Senate

Explanatory Memorandum

(Circulated by authority of the Assistant Treasurer, Senator the Hon Rod Kemp)

Preliminary

Explanation of Provisions

Clause 1 - Short Title

This clause provides the mode of citation of the Act.

Clause 2 - Commencement

This clause provides that the Act commences on the day it receives Royal Assent. In addition, item 46 of Schedule1 sets out when items in the Schedule apply and item35 of Schedule1 sets out transitional provisions.

Clause 3 - Schedule

This clause provides that each Act specified in a Schedule to this Act is amended or repealed as set out in the Schedule. The Schedule to this Act amends the Superannuation Industry (Supervision) Act 1993.