Superannuation Legislation Amendment (Stronger Super) Act 2012

No. 91, 2012 as amended

Compilation start date: 1 July 2014

Includes amendments up to: Act No. 110, 2014

About this compilation

This compilation

This is a compilation of the Superannuation Legislation Amendment (Stronger Super) Act 2012 as in force on 1 July 2014. It includes any commenced amendment affecting the legislation to that date.

This compilation was prepared on 22 October 2014.

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of each amended provision.

Uncommenced amendments

The effect of uncommenced amendments is not reflected in the text of the compiled law but the text of the amendments is included in the endnotes.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Modifications

If a provision of the compiled law is affected by a modification that is in force, details are included in the endnotes.

Provisions ceasing to have effect

If a provision of the compiled law has expired or otherwise ceased to have effect in accordance with a provision of the law, details are included in the endnotes.

Contents

1 Short title 1

2 Commencement 1

3 Schedule(s) 2

Schedule 1—Data and payment standards relating to superannuation and retirement savings 3

Part 1—Main amendments 3

Retirement Savings Accounts Act 1997 3

Superannuation Industry (Supervision) Act 1993 15

Taxation Administration Act 1953 26

Part 2—Consequential amendments 28

Retirement Savings Accounts Act 1997 28

Superannuation Industry (Supervision) Act 1993 29

Part 3—Amendments contingent on the Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Act 2012 31

Superannuation Industry (Supervision) Act 1993 31

Part 4—Application provision 32

Schedule 2—Costs of implementing SuperStream measures 34

Australian Prudential Regulation Authority Act 1998 34

Endnotes 36

Endnote 1—About the endnotes 36

Endnote 2—Abbreviation key 38

Endnote 3—Legislation history 39

Endnote 4—Amendment history 40

Endnote 5—Uncommenced amendments [none] 41

Endnote 6—Modifications [none] 41

Endnote 7—Misdescribed amendments [none] 41

Endnote 8—Miscellaneous [none] 41

An Act to amend the law relating to superannuation, and for other purposes

1 Short title

This Act may be cited as the Superannuation Legislation Amendment (Stronger Super) Act 2012.

2 Commencement 1

Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Commencement information	Commencement information	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 this Act receives the Royal Assent.	28 June 2012
2. Schedule 1, Parts 1 and 2	The day after this Act receives the Royal Assent.	29 June 2012
3. Schedule 1, Part 3	Immediately after the commencement of item 9 of Schedule 2 to the Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Act 2012. However, if that item commences before the provision(s) covered by table item 1, the provision(s) do not commence at all.	9 September 2012
4. Schedule 1, Part 4	The day after this Act receives the Royal Assent.	29 June 2012
5. Schedule 2	The day after this Act receives the Royal Assent.	29 June 2012

Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, 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.

Data and payment standards relating to superannuation and retirement savings

Retirement Savings Accounts Act 1997

1 After Part 4

Insert:

45 Object of Part 1

The object of this Part is to further the interests of holders of RSAs by improving the productivity of the retirement savings account system.

The Part does this by providing for a system of standards relating to payments and information connected with the operation of RSAs.

45A Alternative constitutional basis

Without limiting its effect apart from this section, this Part also has the effect it would have if each reference to an employer were, by express provision, confined to an employer that is a corporation to which paragraph 51(xx) of the Constitution applies.

45B Data and payment regulations and standards relating to RSAs 1

The regulations may make provision for and in relation to data and payment matters relating to RSAs, to be complied with by:

RSA providers; and

employers in their dealings with RSA providers.

The regulations may prescribe different requirements for different classes of RSA or employer.

(3) The Commissioner of Taxation may, by legislative instrument, determine standards (data and payment standards relating to RSAs) relating to data and payment matters relating to RSAs, applicable to:

RSA providers; and

employers in their dealings with RSAs.

Note: For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901.

are dealt with.

Adoption of other instruments

Consultations in preparing data and payment standards relating to RSAs

Note: For further consultation requirements, see Legislative Instruments Act 2003.section 17 of the

The data and payment standards relating to RSAs may specify different requirements for different classes of RSA or employer.

(5) A data and payment matter relating to RSAs is a matter relating to the manner in which payments and information of a kind mentioned in subsection (6):

relating to:

a holder of an RSA; or

an employee for whose benefit a contribution to an RSA is to be made by an employer; and

connected with the operation of the RSA;

The kinds of payments and information are:

(a) transactions, including payments, contributions, roll-over superannuation benefits (within the meaning of the Income Tax Assessment Act 1997), allocations, transfers and refunds; and

reports; and

records, including registrations; and

unique identifiers for use with such transactions, reports and records; and

any other kind of payment or information that is prescribed by the regulations for the purposes of this paragraph; and

to avoid doubt, any payment or information of a kind mentioned in paragraphs (a) to (e) and made or provided by the Commissioner of Taxation.

