Explanatory Memorandum
(Circulated by authority of the Minister for Finance and Deregulation,Senator The Honourable Penny Wong)SUPERANNUATION LEGISLATION (CONSEQUENTIAL AMENDMENTS AND TRANSITIONAL PROVISIONS) BILL 2011
NOTES ON CLAUSES
Clause 1 - Short title
Clause 1 is a formal provision that the Bill, once enacted, may be referred to as the Superannuation Legislation (Consequential Amendments and Transitional Provisions) Act 2011 .
Clause 2 - Commencement
2. Clause 2 sets out the commencement provisions for the Bill. The commencement dates for specific provisions are included in the table in subclause 2(1).
3. Item 1 of the table provides that sections 1 to 3 and anything in the Act not covered elsewhere commence on the day the Act receives Royal Assent.
4. Item 2 of the table provides that Schedules 1 and 2 commence immediately after the commencement of section 2 of the Governance of Australian Government Superannuation Schemes Act 2011 (Governance Act). Section 2 provides for the Commencement of the Governance Act on 1 July 2011.
Clause 3 - Schedule(s)
5. Subclause 3(1 ) provides that each Act and each set of regulations specified in a Schedule to the Act is amended or repealed as set out in the applicable items in the Schedule concerned. It also provides that any other item in a Schedule to the Act has affect according to its terms.
6. Subclause 3(2 ) provides that regulations amended by the Act do not prevent those regulations from being subsequently amended or repealed by the Governor-General.