Superannuation Guarantee (Administration) Amendment Act 2015

No. 71, 2015

An Act to amend the Superannuation Guarantee (Administration) Act 1992, and for related purposes

Contents

1 Short title 1

2 Commencement 2

3 Schedules 2

Schedule 1—Temporary residents 3

Superannuation Guarantee (Administration) Act 1992 3

Schedule 2—Transfers to successor funds 4

Superannuation Guarantee (Administration) Act 1992 4

Superannuation Guarantee (Administration) Amendment Act 2015

No. 71, 2015

An Act to amend the Superannuation Guarantee (Administration) Act 1992, and for related purposes

[Assented to 25 June 2015]

The Parliament of Australia enacts:
1 Short title

This Act may be cited as the Superannuation Guarantee (Administration) Amendment Act 2015.
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
Provisions Commencement Date/Details
1. The whole of this Act 1 July 2015. 1 July 2015

Note: This table relates only to the provisions of this Act as originally enacted.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.

 2

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 Schedules

Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
Temporary residents

Superannuation Guarantee (Administration) Act 1992

 1 After subsection 32C(2A)

Insert:

(2AA) Paragraph (2)(ba) does not apply if the employee is, within the meaning of the Migration Act 1958, the holder of a temporary visa.

 2 At the end of section 32NA

Add:

 11

(11) An employer is not required under Migration Act 1958, the holder of a temporary visa.section 32N to give an employee a standard choice form if the employee is, within the meaning of the

3 Application of amendments

If:

the amendments made by this Schedule are taken to have applied, in relation to that employee, from the commencement of that employment.

 a

an employee commences employment before the commencement of this Schedule; but

 b

(b) the 28 day period referred to in subsection 32N(2) of the Superannuation Guarantee (Administration) Act 1992 ends after that commencement;

 Transfers to successor funds

Superannuation Guarantee (Administration) Act 1992

 1 Paragraph 32C(2)(ba)

Omit “either”.

 2 Subparagraph 32C(2)(ba)(ii)

Omit “and” (last occurring), substitute “or”.

 3 At the end of paragraph 32C(2)(ba)

Add:

 iii

meets the requirements to be a successor default fund under subsection (2AB) of this section; and

 4 Before subsection 32C(2B) (before the heading)

Insert:

(2AB) For the purposes of subparagraph (2)(ba)(iii), a fund (the new fund) meets the requirements to be a successor default fund if:

 a

(a) the employee’s interest in a fund (the original fund) is transferred to the new fund without the consent of the member; and

 b

the original fund is a fund:

 i

to which subparagraph (2)(ba)(i) applies; or

 ii

to which subparagraph (2)(ba)(ii) applies, or would have applied if the transfer had not occurred; and

 c

(c) the new fund is a successor fund (within the meaning of the Income Tax Assessment Act 1997) in relation to the transfer.

 5 At the end of Division 4 of Part 3A

Add:

 32J A successor fund may become a chosen fund

For the purposes of this Act, if:

from the time the transfer takes effect, the other fund is taken to be a chosen fund for the employee, and the original fund is taken no longer to be a chosen fund for the employee.

 a

(a) an employee’s interest in a superannuation fund (the original fund) is transferred to another superannuation fund without the consent of the member; and

 b

(b) the other fund is a successor fund (within the meaning of the Income Tax Assessment Act 1997) in relation to the transfer; and

 c

immediately before the transfer takes effect, the original fund was a chosen fund for the employee; and

 d

at the time the transfer takes effect, the other fund:

 i

is an eligible choice fund; and

 ii

is a fund to which the employer can make contributions for the benefit of the employee;

 6 After subsection 32NA(1)

Insert:

 1A

An employer is not required under section 32N to give an employee a standard choice form if:

 a

the employer is making contributions of a kind mentioned in subsection 32C(2) for the benefit of the employee; and

 b

the fund to which the contributions are made meets the requirements to be a successor default fund under subsection 32C(2AB).

 7 Application of amendments

The amendments made by this Schedule apply in relation to transfers of interests in superannuation funds that occur on or after 1 July 2015.

[Minister’s second reading speech made in—

House of Representatives on 28 May 2015

Senate on 16 June 2015]

(81/15)