Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon. Ralph Willis, MP)EXPLANATORY NOTES ON THE SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT BILL 1995
Clause 1 - Short Title
1. Self explanatory.
Clause 2 - Commencement
2. Subclause (1) provides that sections 1, 2 and 3, subsection 4(1), section 5, Schedules 1 and 2, items 1, 6, 10, 22, 23, 24, 25, 26, 27, 30, 31, 32, 33, 71, 72, 73, 74, 75, and 86 of Schedule 4 and items 1 to 7, 10 to 12, 25 to 71, 73 to 78, paragraphs (a), (b) and (c) of item 95, paragraphs (a) and (b) of item 96 and items 97 to 102 of Schedule 5 commence on Royal Assent.
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- Subclause (2) provides that subsection 4(3), Schedule 3 and items 3, 4, 8, 9, 14, 15, 16, 17, 18, 19, 20, 21, 76, 82, and 85 of Schedule 4 commence on the later of Royal Assent, or on Royal Assent of the Taxation Laws Amendment Act (No 2 ) 1995. The reason for this is that these amendments are related to amendments proposed to be made in the Taxation Laws Amendment Bill (No 2) 1995.
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- Subclause (3) provides that subsection 4(2) and the remaining items of Schedule 4 commence 28 days after Royal Assent.
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- Subclause (4) provides that the remaining items of Schedule 5 commence on a date to be fixed by Proclamation.
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- Subclause (5) provides that the items referred to in subclause (4) commence 6 months after Royal Assent, if they have not yet commenced by Proclamation.
Clause 3 - Termination of Modification Declaration No. 1
3. The Bill will insert (refer item 32 of Schedule 4) into the SIS Act, provisions which will make Modification Declaration No. 1 made by the Insurance and Superannuation Commissioner (the Commissioner) unnecessary. Consequently, this clause provides for the effective revocation of Modification Declaration No. 1 from immediately before the date the new provisions commence (which will be on the Bill receiving Royal Assent).
Clause 4 - Termination of Temporary Modification Declarations
4. The Bill will insert (refer items 10, 13 to 22, 24, 39 to 42 and 48 to 52 of Schedule 4) into the SIS Act, provisions which will make Temporary Modification Declarations Nos. 4, 7, 9, 13, 14, 15, 17, and 18 made by the Commissioner unnecessary. Consequently, this clause provides for the effective revocation of Temporary Modification Declarations Nos. 4, 7, 9, 13, 14, 15, 17, and 18.
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- Subclause (1) provides for the effective revocation of Temporary Modification Declarations Nos. 9, 15 and 18 from the date the related new provisions commence (which will be Royal Assent).
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- Subclause (2) provides for the effective revocation of Temporary Modification Declarations Nos. 7, 13 and 14 from the date the related new provisions commence (which will be 28 days after Royal Assent).
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- Subclause (3) provides for the effective revocation of Temporary Modification Declaration Nos. 4 and 17 from either Royal Assent of this Bill or Royal Assent of the Taxation Laws Amendment Act (No. 2) 1995 , whichever is later.
Clause 5 - Schedules
5. Self explanatory.