Superannuation Legislation Amendment (Early Release of Superannuation) Act 2011 (108 of 2011)

Schedule 1  

Part 2   Amendment of the Australian Prudential Regulation Authority Act 1998

Australian Prudential Regulation Authority Act 1998

17   Paragraphs 50(1)(a) and (b)

Repeal the paragraphs, substitute:

(a) a determination specifying the amount of the levy money payable to the Commonwealth, in respect of levy for that financial year, to cover the costs to the Commonwealth of:

(i) providing market integrity and consumer protection functions for prudentially regulated institutions; and

(ii) administering the function of making determinations about the release on compassionate grounds of benefits that are in a superannuation entity or retirement savings account;

(b) a determination, in respect of each class of levy for that financial year, specifying the amount of the levy money payable to the Commonwealth in respect of that class of levy for that financial year, to cover the costs to the Commonwealth of:

(i) providing market integrity and consumer protection functions for prudentially regulated institutions; and

(ii) administering the function of making determinations about the release on compassionate grounds of benefits that are in a superannuation entity or retirement savings account.

Note: Regulations made under the Superannuation Industry (Supervision) Act 1993 and the Retirement Savings Accounts Act 1997 provide for the making of determinations about the release of benefits on compassionate grounds.