Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Bill 2013

Type
Government
Portfolio
Treasury 
Originating house
House of Representatives 
Status
Act 
Parliament no
43
Summary
Amends the:
Corporations Act 2001
  to require registrable superannuation entity licensees that are also responsible entities of registered managed investment schemes to comply with requirements on adequate resources and risk management systems;
Superannuation Industry (Supervision) Act 1993
  to: over-ride any provision in the governing rules of a registrable superannuation entity that requires the trustee to use a specified service provider, investment entity or financial product; enable the Australian Prudential Regulation Authority to issue infringement notices for a broader range of breaches of the Act; require superannuation trustees to provide eligible persons, generally on request, with the reasons for decisions made in relation to a complaint; require persons seeking to take legal action against a director for a breach of their duties to first seek leave from the court; extend the availability of certain legal defences to directors and trustees; remove restrictions on director voting; clarify the definition of ‘superannuation contribution’ to include defined benefits; and make consequential amendments;
Superannuation (Resolution of Complaints) Act 1993
  to increase the time limits within which beneficiaries can lodge complaints with the Superannuation Complaints Tribunal regarding total and permanent disability claims;
First Home Saver Accounts Act 2008
  to make consequential amendments; and
Superannuation Legislation Amendment (MySuper Core Provisions) Act 2012
  to make technical amendments. 

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Progress

House of Representatives
29 Nov 2012Introduced and read a first time
29 Nov 2012Second reading moved
21 Mar 2013Second reading debate
15 May 2013Second reading debate
15 May 2013Second reading agreed to
15 May 2013Consideration in detail debate

Amendment details: 36 Government agreed to
15 May 2013Third reading agreed to
Senate
16 May 2013Introduced and read a first time
16 May 2013Second reading moved
24 Jun 2013Second reading debate
24 Jun 2013Second reading agreed to
24 Jun 2013Third reading agreed to


24 Jun 2013Text of bill as passed both Houses
26 Jun 2013Assent

Act no.: 61

Year: 2013

Documents and transcripts

Text of bill

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Explanatory memoranda

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Transcript of speeches

Proposed amendments

Senate
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House of Representatives
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Schedules of amendments

No documents at present

Committee Information

No documents at present

Bills Digest PDF Format

Notes

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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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