Explanatory Memorandum
Circulated by authority of the Minister for Superannuation and Corporate Law, Senator the Hon Nick SherryNOTES ON CLAUSES
Clause 1 : Short title
Clause 1 provides for the short title of the Act to be the Superannuation Legislation Amendment (Trustee Board and Other Measures ) ( Consequential Amendments) Act 2008 .
Clause 2 : Commencement
2. Clause 2 is the commencement provision for the Bill. The commencement dates for specific provisions are included in the table in subclause 2(1).
3. Item 1 of the table provides that the Act, except for the Schedules, commences on the day on which it receives Royal Assent.
4. Item 2 of the table provides that Schedules 1 to 3 commence on the day on which the Act receives Royal Assent.
5. Item 3 of the table provides that items 1 and 2 of Schedule 4 commence on the day on which the Act receives Royal Assent.
6. Item 4 of the table provides that items 3 to 7 of Schedule 4 commence on 1 July 2008 to coincide with the commencement of changes to the Superannuation Guarantee (Administration) Act 1992 which will require employers to use ordinary time earnings as the earnings base for an employee when calculating their Superannuation Guarantee obligations in all cases.
Clause 3 : Schedule(s )
7. Clause 3 provides that each Act specified in a Schedule to the Act is amended or repealed as set out in the applicable items in the Schedule concerned.