The regulations or standards may make provision in relation to a matter by applying, adopting or incorporating, with or without modification, any matter contained in any other instrument or writing:

as in force or existing at a particular time; or

as in force or existing from time to time.

(8) Subsection (7) has effect despite anything in subsection 14(2) of the Legislative Instruments Act 2003.

The Commissioner of Taxation must consult with APRA in preparing the data and payment standards relating to RSAs.

A failure to comply with subsection (9) does not affect the validity or enforceability of the data and payment standards relating to RSAs.

45C Relationship between standards and other law 1

A data and payment standard relating to RSAs may elaborate or supplement any aspect of regulations made under this Part.

However, a data and payment standard relating to RSAs is of no effect to the extent that it conflicts with this Act or regulations made under this Act.

45D Compliance requirement—RSA providers 1

An RSA provider must ensure that payments and information relating to a holder of an RSA, or a person for whose benefit a contribution to the RSA is to be made, are dealt with in a manner that complies with any applicable:

regulations made under this Part; and

data and payment standards relating to RSAs.

Note: Section 288-110 in Schedule 1 to the Taxation Administration Act 1953 provides an administrative penalty for contravention of this subsection.

Strict liability offence

Penalty: 20 penalty units.

Note: For offences of strict liability, see subsection 6.1(1) of the Criminal Code.

A person commits an offence of strict liability if the person contravenes subsection (1).

A contravention of subsection (1) does not affect the validity of a transaction.

45E Compliance requirement—employers 1

An employer must deal with payments and information relating to an employee, for whose benefit a contribution to an RSA is to be made, in a manner that complies with any applicable:

regulations made under this Part; and

data and payment standards relating to RSAs.

Note: Section 288-110 in Schedule 1 to the Taxation Administration Act 1953 provides an administrative penalty for contravention of this subsection.

Strict liability offence

Penalty: 20 penalty units.

Note: For offences of strict liability, see subsection 6.1(1) of the Criminal Code.

A person commits an offence of strict liability if the person contravenes subsection (1).

A contravention of subsection (1) does not affect the validity of a transaction.

45F Regulator’s power to give directions in certain circumstances—RSA providers 1

The Regulator may give an RSA provider a direction of a kind specified in subsection (4) if the Regulator reasonably believes that the RSA provider has contravened, or is likely to contravene:

a particular regulation made under this Part; or

a particular data and payment standard relating to RSAs.

In deciding whether to give a direction, and deciding the content of the direction, the Regulator must take account of the following matters:

the extent (if any) to which the RSA provider is operating in a way that is contrary to the object of this Part;

any other matter that the Regulator considers relevant.

The direction must be given by notice in writing to the RSA provider.

The kinds of direction that an RSA provider may be given are directions to do any one or more of the following by a specified time:

do a specified act that the Regulator considers is necessary to address the contravention mentioned in subsection (1) (or prevent the likely contravention mentioned in that subsection);

refrain from doing an act, if the Regulator considers the refraining is necessary to address the contravention mentioned in subsection (1) (or prevent the likely contravention mentioned in that subsection).

The time specified in the direction must be 21 days or more after the day the direction is given.

The RSA provider must comply with the direction by the specified time.

Note: Section 288-110 in Schedule 1 to the Taxation Administration Act 1953 provides an administrative penalty for contravention of this subsection.

Strict liability offence

Penalty: 50 penalty units.

Note: For offences of strict liability, see subsection 6.1(1) of the Criminal Code.

A person commits an offence of strict liability if the person contravenes subsection (6).

The Regulator may, by notice in writing to the RSA provider, vary the direction or the time specified if, at the time of the variation, the Regulator considers that the variation is necessary and appropriate.

The direction has effect until the Regulator revokes it by notice in writing to the RSA provider. The Regulator may revoke the direction if, at the time of revocation, it considers that the direction is no longer necessary or appropriate.

45G Regulator’s power to give directions in certain circumstances—employers 1

The Regulator may give an employer a direction of a kind specified in subsection (4) if the Regulator reasonably believes that the employer has contravened, or is likely to contravene:

a particular regulation made under this Part; or

a particular data and payment standard relating to RSAs.

In deciding whether to give a direction, and deciding the content of the direction, the Regulator must take account of the following matters:

the extent (if any) to which the employer is dealing with an RSA provider in a way that is contrary to the object of this Part;

any other matter that the Regulator considers relevant.

