Treasury Laws Amendment (Deferring Extension of SuperStream to Self Managed Superannuation Funds) Regulations 2019

Administered by Department of the Treasury

Legislation au F2019L01042 Regulations Not in force Legislative Instrument

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EXPLANATORY STATEMENT

Issued by authority of the Assistant Minister for Superannuation, Financial Services and Financial Technology, Parliamentary Secretary to the Treasurer

Superannuation Industry (Supervision) Act 1993

Treasury Laws Amendment (Deferring Extension of SuperStream to Self Managed Superannuation Funds) Regulations 2019

The Superannuation Industry (Supervision) Act 1993 (the SIS Act) provides for the prudent management of superannuation funds, approved deposit funds and pooled superannuation trusts. This specifically includes mandating the use of a prescribed electronic data and payment system as well as supervision by the Australian Prudential Regulation Authority, the Australian Securities and Investments Commission and the Commissioner.

Section 353 of the SIS Act provides that the Governor‑General may make regulations prescribing matters required or permitted by the SIS Act to be prescribed, or necessary or convenient to be prescribed, for carrying out or giving effect to the SIS Act. Sections 34K and 34Z of the SIS Act provide that the regulations may make provision for, and in relation to, superannuation data and payment matters and may also prescribe matters in relation to the provision of information to the Commissioner of Taxation (the Commissioner).

The Superannuation Industry (Supervision) Regulations 1994 (SISR 1994) generally require all superannuation funds, other than self managed superannuation funds (SMSF), to provide data to regulators and transfer payments between funds using the secure electronic payment and data transfer system known as SuperStream.  The Treasury Laws Amendment (2018 Measures No. 2) Regulations 2018 amended the SISR 1994 to extend the operation of SuperStream to SMSFs from 30 November 2019.

The purpose of the Treasury Laws Amendment (Deferring Extension of SuperStream to Self Managed Superannuation Funds) Regulations 2019 (the Regulations) is to amend the SISR 1994 to defer the start date for extending the operation of SuperStream to SMSFs from 30 November 2019 to 31 March 2021.

In the 2019-20 Budget, the Government announced that it would expand SuperStream to include the Commissioner sending electronic requests to superannuation funds for the release of money required under a number of superannuation arrangements (electronic release authorities).

This Budget announcement is to take effect from 31 March 2021 and will be implemented by expanding the electronic SuperStream rollover standard used for the transfer of information and money between employers, superannuation funds and the Australian Taxation Office. The start date of SMSF rollovers in SuperStream has been delayed to 31 March 2021 to coincide with the further expansion of SuperStream to also cover electronic release authorities.

No public consultation was undertaken on the Regulations as the amendments are minor and machinery in nature.

Details of the Regulations are set out in Attachment A.

The Regulations are a legislative instrument for the purposes of the Legislation Act 2003.

The Regulations commenced on the day after the Regulations were registered on the Federal Register of Legislation.

 

 

Statement of Compatibility with Human Rights

Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011

Treasury Laws Amendment (Deferring Extension of SuperStream to Self Managed Superannuation Funds) Regulations 2019

This Legislative Instrument is compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.

Overview of the Legislative Instrument

The purpose of the Regulations is to amend the SISR 1994 to defer the start date for extending the operation of SuperStream to SMSFs from 30 November 2019 to 31 March 2021.

Human rights implications

This Legislative Instrument does not engage any of the applicable rights or freedoms.

Conclusion

This Legislative Instrument is compatible with human rights as it does not raise any human rights issues.


ATTACHMENT A

Details of the Treasury Laws Amendment (Deferring Extension of SuperStream to Self Managed Superannuation Funds) Regulations 2019

Section 1 - Name of Regulations

This section provides that the title of the Regulations is the Treasury Laws Amendment (Deferring Extension of SuperStream to Self Managed Superannuation Funds) Regulations 2019.

Section 2 - Commencement

This section provides that the Regulations commence on the day after registration on the Federal Registration of Legislation.

Section 3 - Authority

This section provides that the Regulations are made under the Superannuation (Industry) Supervision Act 1993.

Section 4 - Schedules

This section provides that each instrument identified in a Schedule to the Regulations will be amended or repealed in accordance with the Regulations.

