The Parliament of the Commonwealth of Australia

Explanatory Memorandum

(Circulated by authority of the Treasurer, the Hon Peter Costello, MP)

Chapter 2 - Amendment of Acts

Overview

2.1 Part 2 of this Bill sets out the effect of the Schedules to the Superannuation (Unclaimed Money and Lost Members) Consequential and Transitional Act 1999 (the Act). [Clause 3]

Purpose of the provisions

2.2 The purpose of Part 2 is to explain how the Schedules to the Act are to be interpreted.

Explanation of the provisions

Schedule(s)

2.3 Clause 3 is a standard provision in Commonwealth legislation containing Schedules and provides that subject to the commencement provisions of this Bill, each Act that is specified in a Schedule to this Bill is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.