Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Act 2012 (171 of 2012)

Schedule 6   Moving accrued default amounts

Superannuation Industry (Supervision) Act 1993

12   At the end of section 193

Add:

;(l) section 388.

12A After section 349A

Insert:

349B Acquisition of property

(1) This Act does not apply to the extent (if any) that its operation would result in an acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) from a person otherwise than on just terms (within the meaning of that paragraph).

(2) The following subsections do not limit subsection (1).

(3) If, apart from this section, this Act would result in such an acquisition of property because:

(a) it would require a person to take action in relation to an accrued default amount; or

(b) it would require a person to take action in relation to an asset of the kind mentioned in subparagraph 29SAB(a)(i);

then despite any other provision of this Act, the person is not required to take that action.

(4) If, apart from this section, this Act would result in such an acquisition of property because it would prevent the charging of a fee of a kind mentioned in paragraph 29SAC(1)(a), then despite any other provision of this Act, the person is not prevented from charging that fee.

(5) If, apart from this section, this Act would result in such an acquisition of property because it would require or permit a person to use, disclose or publish information, then despite any other provision of this Act, the person is not required or permitted to use, disclose or publish the information in the circumstances that would result in such an acquisition.

(6) If, apart from this section, this Act would result in such an acquisition of property because it excuses a person from liability, then despite any other provision of this Act, the person is not excused from the liability.

(7) To avoid doubt, any provision that does not result in an acquisition of property continues to apply in relation to:

(a) action in relation to accrued default amounts; and

(b) action in relation to an asset of the kind mentioned in subparagraph 29SAB(a)(i); and

(c) the charging of a fee of a kind mentioned in paragraph 29SAC(1)(a); and

(d) the use, disclosure and publication of information; and

(e) a liability.