990 ) for the balance of the person’s term of appointment; and(b) is taken to have been so appointed on the same terms and conditions as applied to the person immediately before the commencement time.
Variation of terms and conditions (3) Paragraphs (1)(b) and (2)(b) do not prevent a person’s terms and conditions from being varied after the commencement time:
(a) in accordance with those terms and conditions; or
(b) by or under a law, award, determination or agreement.
(4) In this item:
vary , in relation to terms and conditions, includes:
(a) omitting any of those terms and conditions; or
(b) adding to those terms and conditions; or
(c) substituting new terms or conditions for any of those terms and conditions.
75 References in Acts and instruments to the CSS Board If:
(a) an Act or instrument is in force immediately before the commencement time; and
(b) the Act or instrument contains a reference to the CSS Board;
the Act or instrument has effect from the commencement time as if the reference to the CSS Board were a reference to the Australian Reward Investment Alliance.
Note: During the first year after this item commences, instruments can retrospectively amend references to the CSS Board: see item 83.
(1) If, before the commencement time, a thing was done by, or in relation to, the CSS Board, then, for the purposes of the operation of any law of the Commonwealth after the commencement time, the thing is taken to have been done by, or in relation to, the Australian Reward Investment Alliance.
(2) For the purposes of subitem (1), a thing done before the commencement time under a provision that is amended by this Act has effect from that time as if it were done under that provision as amended. However, this is not taken to change the time at which the thing was actually done.
Meaning of doing (3) To avoid doubt, for the purposes of this item,
doing a thing includes making an instrument.
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Continued effect of delegations made under the old law (1) A delegation made under section 27Q of the
Superannuation Act 1976 that is in force immediately before the commencement time continues in effect after that time as if it had been made under section 27Q of that Act, as amended by this Schedule.
(2) The amendments made to:
(a) section 165 of the
Superannuation Act 1976 ; or(b) section 28A of the
Superannuation Act 1990 ;do not affect the continuity of a delegation or sub‑delegation made under that section.
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Financial statements and other reporting requirements
Reporting requirements
(1) If:
(a) immediately before the commencement time, a law required the CSS Board to provide a report (whether financial statements or otherwise) for a period; and
(b) the period ends after the commencement time;
the Australian Reward Investment Alliance must provide the report, as required, for so much of the period as occurs before the commencement time.
(2) If:
(a) under subitem (1), the Australian Reward Investment Alliance is required to provide a report for a part of a period; and
(b) the Australian Reward Investment Alliance is also required to provide a similar report for the remainder of the period;
the Australian Reward Investment Alliance may meet the requirements in a single report for the period.
Outstanding reporting requirements
(3) If:
(a) a law required the CSS Board to provide a report (whether financial statements or otherwise) for a period that ended before the commencement time; and
(b) the report has not been provided by the commencement time;
the Australian Reward Investment Alliance must provide the report as required.
79 CGT roll‑over—transfer of CSS Fund assets to pooled superannuation trust Object (1) The object of this item is to provide for a CGT roll‑over so as to facilitate the exercise by the Australian Reward Investment Alliance of its powers under section 27C of the
Superannuation Act 1976 in relation to the CSS Fund to operate a pooled superannuation trust, known as the PSS Investments Trust, that is used for investing the assets of the CSS Fund.Roll‑over
(2) There is a roll‑over if:
(a) one or more CGT events happen because the Australian Reward Investment Alliance ceases to hold all of the CGT assets of the CSS Fund; and
(b) because of the cessation, CGT assets (the
identical assets ) that, together, are identical to all the CGT assets of the CSS Fund just before the happening of the CGT events start to be held by the trustee (thetransferee trustee ) of the PSS Investments Trust (whether or not all the identical assets were assets of the CSS Fund just before the CGT events); and(c) the cessation is part of a scheme under which CGT assets of the CSS Fund are replaced with units in the PSS Investments Trust.
Note: The transferee trustee may be the Australian Reward Investment Alliance: see subsection 960‑100(3) of the
Income Tax Assessment Act 1997 .(3) A capital gain or capital loss the Australian Reward Investment Alliance makes from each of the CGT events is disregarded.
(4) For the transferee trustee, the first element of the cost base of each of the identical assets the transferee trustee holds is the cost base of the corresponding asset for the Australian Reward Investment Alliance at the time of the relevant CGT event.
(5) For the transferee trustee, the first element of the reduced cost base of each of the identical assets the transferee trustee holds is the reduced cost base of the corresponding asset for the Australian Reward Investment Alliance at the time of the relevant CGT event.
(6) For the purposes of the
Income Tax Assessment Act 1997 , a roll‑over covered by this item is taken to be a same‑asset roll‑over.
Interpretation (7) An expression used in this item and in the
Income Tax Assessment Act 1997 has the same meaning in this item as it has in that Act.
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References in Acts and instruments to PSS Board If:
(a) an Act or an instrument is in force immediately before the commencement time; and
(b) the Act or instrument contains a reference to the PSS Board;
the Act or instrument has effect from the commencement time as if the reference to the PSS Board were a reference to the Australian Reward Investment Alliance.
Note: During the first year after this item commences, instruments can retrospectively amend references to the PSS Board: see item 83.
(1) If:
(a) an instrument is made within the period of 12 months beginning on the day on which this item commences; and
(b) a provision of the instrument amends a reference to the PSS Board or the CSS Board in any other instrument;
the provision may be expressed to take effect from the day that this item commences, or a later day in the period referred to in paragraph (a), that occurs before the instrument is made.
(2) This item has effect despite subsection 12(2) of the
Legislative Instruments Act 2003 .
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Constitutional safety net—acquisition of property (1) If the operation of this Part would result in an acquisition of property from a person otherwise than on just terms, the Commonwealth is liable to pay a reasonable amount of compensation to the person.
(2) If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in a court of competent jurisdiction for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines.
A document that appears to be a certificate made or issued under a particular provision of this Part:
(a) is taken to be such a certificate; and
(b) is taken to have been properly given;
unless the contrary is established.
(1) The Governor‑General may make regulations prescribing matters:
(a) required or permitted by this Part to be prescribed; or
(b) necessary or convenient to be prescribed for carrying out or giving effect to this Part.
(2) In particular, regulations may be made prescribing matters of a transitional nature (including prescribing any saving or application provisions) relating to the amendments or repeals made by this Act.
Note: During the first year after this item commences, regulations can retrospectively amend references to the CSS Board or the PSS Board: see item 83.
Repeal the subparagraph, substitute:
(iv) a person to whom paragraph (ec) of the definition of
eligible employee applies;
Omit “57AA(2)(a)”, substitute “57AA(4)(a)”.
Omit “paragraph 57AA(2)(b) or (1A)”, substitute “(1A) or paragraph 57AA(4)(b)”.
Omit “57AA(2)(c)”, substitute “57AA(4)(c)”.
Omit “57AA(2)(a)”, substitute “57AA(4)(a)”.
Omit “paragraph 57AA(2)(b) or (1A)”, substitute “(1A) or paragraph 57AA(4)(b)”.
Omit “57AA(2)(c)”, substitute “57AA(4)(c)”.
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Subsection 57(1A) (the subsection 57(1A) inserted by item 111 of Schedule 1 to the Superannuation Legislation (Commonwealth Employment) Repeal and Amendment Act (No. 1) 2003 ) Renumber the subsection as (1AA).
Omit “61AB(2)(a)”, substitute “61AB(4)(a)”.
Omit “61AB(2)(b)”, substitute “61AB(4)(b)”.
Omit “61AB(2)(c)”, substitute “61AB(4)(c)”.
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