The direction must be given by notice in writing to the employer.

The kinds of direction that the employer may be given are directions to do any one or more of the following by a specified time:

do a specified act that the Regulator considers is necessary to address the contravention mentioned in subsection (1) (or prevent the likely contravention mentioned in that subsection);

The time specified in the direction must be 21 days or more after the day the direction is given.

The employer must comply with the direction by the specified time.

Note: Section 288-110 in Schedule 1 to the Taxation Administration Act 1953 provides an administrative penalty for contravention of this subsection.

Strict liability offence

Penalty: 50 penalty units.

Note: For offences of strict liability, see subsection 6.1(1) of the Criminal Code.

A person commits an offence of strict liability if the person contravenes subsection (6).

The Regulator may, by notice in writing to the employer, vary the direction or the time specified if, at the time of the variation, it considers that the variation is necessary and appropriate.

The direction has effect until the Regulator revokes it by notice in writing to the employer. The Regulator may revoke the direction if, at the time of revocation, it considers that the direction is no longer necessary or appropriate.

45H When an infringement notice may be given 1

If the Regulator has reasonable grounds to believe that a person has contravened an offence of strict liability in Division 2, the Regulator may give to the person an infringement notice for the alleged contravention.

The infringement notice must be given within 12 months after the day on which the contravention is alleged to have taken place.

A single infringement notice may be given to a person in respect of:

2 or more alleged contraventions of an offence of strict liability in Division 2; and

alleged contraventions of 2 or more offences of strict liability in Division 2.

45J Matters to be included in notice 1

An infringement notice must:

state the day on which it is given; and

state the name of the person to whom it is given; and

state the name of the person who gave the notice; and

give brief details of the alleged contravention, including:

the provision that was allegedly contravened; and

the maximum penalty that a court could impose for the contravention; and

iii

the time (if known) and day of, and the place of, the alleged contravention; and

state the amount that is payable under the notice; and

give an explanation of how payment of the amount is to be made; and

state that, if the person to whom the notice is given pays the amount within 28 days after the day the notice is given, then (unless the notice is withdrawn) the person is not liable to be prosecuted in a court in relation to the alleged contravention; and

state that payment of the amount is not an admission of guilt or liability; and

state that the person may apply to the Regulator to have the period in which to pay the amount extended; and

state that the person may choose not to pay the amount and, if the person does so, the person may be prosecuted in a court in relation to the alleged contravention; and

set out how the notice can be withdrawn; and

state that if the notice is withdrawn:

any amount paid under the notice must be refunded; and

the person may be prosecuted in a court for the alleged contravention; and

state that the person may make written representations to the Regulator seeking the withdrawal of the notice.

For the purposes of paragraph (1)(e), the amount to be stated in the notice for the alleged contravention of the provision must be equal to one-fifth of the maximum penalty that a court could impose on the person for that contravention.

45K Extension of time to pay amount 1

A person to whom an infringement notice has been given may apply to the Regulator for an extension of the period referred to in paragraph 45J(1)(g).

If the application is made before the end of that period, the Regulator may, in writing, extend that period. The Regulator may do so before or after the end of that period.

If the Regulator extends that period, a reference in this Division, or in a notice or other instrument under this Division, to the period referred to in paragraph 45J(1)(g) is taken to be a reference to that period so extended.

If the Regulator does not extend that period, a reference in this Division, or in a notice or other instrument under this Division, to the period referred to in paragraph 45J(1)(g) is taken to be a reference to the period that ends on the later of the following days:

the day that is the last day of the period referred to in paragraph 45J(1)(g);

the day that is 7 days after the day the person was given notice of the Regulator’s decision not to extend.

The Regulator may extend the period more than once under subsection (2).

45L Withdrawal of an infringement notice

Representations seeking withdrawal of notice

Withdrawal of notice

Notice of withdrawal

Refund of amount if infringement notice withdrawn

the Commonwealth must refund to the person an amount equal to the amount paid.

A person to whom an infringement notice has been given may, within 21 days after the day the notice is given, make written representations to the Regulator seeking the withdrawal of the notice.

The Regulator may withdraw an infringement notice given to a person (whether or not the person has made written representations seeking the withdrawal).

(3) When deciding whether or not to withdraw an infringement notice (the relevant infringement notice), the Regulator:

must take into account any written representations seeking the withdrawal that were given by the person to the Regulator; and

may take into account the following:

whether a court has previously imposed a penalty on the person for a contravention of an offence of strict liability in Division 2;

the circumstances of the alleged contravention;

iii

whether the person has paid an amount, stated in an earlier infringement notice, for a contravention of an offence of strict liability in Division 2 if the contravention is constituted by conduct that is the same, or substantially the same, as the conduct alleged to constitute the contravention in the relevant infringement notice;

any other matter the Regulator considers relevant.

