EXPLANATORY STATEMENT
Subject - Superannuation Legislation Amendment (Early Release of Superannuation) Act 2011
Proclamation
Subsection 2(1) of the Superannuation Legislation Amendment (Early Release of Superannuation) Act 2011 (the Act) provides, in part, that Schedule 1 to the Act commences on a single day to be fixed by Proclamation. However, if any of the provision(s) do not commence within the period of six months beginning on the day the Act receives the Royal Assent, they commence on the day after the end of that period.
The Act has received Royal Assent.
The Proclamation fixes 1 November 2011 as the day on which Schedule 1 to the Act commences.
Schedule 1 provides for the transfer of responsibility for the general administration of the early release of superannuation and RSA benefits on compassionate grounds from the Australian Prudential Regulation Authority (APRA) and the Commissioner of Taxation, to the Chief Executive Medicare.
Prior to the formal transfer, the Chief Executive Medicare administered this function under delegation from APRA.
The commencement date of 1 November 2011 provides for the orderly transfer of the function and notification of the change to relevant stakeholders. APRA and the Department of Human Services, which contains the office of Chief Executive Medicare, have put in place arrangements for the formal transfer of administration of the function to the Chief Executive Medicare on 1 November 2011.
The Proclamation is a legislative instrument for the purposes of the Legislative Instruments Act 2003.
Authority: Subsection 2(1) of the Superannuation Legislation Amendment (Early Release of Superannuation) Act 2011