Superannuation Industry (Supervision) Amendment Act 2003
No. 52, 2003
An Act to amend the Superannuation Industry (Supervision) Act 1993, and for related purposes
Contents
1 Short title
2 Commencement
3 Schedule(s)
Schedule 1—Amendment of the Superannuation Industry (Supervision) Act 1993
Superannuation Industry (Supervision) Amendment Act 2003
No. 52, 2003
An Act to amend the Superannuation Industry (Supervision) Act 1993, and for related purposes
[Assented to 26 June 2003]
The Parliament of Australia enacts:
1 Short title
This Act may be cited as the Superannuation Industry (Supervision) Amendment Act 2003.
2 Commencement
(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, on the day or at the time specified in column 2 of the table.
Commencement information |
Column 1 | Column 2 | Column 3 |
Provision(s) | Commencement | Date/Details |
1. 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 | 26 June 2003 |
2. Schedule 1 | At the same time as the Superannuation (Financial Assistance Funding) Levy Amendment Act 2003 commences | 26 June 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 is for additional information that is not part of this Act. This information may be included in any published version of this Act.
3 Schedule(s)
Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
Schedule 1—Amendment of the Superannuation Industry (Supervision) Act 1993
1 Subsection 237(2)
Omit “a determination”, substitute “one or more determinations”.
2 Subsection 237(2)
Omit “to a fund”.
3 Subsection 237(2)
Omit “the amount”, substitute “the total amount”.
[Minister’s second reading speech made in—
House of Representatives on 12 December 2002
Senate on 15 May 2003]
Overview
The Superannuation Industry (Supervision) Amendment Act 2003 was enacted by the Parliament of Australia to amend the Superannuation Industry (Supervision) Act 1993, with a focus on addressing deficiencies and enhancing the regulatory framework governing superannuation funds. The Act received Royal Assent on 26 June 2003 and commenced on the same date. Its primary objective is to refine the provisions of the original Act to better suit the evolving needs of the superannuation industry, ensuring more effective supervision and regulation of superannuation funds. This includes making amendments to improve the clarity and functionality of certain sections, thereby facilitating better compliance and oversight within the industry.
Scope and Application
The Superannuation Industry (Supervision) Amendment Act 2003 amends the Superannuation Industry (Supervision) Act 1993 to refine the regulatory framework for superannuation funds in Australia. This Act applies to trustees of superannuation funds, trustees of related entities, and potentially to the superannuation funds themselves. It addresses conduct and transactions involving superannuation funds, specifically targeting financial determinations made by trustees. The geographic reach of the Act is national, as it pertains to the Commonwealth jurisdiction. The Act came into effect on 26 June 2003, with certain provisions aligning with the commencement of the Superannuation (Financial Assistance Funding) Levy Amendment Act 2003. While the Act itself provides specific amendments to the 1993 Act, it may be further extended or restricted by subordinate instruments, although such provisions are not detailed within the primary text of the 2003 Act. The amendments focus on the interpretation and application of financial determinations made by trustees, without explicitly stating any exclusions, exemptions, or thresholds.
Key Provisions
The Superannuation Industry (Supervision) Amendment Act 2003 primarily serves to amend the Superannuation Industry (Supervision) Act 1993. One of the key changes introduced by this amendment is found in Section 1 of Schedule 1, which modifies Subsection 237(2) of the 1993 Act. Specifically, the amendment changes the wording from "a determination" to "one or more determinations," and from "to a fund" to "the total amount." This alteration is intended to enhance the clarity and precision of the regulatory language used in the original Act.
The obligations imposed by this Act primarily concern the entities and individuals involved in the supervision and management of superannuation funds. Under the amended provisions, these parties are required to ensure that any financial determinations affecting superannuation funds are now considered in their totality rather than in isolation. This change necessitates a more comprehensive approach to assessing and managing the financial implications of determinations on superannuation funds.
Failure to comply with the provisions of this Act could result in civil or criminal consequences, although specific penalties are not detailed in the text provided. Generally, breaches of the Superannuation Industry (Supervision) Act 1993 and its amendments can lead to substantial fines and, in severe cases, imprisonment. The exact penalties would depend on the nature and severity of the breach, and would be determined in accordance with the broader legal framework governing financial regulation in Australia. It is therefore crucial for entities and individuals involved in superannuation fund management to adhere strictly to the requirements set out in the amended Act to avoid potential legal repercussions.