Notice of the withdrawal of the infringement notice must be given to the person. The withdrawal notice must state:

the person’s name and address; and

the day the infringement notice was given; and

that the infringement notice is withdrawn; and

that the person may be prosecuted in a court in relation to the alleged contravention.

If:

the Regulator withdraws the infringement notice; and

the person has already paid the amount stated in the notice;

45M Effect of payment of amount 1

If the person to whom an infringement notice for an alleged contravention of a provision is given pays the amount stated in the notice before the end of the period referred to in paragraph 45J(1)(g):

any liability of the person for the alleged contravention is discharged; and

the person may not be prosecuted in a court for the alleged contravention; and

the person is not regarded as having been convicted of the alleged offence; and

the person is not regarded as having admitted guilt or liability for the alleged contravention.

Subsection (1) does not apply if the notice has been withdrawn.

45N Effect of this Division

This Division does not:

require an infringement notice to be given to a person for an alleged contravention of an offence of strict liability in Division 2; or

affect the liability of a person for an alleged contravention of an offence of strict liability in Division 2 if:

the person does not comply with an infringement notice given to the person for the contravention; or

an infringement notice is not given to the person for the contravention; or

iii

an infringement notice is given to the person for the contravention and is subsequently withdrawn; or

prevent the giving of 2 or more infringement notices to a person for an alleged contravention of an offence of strict liability in Division 2; or

limit a court’s discretion to determine the amount of a penalty to be imposed on a person who is found to have contravened an offence of strict liability in Division 2.

45P Correction and rectification of information 1

The Commissioner of Taxation may alter information in his or her possession for the purposes of ensuring the information complies with:

any applicable regulations made under this Part; and

any applicable data and payment standards relating to RSAs.

An alteration made by the Commissioner of Taxation under subsection (1) does not have the effect of discharging any liability of a person for a contravention of a provision of this Part relating to the information.

Superannuation Industry (Supervision) Act 1993

2 Before Part 4

Insert:

34H Object of Part 1

The object of this Part is to further the interests of beneficiaries of superannuation entities by improving the productivity of the superannuation system.

The Part does this by providing for a system of standards relating to payments and information connected with the operation of superannuation entities.

34J Alternative constitutional basis

34K Superannuation data and payment regulations and standards 1

The regulations may make provision for and in relation to superannuation data and payment matters, to be complied with by:

trustees of superannuation entities; and

employers in their dealings with superannuation entities.

The regulations may prescribe different requirements for different classes of superannuation entity or employer.

(3) The Commissioner of Taxation may, by legislative instrument, determine standards (superannuation data and payment standards) relating to superannuation data and payment matters, applicable to:

trustees of superannuation entities; and

employers in their dealings with superannuation entities.

Note: For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901.

are dealt with.

Adoption of other instruments

Consultations in preparing superannuation data and payment standards

Note: For further consultation requirements, see Legislative Instruments Act 2003.section 17 of the

The superannuation data and payment standards may specify different requirements for different classes of superannuation entity or employer.

(5) A superannuation data and payment matter is a matter relating to the manner in which payments and information of a kind mentioned in subsection (6):

relating to:

a member of a superannuation entity; or

an employee for whose benefit a contribution to a superannuation entity is to be made by an employer; and

connected with the operation of the superannuation entity;

The kinds of payments and information are:

(a) transactions, including payments, contributions, roll-over superannuation benefits (within the meaning of the Income Tax Assessment Act 1997), allocations, transfers and refunds; and

reports; and

records, including registrations; and

unique identifiers for use with such transactions, reports and records; and

any other kind of payment or information that is prescribed by the regulations for the purposes of this paragraph; and

to avoid doubt, any payment or information of a kind mentioned in paragraphs (a) to (e) and made or provided by the Commissioner of Taxation.

The regulations or standards may make provision in relation to a matter by applying, adopting or incorporating, with or without modification, any matter contained in any other instrument or writing:

as in force or existing at a particular time; or

as in force or existing from time to time.

(8) Subsection (7) has effect despite anything in subsection 14(2) of the Legislative Instruments Act 2003.

The Commissioner of Taxation must consult with APRA in preparing the superannuation data and payment standards.

A failure to comply with subsection (9) does not affect the validity or enforceability of the superannuation data and payment standards.

