Explanatory Memorandum
(Circulated by authority of the Minister for Revenue and Assistant Treasurer, Senator the Hon Helen Coonan)Outline and financial impact statement
1. This Bill makes minor amendments to section 237 of the Superannuation Industry (Supervision) Act 1993 'the SIS Act'.
2. These amendments are consequential to the amendments being made to the Superannuation (Financial Assistance Funding) Levy Act 1993 in the Superannuation (Financial Assistance Funding) Levy Amendment Bill 2002. The amendments contain no new policy.
Financial Impact Statement
3. The proposed amendments have no financial impact.
Regulation Impact Statement
Problem Identification
2.1 The amendments in Schedule 1 are consequential to the proposed amendments contained in the Superannuation (Financial Assistance Funding) Levy Amendment Bill 2002, which amends the Superannuation (Financial Assistance Funding) Levy Act 1993. The impact of these proposed amendments are assessed in the regulation impact statement contained in the Explanatory Memorandum attached to that Bill.
Proposed legislation
Clause 1 - Short Title
3.1 Upon enactment, the Act would be known as Superannuation Industry (Supervision) Amendment Act 2002.
Clause 2 - Commencement
3.2 Clause 2 provides for the sections 1 to 3, and anything in the Act not covered by the table contained within clause 2, to commence on Royal Assent.
3.3 Schedule 1 of the act will commence at the same time that the Superannuation (Financial Assistance Funding) Levy Amendment Act 2002 commences.
Clause 3 - Schedules
3.4 Clause 3 states that each Act that is specified in a schedule to this Act will be amended or repealed, as it is included in this Act.
Schedule 1 - Amendment of the Superannuation Industry (Supervision) Act 1993
3.5 This schedule makes minor amendments to subsection 237(2) of Superannuation Industry (Supervision) Act 1993 to clarify that a reference in subsection 237(2) to a levy that was imposed can relate to one or more determinations to grant financial assistance.
3.6 Items 1-3 remove certain terms specified in the singular ('a determination', 'to a fund', 'the amount') and replacing them with terms which give effect to this policy ('one or more determinations', ' the total amount').