Superannuation Supervisory Levy Amendment Act 1993

Overview

The Superannuation Supervisory Levy Amendment Act 1993 was enacted by the Parliament of Australia to address the need for updating and aligning the Superannuation Supervisory Levy Act 1991 with the newly introduced Superannuation Industry (Supervision) Act 1993. The Act was assented to on 30 November 1993 and commenced on 1 July 1994. Its primary purpose is to amend the title and certain sections of the Principal Act to ensure consistency and relevance with the new legislative framework. The amendments include updating references to the Superannuation Industry (Supervision) Act 1993, adjusting the application of specific sections, and modifying definitions to reflect the changes in the regulatory environment. These changes aim to streamline the administration and enforcement of the superannuation supervisory levy, ensuring it remains effective and aligned with contemporary supervisory standards.

Scope and Application

The Superannuation Supervisory Levy Amendment Act 1993 amends the Superannuation Supervisory Levy Act 1991, and its provisions apply to entities within the superannuation industry, specifically those subject to the Superannuation Industry (Supervision) Act 1993. The Act affects all entities that are required to lodge returns under section 36 of the Superannuation Industry (Supervision) Act 1993, which typically includes trustees of superannuation funds. This legislation operates on a national level, as it is an Act of the Parliament of Australia and applies across the Commonwealth. The amendments introduced by this Act apply from returns for the 1994-95 year of income onwards, thus extending its reach to all subsequent financial years. There are no specific exclusions, exemptions, or thresholds detailed in the Act itself, although the applicability of the amendments is confined to returns for specified income years. The Act may also extend its application through subordinate instruments, although this is not explicitly detailed within the text provided.

Key Provisions

The Superannuation Supervisory Levy Amendment Act 1993 (C2004A04638) amends the Superannuation Supervisory Levy Act 1991, making several significant changes to its application and interpretation. The principal sections of the Act (sections 1 to 7) amend the title of the Principal Act (section 3), modify the application of the Superannuation Industry (Supervision) Act 1993 (section 4), and redefine certain terms (section 5). The Act also changes the imposition of the superannuation supervisory levy (section 6) and specifies the application of these amendments to returns for the 1994-95 year of income and all subsequent years (section 7). These changes reflect the evolving regulatory environment and aim to streamline the administration of superannuation funds. The obligations and requirements imposed by the Superannuation Supervisory Levy Amendment Act 1993 on the parties it governs are primarily concerned with ensuring that the amended definitions and application of sections from the Superannuation Industry (Supervision) Act 1993 are correctly implemented in the context of the superannuation supervisory levy. The Act mandates that the definitions and provisions from the Superannuation Industry (Supervision) Act 1993 are to be applied in the same way as they are applied to that Act, ensuring consistency and coherence in the regulatory framework (section 4). It also requires that these changes are applied to returns for the 1994-95 year of income and all subsequent years, ensuring that all parties comply with the updated legislative requirements in a timely manner (section 7). The Superannuation Supervisory Levy Amendment Act 1993 also includes provisions that address the consequences of non-compliance. While the Act does not explicitly list offences or penalties within its text, it is reasonable to infer that non-compliance with the amended provisions could result in civil or criminal penalties under the broader legislative framework of the Superannuation Industry (Supervision) Act 1993. These penalties could include fines and other sanctions as determined by the relevant authorities. The exact penalties would depend on the nature and severity of the breach, as well as the provisions of the Superannuation Industry (Supervision) Act 1993, which might impose penalties for non-compliance with its sections as applied by the amendment Act.