House of Representatives

Explanatory Memorandum

(Circulated by authority of the Assistant Treasurer, the 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 45 of Schedule 1 sets out when items in the Schedule apply and item 34 of Schedule 1 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This clause provides that each Act specified in a Schedule to this Act is amended or repealed as set out in the Schedule.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 .