The Government late on Wed 22.8.2012, released for comment draft legislation which seeks to support the implementation of the SuperStream measures, which are one subset of the Government’s Stronger Super reforms. Specifically, the proposed amendments aim to support the superannuation data and payment regulations.
Some of the key features of the proposed amendments are as follows:
- The Commissioner must keep a register containing information about the electronic identity of certain superannuation funds.
- Trustees of prescribed superannuation funds are required to provide the Commissioner with information for inclusion on the register.
- A penalty of strict liability will be introduced for failure to provide this information to the Commissioner.
- The Commissioner may request information from an employer to determine whether the requirements applicable to the superannuation data and payment regulations and standards are being met.
- The Commissioner may give a trustee the TFN of a member who has not quoted the TFN to the fund, if the member has previously quoted their TFN to another superannuation fund.
The changes are proposed to commence the day the Bill receives Assent.
The draft legislation and EM are on the Treasury website.
COMMENTS are due by 29 August 2012.
[LTN 163, 23/8]