34L Relationship between standards and other law 1

A superannuation data and payment standard may elaborate on or supplement any aspect of regulations made under this Part.

However, a superannuation data and payment standard is of no effect to the extent that it conflicts with this Act or the regulations.

34M Compliance requirement—trustees of superannuation entities 1

Each trustee of a superannuation entity must ensure that payments and information relating to a member of the superannuation entity, or a person for whose benefit a contribution to the superannuation entity is to be made, are dealt with in a manner that complies with any applicable:

regulations made under this Part; and

superannuation data and payment standards.

Note: Section 288-110 in Schedule 1 to the Taxation Administration Act 1953 provides an administrative penalty for contravention of this subsection.

Strict liability offence

Penalty: 20 penalty units.

Note: For offences of strict liability, see subsection 6.1(1) of the Criminal Code.

A person commits an offence of strict liability if the person contravenes subsection (1).

A contravention of subsection (1) does not affect the validity of a transaction.

34N Compliance requirement—employers 1

An employer must deal with payments and information relating to an employee, for whose benefit a contribution to a superannuation entity is to be made, in a manner that complies with any applicable:

regulations made under this Part; and

superannuation data and payment standards.

Note: Section 288-110 in Schedule 1 to the Taxation Administration Act 1953 provides an administrative penalty for contravention of this subsection.

Strict liability offence

Penalty: 20 penalty units.

Note: For offences of strict liability, see subsection 6.1(1) of the Criminal Code.

A person commits an offence of strict liability if the person contravenes subsection (1).

A contravention of subsection (1) does not affect the validity of a transaction.

34P Regulator’s power to give directions in certain circumstances—trustees of superannuation entities 1

The Regulator may give a trustee of a superannuation entity a direction of a kind specified in subsection (4) if the Regulator reasonably believes that a trustee of the superannuation entity has contravened, or is likely to contravene:

a particular regulation made under this Part; or

a particular superannuation data and payment standard.

In deciding whether to give a direction, and deciding the content of the direction, the Regulator must take account of the following matters:

the extent (if any) to which the superannuation entity is operating in a way that is contrary to the object of this Part;

any other matter that the Regulator considers relevant.

The direction must be given by notice in writing to the trustee of the superannuation entity.

The kinds of direction that a trustee of a superannuation entity may be given are directions to do any one or more of the following by a specified time:

do a specified act that the Regulator considers is necessary to address the contravention mentioned in subsection (1) (or prevent the likely contravention mentioned in that subsection);

The time specified in the direction must be 21 days or more after the day the direction is given.

The trustee of the superannuation entity must ensure the direction is complied with by the specified time.

Note: Section 288-110 in Schedule 1 to the Taxation Administration Act 1953 provides an administrative penalty for contravention of this subsection.

Strict liability offence

Penalty: 50 penalty units.

Note: For offences of strict liability, see subsection 6.1(1) of the Criminal Code.

A person commits an offence of strict liability if the person contravenes subsection (6).

The Regulator may, by notice in writing to the trustee of the superannuation entity, vary the direction or the time specified if, at the time of the variation, the Regulator considers that the variation is necessary and appropriate.

The direction has effect until the Regulator revokes it by notice in writing to the trustee of the superannuation entity. The Regulator may revoke the direction if, at the time of revocation, it considers that the direction is no longer necessary or appropriate.

34Q Regulator’s power to give directions in certain circumstances—employers 1

The Regulator may give an employer a direction of a kind specified in subsection (4) if the Regulator reasonably believes that the employer has contravened, or is likely to contravene:

a particular regulation made under this Part; or

a particular superannuation data and payment standard.

In deciding whether to give a direction, and deciding the content of the direction, the Regulator must take account of the following matters:

the extent (if any) to which the employer is operating in a way that is contrary to the object of this Part;

any other matter that the Regulator considers relevant.

The direction must be given by notice in writing to the employer.

The kinds of direction that the employer may be given are directions to do any one or more of the following by a specified time:

do a specified act that the Regulator considers is necessary to address the contravention mentioned in subsection (1) (or prevent the likely contravention mentioned in that subsection);

The time specified in the direction must be 21 days or more after the day the direction is given.

The employer must comply with the direction by the specified time.

Note: Section 288-110 in Schedule 1 to the Taxation Administration Act 1953 provides an administrative penalty for contravention of this subsection.

Strict liability offence

Penalty: 50 penalty units.

Note: For offences of strict liability, see subsection 6.1(1) of the Criminal Code.

A person commits an offence of strict liability if the person contravenes subsection (6).

The Regulator may, by notice in writing to the employer, vary the direction or the time specified if, at the time of the variation, it considers that the variation is necessary and appropriate.

