The Government on Thursday 9.2.2012, released draft legislation proposing to give effect to its SuperStream reforms aimed at improving the administration and management of superannuation accounts. Broadly, the proposed amendments seek to support the implementation of mandatory data and payment standards for transactions undertaken by superannuation entities and employers. The Exposure Draft – Superannuation Legislation Amendment (Stronger Super and Other Measures) Bill (No 2) 2012 is available on the Stronger Super Website.
The Draft Bill will insert a new administrative penalty regime (to be administered by the Commissioner) to deal with contraventions of the data and payment regulations or standards by employers and superannuation trustees. Employers and superannuation trustees will be liable for an administrative penalty if they fail to comply with the data and payment regulations and standards, or a direction to comply.
When finalised, the amendments will commence the day after the Bill receives Royal Assent, applicable to superannuation trustees from 1 July 2013. The amendments will apply to medium to large employers (ie 20 or more employees) from 1 July 2014 (or 1 July 2015 for small employers).
Comments are due by 23 February 2012.
[LTN 27, 10/2]