Federal Register of Legislation - Australian Government

Primary content

A Bill for an Act relating to the primary objective of the superannuation system and the subsidiary objectives of the superannuation system, and for related purposes
Administered by: Treasury
For authoritative information on the progress of bills and on amendments proposed to them, please see the House of Representatives Votes and Proceedings, and the Journals of the Senate as available on the Parliament House website.
Registered 10 Nov 2016
Introduced HR 09 Nov 2016
Table of contents.

2016

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

Superannuation (Objective) Bill 2016

 

No.      , 2016

 

(Treasury)

 

 

 

A Bill for an Act relating to the primary objective of the superannuation system and the subsidiary objectives of the superannuation system, and for related purposes

  

  

  


Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 1

3............ Simplified outline of this Act.............................................................. 2

4............ Definitions.......................................................................................... 2

5............ The objectives of the superannuation system...................................... 3

6............ Statements of compatibility—Bills relating to superannuation............ 3

7............ Statements of compatibility—regulations relating to superannuation.. 4

8............ Regulations......................................................................................... 4

 


A Bill for an Act relating to the primary objective of the superannuation system and the subsidiary objectives of the superannuation system, and for related purposes

The Parliament of Australia enacts:

1  Short title

                   This Act is the Superannuation (Objective) Act 2016.

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

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1.  The whole of this Act

The first 1 January, 1 April, 1 July or 1 October to occur after the day this Act receives the Royal Assent.

 

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  Simplified outline of this Act

For every Bill or regulation relating to superannuation, there must be a statement of its compatibility with the primary objective of the superannuation system and the subsidiary objectives of the superannuation system.

4  Definitions

                   In this Act:

primary objective of the superannuation system has the meaning given by subsection 5(1).

rule‑maker has the same meaning as in the Legislation Act 2003.

subsidiary objectives of the superannuation system has the meaning given by subsection 5(2).

5  The objectives of the superannuation system

             (1)  The primary objective of the superannuation system is to provide income in retirement to substitute or supplement the age pension.

             (2)  The subsidiary objectives of the superannuation system are the matters prescribed by the regulations.

             (3)  To avoid doubt, this section does not affect the meaning of any law of the Commonwealth (other than this Act or the regulations).

6  Statements of compatibility—Bills relating to superannuation

             (1)  A member of Parliament who proposes to introduce a Bill for an Act into a House of the Parliament must, if the Bill relates to superannuation, cause a statement of compatibility to be prepared in respect of the Bill.

             (2)  A member of Parliament who introduces a Bill for an Act into a House of the Parliament, or another member acting on his or her behalf, must, if the Bill relates to superannuation, cause the statement of compatibility prepared under subsection (1) to be presented to the House.

             (3)  A statement of compatibility must include an assessment of whether the Bill is compatible with:

                     (a)  the primary objective of the superannuation system; and

                     (b)  the subsidiary objectives of the superannuation system.

             (4)  A statement of compatibility prepared under subsection (1) is not binding on any court or tribunal.

             (5)  A failure to comply with this section in relation to a Bill that becomes an Act does not affect the validity, operation or enforcement of the Act or any other provision of a law of the Commonwealth.

             (6)  This section does not apply to a Bill to the extent that it amends or repeals, or relates to an amendment or repeal of, an Act prescribed by regulations made for the purposes of this subsection.

7  Statements of compatibility—regulations relating to superannuation

             (1)  The rule‑maker for a regulation made under an Act must, if the regulation relates to superannuation, cause a statement of compatibility to be prepared in respect of the regulation.

Note:          The statement of compatibility must be included in the explanatory statement relating to the regulation (see section 15J of the Legislation Act 2003).

             (2)  A statement of compatibility must include an assessment of whether the regulation is compatible with:

                     (a)  the primary objective of the superannuation system; and

                     (b)  the subsidiary objectives of the superannuation system.

             (3)  A statement of compatibility prepared under subsection (1) is not binding on any court or tribunal.

             (4)  A failure to comply with this section in relation to a regulation does not affect the validity, operation or enforcement of the regulation or any other provision of a law of the Commonwealth.

             (5)  This section does not apply to a regulation to the extent that it amends or repeals, or relates to an amendment or repeal of, a regulation made under an Act prescribed by regulations made for the purposes of this subsection.

8  Regulations

                   The Governor‑General may make regulations prescribing matters:

                     (a)  required or permitted by this Act to be prescribed by the regulations; or

                     (b)  necessary or convenient to be prescribed for carrying out or giving effect to this Act.