34R When an infringement notice may be given 1

The infringement notice must be given within 12 months after the day on which the contravention is alleged to have taken place.

A single infringement notice may be given to a person in respect of:

2 or more alleged contraventions of an offence of strict liability in Division 2; and

alleged contraventions of 2 or more offences of strict liability in Division 2.

34S Matters to be included in notice 1

An infringement notice must:

state the day on which it is given; and

state the name of the person to whom it is given; and

state the name of the person who gave the notice; and

give brief details of the alleged contravention, including:

the provision that was allegedly contravened; and

the maximum penalty that a court could impose for the contravention; and

iii

the time (if known) and day of, and the place of, the alleged contravention; and

state the amount that is payable under the notice; and

give an explanation of how payment of the amount is to be made; and

state that payment of the amount is not an admission of guilt or liability; and

state that the person may apply to the Regulator to have the period in which to pay the amount extended; and

state that the person may choose not to pay the amount and, if the person does so, the person may be prosecuted in a court in relation to the alleged contravention; and

set out how the notice can be withdrawn; and

state that if the notice is withdrawn:

any amount paid under the notice must be refunded; and

the person may be prosecuted in a court for the alleged contravention; and

state that the person may make written representations to the Regulator seeking the withdrawal of the notice.

34T Extension of time to pay amount 1

A person to whom an infringement notice has been given may apply to the Regulator for an extension of the period referred to in paragraph 34S(1)(g).

If the application is made before the end of that period, the Regulator may, in writing, extend that period. The Regulator may do so before or after the end of that period.

If the Regulator extends that period, a reference in this Division, or in a notice or other instrument under this Division, to the period referred to in paragraph 34S(1)(g) is taken to be a reference to that period as so extended.

If the Regulator does not extend that period, a reference in this Division, or in a notice or other instrument under this Division, to the period referred to in paragraph 34S(1)(g) is taken to be a reference to the period that ends on the later of the following days:

the day that is the last day of the period referred to in paragraph 34S(1)(g);

the day that is 7 days after the day the person was given notice of the Regulator’s decision not to extend.

The Regulator may extend the period more than once under subsection (2).

34U Withdrawal of an infringement notice

Representations seeking withdrawal of notice

Withdrawal of notice

Notice of withdrawal

Refund of amount if infringement notice withdrawn

the Commonwealth must refund to the person an amount equal to the amount paid.

A person to whom an infringement notice has been given may, within 21 days after the day the notice is given, make written representations to the Regulator seeking the withdrawal of the notice.

The Regulator may withdraw an infringement notice given to a person (whether or not the person has made written representations seeking the withdrawal).

(3) When deciding whether or not to withdraw an infringement notice (the relevant infringement notice), the Regulator:

must take into account any written representations seeking the withdrawal that were given by the person to the Regulator; and

may take into account the following:

whether a court has previously imposed a penalty on the person for a contravention of an offence of strict liability in Division 2;

the circumstances of the alleged contravention;

iii

any other matter the Regulator considers relevant.

Notice of the withdrawal of the infringement notice must be given to the person. The withdrawal notice must state:

the person’s name and address; and

the day the infringement notice was given; and

that the infringement notice is withdrawn; and

that the person may be prosecuted in a court in relation to the alleged contravention.

If:

the Regulator withdraws the infringement notice; and

the person has already paid the amount stated in the notice;

34V Effect of payment of amount 1

If the person to whom an infringement notice for an alleged contravention of a provision is given pays the amount stated in the notice before the end of the period referred to in paragraph 34S(1)(g):

any liability of the person for the alleged contravention is discharged; and

the person may not be prosecuted in a court for the alleged contravention; and

the person is not regarded as having been convicted of the alleged offence; and

the person is not regarded as having admitted guilt or liability for the alleged contravention.

Subsection (1) does not apply if the notice has been withdrawn.

34W Effect of this Division

This Division does not:

require an infringement notice to be given to a person for an alleged contravention of an offence of strict liability in Division 2; or

affect the liability of a person for an alleged contravention of an offence of strict liability in Division 2 if:

the person does not comply with an infringement notice given to the person for the contravention; or

an infringement notice is not given to the person for the contravention; or

iii

an infringement notice is given to the person for the contravention and is subsequently withdrawn; or

prevent the giving of 2 or more infringement notices to a person for an alleged contravention of an offence of strict liability in Division 2; or

limit a court’s discretion to determine the amount of a penalty to be imposed on a person who is found to have contravened an offence of strict liability in Division 2.