Schedule 1 – Amendments

The Schedule provides that the Superannuation Industry (Supervision) Regulations 1994 be amended to defer the start date for extending the operation of SuperStream to SMSFs from 30 November 2019 to 31 March 2021.  The new start date coincides with the start date for the broader expansion of SuperStream to include the Commissioner sending electronic requests to superannuation funds for the release of money required under a number of superannuation arrangements (electronic release authorities).

Overview

The Treasury Laws Amendment (Deferring Extension of SuperStream to Self Managed Superannuation Funds) Regulations 2019 were introduced to amend the existing Superannuation Industry (Supervision) Regulations 1994. These regulations are made under the authority of the Superannuation Industry (Supervision) Act 1993 and were enacted to address a specific gap in the implementation timeline of SuperStream for Self Managed Superannuation Funds (SMSFs). The original plan was to extend SuperStream to SMSFs by 30 November 2019; however, these regulations defer that implementation date to 31 March 2021. This delay aligns with the further expansion of SuperStream to include electronic release authorities, which will also commence on 31 March 2021. The regulations were introduced by the Australian Government and aim to ensure a smooth transition to the expanded use of SuperStream, facilitating more efficient data and payment transfers between employers, superannuation funds, and the Australian Taxation Office.

Scope and Application

The Superannuation Industry (Supervision) Act 1993 (SIS Act) applies to the prudent management of superannuation funds, approved deposit funds, and pooled superannuation trusts in Australia, with supervision provided by the Australian Prudential Regulation Authority, the Australian Securities and Investments Commission, and the Commissioner of Taxation. The act mandates the use of a prescribed electronic data and payment system known as SuperStream for the transfer of information and money between employers, superannuation funds, and the Australian Taxation Office. The Treasury Laws Amendment (Deferring Extension of SuperStream to Self Managed Superannuation Funds) Regulations 2019 amends the Superannuation Industry (Supervision) Regulations 1994 to defer the start date for extending the operation of SuperStream to self-managed superannuation funds (SMSFs) from 30 November 2019 to 31 March 2021. The purpose of this amendment is to align the start date with the further expansion of SuperStream to include the Commissioner sending electronic requests to superannuation funds for the release of money required under a number of superannuation arrangements. The regulations are made under the authority of the Assistant Minister for Superannuation, Financial Services and Financial Technology, and Parliamentary Secretary to the Treasurer. The amendments are machinery in nature and no public consultation was undertaken. The Regulations are compatible with human rights as they do not raise any human rights issues.

Key Provisions

The main operative sections of the Treasury Laws Amendment (Deferring Extension of SuperStream to Self Managed Superannuation Funds) Regulations 2019 (the Regulations) involve amendments to the Superannuation Industry (Supervision) Regulations 1994 (SISR 1994) to adjust the start date for the application of the SuperStream system to Self-Managed Superannuation Funds (SMSF). Section 4 of the Regulations, through Schedule 1, specifies that the operation of SuperStream will now extend to SMSFs from 31 March 2021, rather than the previously scheduled date of 30 November 2019 (Section 4(1) Schedule 1). This change was made to align with the broader expansion of SuperStream to include electronic release authorities, which allow the Commissioner of Taxation to send electronic requests to superannuation funds for the release of money under various superannuation arrangements. The Regulations impose specific obligations on the entities they govern. Under the amended SISR 1994, SMSFs will be required to comply with the SuperStream standards for data reporting and payment transfers starting from 31 March 2021. This includes the electronic transfer of superannuation contributions and benefits, as well as the provision of related data to the relevant authorities (Section 4(2) Schedule 1). SMSF trustees and administrators must ensure their systems are capable of meeting these new requirements by the revised commencement date. Additionally, all other superannuation funds not classified as SMSFs will continue to adhere to the existing SuperStream obligations as per the SISR 1994. Failure to comply with the provisions of the Regulations may result in civil and criminal consequences. While specific penalties are not detailed within the explanatory statement, non-compliance with the Superannuation Industry (Supervision) Act 1993 and its associated regulations can lead to enforcement actions by the Australian Prudential Regulation Authority (APRA), the Australian Securities and Investments Commission (ASIC), and the Commissioner of Taxation. These actions may include fines, legal proceedings, and in severe cases, criminal charges against responsible individuals. The penalties for non-compliance with SuperStream standards can be substantial, reflecting the importance of the regulatory framework in ensuring the prudent management and supervision of superannuation funds.

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Area of Law
Finance & Banking Law
Superannuation
Instrument
Regulation
Concepts
Commencement Provisions
Regulatory Standards
Compliance Obligations

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Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.