Superannuation Legislation Amendment (Reducing Illegal Early Release and Other Measures) Bill 2012

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Not Proceeding
Parliament no
43
Summary
Introduced with the Income Tax Rates Amendment (Unlawful Payments from Regulated Superannuation Funds) Bill 2012, the bill amends the:
Superannuation Industry (Supervision) Act 1993
to provide for civil and criminal penalties for persons who promote a scheme that has resulted, or is likely to result, in the illegal early release of superannuation benefits;
Anti-Money Laundering and Counter-Terrorism Financing Act 2006
to require that superannuation benefits that are rolled over into self-managed superannuation funds (SMSFs) are captured as a designated service; and
Superannuation Industry (Supervision) Act 1993
and
Taxation Administration Act 1953
to provide for administrative directions and penalties for contraventions relating to SMSFs.

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Progress

House of Representatives
Introduced and read a first time 29 Nov 2012
Second reading moved 29 Nov 2012
Second reading debate 11 Feb 2013
Second reading agreed to 11 Feb 2013
Consideration in detail debate 11 Feb 2013
Lapsed at dissolution 05 Aug 2013

Documents and transcripts

Text of bill

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Explanatory memoranda

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Proposed amendments

House of representatives

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Schedules of amendments

No documents at present

Bills digest

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Helpful information

Text of bill

  • First reading: Text of the bill as introduced into the Parliament
  • Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.
  • As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.

Explanatory memoranda

  • Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.
  • Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.
  • Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.

Proposed amendments

Circulated by members and senators when they propose to make changed to the bill. For details about the outcome of proposed amendments please refer to either theĀ Votes and Proceedings (House of Representatives) or the Journals (Senate).

Schedules of amendments

Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.

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