Federal Register of Legislation - Australian Government

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SLI 2011 No. 83 Regulations as made
These Regulations reduce the minimum payment amounts for account based pensions by 25 per cent for 2011-12.
Administered by: Treasury
Made 02 Jun 2011
Registered 03 Jun 2011
Tabled HR 14 Jun 2011
Tabled Senate 15 Jun 2011
Date of repeal 09 Aug 2013
Repealed by Treasury (Spent and Redundant Instruments) Repeal Regulation 2013

Commonwealth Coat of Arms

Superannuation Industry (Supervision) Amendment Regulations 2011 (No. 1)1

Select Legislative Instrument 2011 No. 83

I, PROFESSOR MARIE BASHIR, AC, CVO, Administrator of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Superannuation Industry (Supervision) Act 1993.

Dated 2 June 2011

MARIE BASHIR

Administrator

By Her Excellency’s Command

BILL SHORTEN


1              Name of Regulations

                These Regulations are the Superannuation Industry (Supervision) Amendment Regulations 2011 (No. 1).

2              Commencement

                These Regulations commence on the day after they are registered.

3              Amendment of Superannuation Industry (Supervision) Regulations 1994

                Schedule 1 amends the Superannuation Industry (Supervision) Regulations 1994.


Schedule 1        Amendments

(regulation 3)

 

[1]           Schedule 1A, clause 2

omit

 clauses 3, 3A and 4,

insert

 clauses 3, 3A, 3B and 4,

[2]           Schedule 1A, after clause 3A

insert

3B.          For the financial year commencing on 1 July 2011, the minimum limit is 75% of the amount determined under the formula in clause 2.

[3]           Schedule 1AAB, clause 2

omit

 clauses 3, 3A and 4,

insert

 clauses 3, 3A, 3B and 4,

[4]           Schedule 1AAB, after clause 3A

insert

3B.          For the financial year commencing on 1 July 2011, the minimum limit is 75% of the amount determined under the formula in clause 2.

[5]           Schedule 6, clause 9

omit

 clause 10 applies.

insert

 clause 10 or 11 applies.

[6]           Schedule 6, after clause 10

insert

11.           For the financial year commencing on 1 July 2011, an amount is taken to have been determined in accordance with clause 1 if the amount is:

                (a)    not less than 67.5% of the amount determined in accordance with clause 1; and

               (b)    not greater than 110% of the amount determined in accordance with clause 1.

[7]           Schedule 7, clause 1

omit

 clauses 3, 4 and 4A,

insert

 clauses 3, 4, 4A and 4B,

[8]           Schedule 7, after clause 4A

insert

4B           For the financial year commencing on 1 July 2011, the amount of payments is 75% of the amount worked out using the formula in clause 1.


Note

1.       All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See http://www.frli.gov.au.