Explanatory Memorandum
(Circulated by the authority of the Deputy Prime Minister and Treasurer, the Hon Wayne Swan MP)General outline and financial impact
Administration of early release of superannuation on compassionate grounds
Part 1 of Schedule 1 to this Bill amends the Retirement Savings Accounts Act 1997 and the Superannuation Industry (Supervision) Act 1993 to facilitate the transfer of the administration of the early release of superannuation on compassionate grounds from the Australian Prudential Regulation Authority to the Chief Executive Medicare.
Part 3 of Schedule 1 to this Bill includes application and transitional provisions for these amendments.
Date of effect: These amendments commence on a single day to be fixed by Proclamation. However, if any of the provision(s) do not commence within the period of six months beginning on the day the Act receives the Royal Assent, they commence on the day after the end of that period.
Financial impact: These amendments have no financial impact.
Compliance cost impact: Low. There are no changes to the criteria for early release of superannuation on compassionate grounds.
Amendment of the Australian Prudential Regulation Authority Act 1998
Part 2 of Schedule 1 to this Bill amends section 50 of the Australian Prudential Regulation Authority Act 1998 to include the costs of the administration of the early release of superannuation on compassionate grounds by the Department of Human Services as one of the costs covered by the determination to be made by the Minister, for each financial year, of the amount of the levy money payable to the Commonwealth.
Part 3 of Schedule 1 to this Bill includes the application provision for these amendments.
Date of effect: These amendments commence on a single day to be fixed by proclamation. However, if any of the provision(s) do not commence within the period of six months beginning on the day the Act receives the Royal Assent, they commence on the day after the end of that period.
Financial impact: These amendments have no financial impact.
Compliance cost impact: Low.