34X Correction and rectification of information 1

The Commissioner of Taxation may alter information in his or her possession for the purposes of ensuring the information complies with:

any applicable regulations made under this Part; and

any applicable superannuation data and payment standards.

Taxation Administration Act 1953

3 At the end of Division 288 in Schedule 1

Add:

288-110 Contravention of superannuation data and payment regulation or standard

Liability to penalty—RSA providers and trustees of superannuation entities

Liability to penalty—employers

Amount of the penalty

Note: The Commissioner is required to notify you of an administrative penalty: see section 298-10.

Retirement Savings Accounts Act 1997

An entity is liable to an administrative penalty if the entity contravenes:

(a) subsection 34M(1) of the Superannuation Industry (Supervision) Act 1993; or

(b) subsection 45D(1) of the Retirement Savings Accounts Act 1997.

An entity is liable to an administrative penalty if the entity contravenes:

(a) subsection 34P(6) of the Superannuation Industry (Supervision) Act 1993; or

(b) subsection 45F(6) of the Retirement Savings Accounts Act 1997.

An entity is liable to an administrative penalty if the entity contravenes:

(a) subsection 34N(1) of the Superannuation Industry (Supervision) Act 1993; or

(b) subsection 45E(1) of the Retirement Savings Accounts Act 1997.

An entity is liable to an administrative penalty if the entity contravenes:

(a) subsection 34Q(6) of the Superannuation Industry (Supervision) Act 1993; or

(b) subsection 45G(6) of the Retirement Savings Accounts Act 1997.

The amount of the penalty is:

(a) for an administrative penalty under subsection (1) or (3)—4 penalty units; or

for an administrative penalty under subsection (2) or (4)—10 penalty units.

4 After paragraph 3(1)(ba)

Insert:

APRA also has the general administration of Divisions 2 and 3 of the Commissioner of Taxation by paragraph (f); andPart 4A to the extent that administration of the provisions is not conferred on

5 At the end of subsection 3(1) (before the note)

Add:

; and (f) the Commissioner of Taxation has the general administration of:

Division 1 of Part 4A; and

Division 2 of Part 4A, to the extent it relates to employers; and

iii

the Commissioner of Taxation; andDivision 2 of Part 4A, to the extent it relates to payments and information given to

Division 4 of Part 4A.

6 Section 16

Insert:

data and payment matter relating to RSAs has the meaning given by subsection 45B(5).

7 Section 16

Insert:

data and payment standard relating to RSAs means a standard issued by the Commissioner of Taxation under section 45B.

8 Section 16 (after paragraph (f) of the definition of reviewable decision)

Insert:

Superannuation Industry (Supervision) Act 1993

a decision of the Regulator to give or vary a direction under section 45F or 45G; or

9 Section 4 (before table item dealing with Part 4)

Insert:

10 Paragraph 6(1)(a)

After “(e)”, insert “, (fa),”.

11 Before subparagraph 6(1)(a)(ii)

Insert:

Divisions 2 and 3 of Part 3B;

12 Before subparagraph 6(1)(e)(i)

Insert:

Division 2 of Part 3B;

13 After paragraph 6(1)(f)

Insert:

the Commissioner of Taxation has the general administration of:

Division 1 of Part 3B; and

Division 2 of Part 3B, to the extent it relates to employers; and

iii

the Commissioner of Taxation; andDivision 2 of Part 3B, to the extent it relates to payments and information given to

Division 4 of Part 3B; and

14 Subsection 10(1) (before paragraph (dp) of the definition of reviewable decision)

Insert:

dod

a decision of the Regulator to give or vary a direction under section 34P or 34Q; or

15 Subsection 10(1)

Insert:

superannuation data and payment matter has the meaning given by subsection 34K(5).

16 Subsection 10(1)

Insert:

superannuation data and payment standard means a standard issued by the Commissioner of Taxation under section 34K.

17 Subsection 344(12)

After “(dn)”, insert “, (dod)”.

Superannuation Industry (Supervision) Act 1993

18 Subsection 10(1) (paragraph (dod) of the definition of reviewable decision)

Repeal the paragraph.

19 Subsection 10(1) (before paragraph (dp) of the definition of reviewable decision)

Insert:

dod

a decision of the Regulator to give or vary a direction under section 34P or 34Q; or

20 Application of amendments 1

The amendments made by this Schedule apply in relation to:

a trustee of an eligible superannuation entity; or

an RSA provider;

in relation to conduct that occurs on or after 1 July 2013.

medium to large employer, at a particular time, means an employer that employs 20 or more employees at that time.

small employer, at a particular time, means an employer that employs fewer than 20 employees at that time.

