Introduced with the Superannuation Supervisory Levy Imposition Amendment Bill 2012, the bill amends the:
Retirement Savings Accounts Act 1997 and
Superannuation Industry (Supervision) Act 1993 to: establish a framework to implement the superannuation data and payment regulations and standards that will apply to specified superannuation transactions undertaken by superannuation entities, retirement savings account providers and employers; and make consequential amendments;
Taxation Administration Act 1953 to provide for an administrative penalty framework for non-compliance with the superannuation data and payment regulations and standards; and
Australian Prudential Regulation Authority Act 1998 to: enable costs associated with the SuperStream measures to be included in the minister’s determination specifying the amount of levy payable to the Commonwealth; enable the minister to make a determination that specifies the proportion of levy money paid to the Australian Prudential Regulation Authority (APRA) that is to be credited to the APRA Special Account; and insert a definition of the measures covered by SuperStream.