The Superannuation Legislation Amendment (Stronger Super) Bill 2012 and the Superannuation Supervisory Levy Imposition Amendment Bill 2012 were introduced into the House of Reps on Thur 24.5.2012.The Bills seek to give effect to the Government’s SuperStream reforms.
The main Bill proposes to amend the SIS Act to establish a framework to support the implementation of mandatory data and payment standards for specific transactions undertaken by employers and superannuation trustees. Currently, there are no mandated data, payment or transmission requirements for transactions within the superannuation system (apart from some reports and forms). The Bill will give the Commissioner the ability to issue mandatory data and payment standards.
A new administrative penalty regime will also be inserted into the TAA, to be administered by the Commissioner. It will deal with contraventions of the data and payment regulations or standards by employers and superannuation trustees.
The Bills also provide for a new SuperStream supervisory levy for APRA-regulated superannuation funds from 1 July 2012 until 30 June 2018 to recover the estimated $467m to implement the SuperStream reforms.
DATE OF EFFECT: The data and payment standards will apply to superannuation trustees from 1 July 2013. The standards will apply to medium to large employers (ie 20 or more employees) from 1 July 2014 and 1 July 2015 for small employers.
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