Superannuation Industry (Supervision) (SIS) Amendment Regulations 1999 (No. 5) 1999 No. 317
EXPLANATORY STATEMENT
STATUTORY RULES 1999 No. 317
Issued by the Authority of the Assistant Treasurer
Superannuation Industry (Supervision) Act 1993
Superannuation Industry (Supervision) (SIS) Amendment Regulations 1999 (No. 5)
The Regulations amend the Superannuation Industry (Supervision) Regulations 1994 (the SIS Regulations) as a consequence of a package of legislative measures which improve and consolidate existing provisions governing the reporting of lost superannuation members and the lost members register.
The Governor-General may make Regulations under section 353 of the Act.
Purpose
The purpose of the Regulations is to make amendments to the SIS Regulations as a consequence of a package of legislative measures which affect the existing requirements to report lost members under the SIS Regulations.
Background
The Superannuation (Unclaimed Money and Lost Members) Act 1999, the Superannuation (Unclaimed Money and Lost Members) Consequential and Transitional Act 1999, the Retirement Savings Accounts Amendment Regulations 1999 and the Superannuation (Unclaimed Money and Lost Members) Regulations 1999 represent a package of legislative measures designed to consolidate and improve existing provisions relating to the reporting of lost superannuation members to the Commissioner of Taxation.
As a result of that package of measures, consequential amendments are required to the SIS Regulations to remove the existing lost member reporting requirements from the SIS Regulations (they are replaced by new requirements in the Superannuation (Unclaimed Money and Lost Members) Regulations 1999).
The Regulations are described in detail in the attachment. The Regulations commence on gazettal.
ATTACHMENT
Superannuation Industry (Supervision) Amendment Regulations 1999 (No. 5)
Explanation of the Amendments
Regulation 1 specifies the name of the Regulations as the Superannuation Industry (Supervision) Amendment Regulations 1999 (No. 5).
Regulation 2 provides that the Regulations commence on gazettal.
Regulation 3 provides that Schedule 1 amends the Superannuation Industry (Supervision) Regulations 1994.
Item 1 of Schedule 1
Item 1 of Schedule 1 amends the explanatory note for the definition of 'lost member' in subRegulation 1.03A(3) as a consequence of the transfer of provisions relating to the reporting of lost members from Regulation 11.08 of the SIS Regulations to the Superannuation (Unclaimed Money and Lost Members) Regulations 1999.
Items 2, 3 and 4 of Schedule 1
Regulation 5.17 of the SIS Regulations provides benefit protection for lost members that have become 'reportable' pursuant to Regulation 11.08. Regulation 11.08 will be repealed by Item 5 of Schedule 1.
Consequent upon the repeal of Regulation 11.08, Items 2, 3 and 4 of Schedule 1 make consequential amendments to Regulation 5.17 to incorporate the 'reportable' element of repealed Regulation 11.08 into Regulation 5.17. This will ensure that the benefit protection rules in Regulation 5.17 are self-contained and continue to have their existing effect.
Item 5 of Schedule 1
Item 5 repeals Regulation 11.08 as a consequence of the transfer of provisions relating to the reporting of lost members from Regulation 11.08 to the Superannuation (Unclaimed Money and Lost Members) Regulations 1999.
Overview
The Superannuation Industry (Supervision) (SIS) Amendment Regulations 1999 (No. 5) were enacted to address the need for improved and consolidated provisions governing the reporting of lost superannuation members and the lost members register. These regulations were introduced as a consequence of a broader legislative package, including the Superannuation (Unclaimed Money and Lost Members) Act 1999, the Superannuation (Unclaimed Money and Lost Members) Consequential and Transitional Act 1999, the Retirement Savings Accounts Amendment Regulations 1999, and the Superannuation (Unclaimed Money and Lost Members) Regulations 1999. The purpose of these regulations was to amend the Superannuation Industry (Supervision) Regulations 1994 to reflect the changes brought about by the legislative package, specifically by removing the existing lost member reporting requirements from the SIS Regulations and replacing them with new requirements in the Superannuation (Unclaimed Money and Lost Members) Regulations 1999. The Superannuation Industry (Supervision) Act 1993 empowered the Governor-General to make these regulations, aiming to ensure that the benefit protection rules for lost members remain self-contained and effective.
Scope and Application
The Superannuation Industry (Supervision) (SIS) Amendment Regulations 1999 (No. 5) are subordinate legislation that amend the Superannuation Industry (Supervision) Regulations 1994, impacting the reporting of lost superannuation members. These regulations apply to entities within the superannuation industry, including trustees, members, and other relevant stakeholders, and they are designed to ensure compliance with the consolidated and improved provisions set forth by the package of legislative measures. The regulations are applicable nationally, given their foundation in Commonwealth legislation under the Superannuation Industry (Supervision) Act 1993. The purpose of these regulations is to make necessary adjustments to the SIS Regulations following legislative changes that introduce new requirements for reporting lost superannuation members, which are now governed by the Superannuation (Unclaimed Money and Lost Members) Regulations 1999. The regulations commence on gazettal, ensuring immediate effect upon publication.
Key Provisions
The Superannuation Industry (Supervision) (SIS) Amendment Regulations 1999 (No. 5) (the Regulations) amend the Superannuation Industry (Supervision) Regulations 1994 (the SIS Regulations) to reflect legislative changes in the reporting of lost superannuation members. These amendments primarily address the transition of lost member reporting requirements from the SIS Regulations to the Superannuation (Unclaimed Money and Lost Members) Regulations 1999. Regulation 1 names the Regulations as the Superannuation Industry (Supervision) Amendment Regulations 1999 (No. 5), and Regulation 2 states that they commence on gazettal. Regulation 3 specifies that Schedule 1 amends the SIS Regulations.
Schedule 1 of the Regulations includes several key amendments. Firstly, Item 1 amends the explanatory note for the definition of 'lost member' in subRegulation 1.03A(3) to reflect the transfer of lost member reporting provisions from Regulation 11.08 of the SIS Regulations to the Superannuation (Unclaimed Money and Lost Members) Regulations 1999. Items 2, 3, and 4 of Schedule 1 address the consequential amendments to Regulation 5.17 of the SIS Regulations. These amendments incorporate the 'reportable' element of the repealed Regulation 11.08 into Regulation 5.17 to ensure that the benefit protection rules remain self-contained and effective. Lastly, Item 5 repeals Regulation 11.08 entirely, transferring its provisions to the Superannuation (Unclaimed Money and Lost Members) Regulations 1999.
The Regulations impose obligations on entities governed by the SIS Regulations to comply with the amended provisions concerning lost member reporting. Specifically, they must ensure that any lost member reporting requirements are now adhered to under the Superannuation (Unclaimed Money and Lost Members) Regulations 1999, rather than the SIS Regulations. This includes ensuring that the benefit protection rules in Regulation 5.17 of the SIS Regulations continue to operate as intended, despite the repeal of Regulation 11.08.
Failure to comply with the amended provisions could lead to various consequences. While the explanatory statement does not detail specific offences or penalties for non-compliance with the Regulations themselves, non-compliance with the overarching Superannuation Industry (Supervision) Act 1993 and its associated regulations can result in civil or criminal penalties. Such penalties may include fines, imprisonment, or other sanctions as prescribed under the Act. The precise penalties would depend on the nature and severity of the breach.