Subject to subitems (2), (3) and (3A), the amendments made by this Schedule apply in relation to an entity that is an employer in relation to conduct that occurs on or after 1 July 2015.

The amendments made by this Schedule apply in relation to an entity that is a medium to large employer on 1 July 2014 in relation to conduct that occurs on or after 1 July 2014.

The amendments made by this Schedule apply in relation to an entity that is a small employer on 1 July 2014 in relation to conduct that occurs on or after:

if paragraph (b) does not apply—1 July 2015; or

if the regulations prescribe a day after 1 July 2015 for the purposes of this paragraph—that day.

(3A) The amendments made by this Schedule apply in relation to an entity in relation to conduct that occurs on or after a day (the test day) in the period beginning on 2 July 2014 and ending on 30 June 2015 if:

neither subitem (2) nor (3) applies to the entity; and

the entity starts to be an employer on the test day; and

at a time on the test day, the entity is a medium to large employer.

In this item:

For the purpose of calculating the number of employees employed by an employer at a particular time, count all employees employed by the employer at that time.

The Governor-General may make regulations prescribing matters:

required or permitted by this Schedule to be prescribed; or

necessary or convenient to be prescribed for carrying out or giving effect to this Schedule.

Costs of implementing SuperStream measures

Australian Prudential Regulation Authority Act 1998

1 At the end of paragraph 50(1)(a)

Add:

; and (iii) implementing the SuperStream measures until 30 June 2018;

2 At the end of paragraph 50(1)(b)

Add:

; and (iii) implementing the SuperStream measures until 30 June 2018.

3 After subsection 50(1)

Insert:

The Minister may make, by legislative instrument, for each financial year, a determination specifying the proportion of amounts of levy money paid to APRA, on behalf of the Commonwealth, for the year, that is to be credited to the APRA Special Account on an ongoing basis.

4 Subsections 50(2) and 50(3)

Repeal the subsections, substitute:

the excess is to be credited to the APRA Special Account.

Note: The annual financial statements of APRA, in respect of the APRA Special Account, must be prepared in accordance with the Finance Minister’s Orders (see Financial Management and Accountability Act 1997).section 49 of the

The proportion determined under subsection (1A) of any amount of levy money paid to APRA, on behalf of the Commonwealth, for a financial year, is to be credited to the APRA Special Account.

If the amount of levy money paid to APRA, on behalf of the Commonwealth, for a financial year, exceeds the sum of:

the amount determined under paragraph (1)(a), or the total of the amounts determined under paragraph (1)(b), for that financial year; and

the proportion determined under subsection (1A) of amounts of levy money, for that financial year;

5 Subsection 50(6)

Insert:

SuperStream measures means:

(a) the superannuation data and payment regulations and standards made under the Superannuation Industry (Supervision) Act 1993; and

(b) the data and payment regulations and standards for retirement savings accounts made under the Retirement Savings Accounts Act 1997; and

the requirement that tax file numbers be the primary means for identifying member accounts; and

any other matter prescribed by the regulations made for the purposes of this subsection.

6 Application

The amendments made by this Schedule apply from 1 July 2012.

Endnotes

Endnote 1—About the endnotes

The endnotes provide details of the history of this legislation and its provisions. The following endnotes are included in each compilation:

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Endnote 5—Uncommenced amendments

Endnote 6—Modifications

Endnote 7—Misdescribed amendments

Endnote 8—Miscellaneous

If there is no information under a particular endnote, the word “none” will appear in square brackets after the endnote heading.

Abbreviation key—Endnote 2

The abbreviation key in this endnote sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history—Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended the compiled law. The information includes commencement information for amending laws and details of application, saving or transitional provisions that are not included in this compilation.

The amendment history in endnote 4 provides information about amendments at the provision level. It also includes information about any provisions that have expired or otherwise ceased to have effect in accordance with a provision of the compiled law.

Uncommenced amendments—Endnote 5

The effect of uncommenced amendments is not reflected in the text of the compiled law but the text of the amendments is included in endnote 5.

Modifications—Endnote 6

If the compiled law is affected by a modification that is in force, details of the modification are included in endnote 6.

Misdescribed amendments—Endnote 7

An amendment is a misdescribed amendment if the effect of the amendment cannot be incorporated into the text of the compilation. Any misdescribed amendment is included in endnote 7.

Miscellaneous—Endnote 8

Endnote 8 includes any additional information that may be helpful for a reader of the compilation.

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Endnote 5—Uncommenced amendments [none]

Endnote 6—Modifications [none]

Endnote 7—Misdescribed amendments [none]

Endnote 8—Miscellaneous [none]