Explanatory Statement
Issued by the Authority of the Assistant TreasurerExplanatory Statement
Superannuation Industry (Supervision) Act 1993
Superannuation Industry (Supervision) (SIS) Amendment Regulations 1999 (No. 5)
The Regulations amend the Superannuation Industry (Supervision) Regulations 1994 (the SIS Regulations) as a consequence of a package of legislative measures which improve and consolidate existing provisions governing the reporting of lost superannuation members and the lost members register.
The Governor-General may make Regulations under section 353 of the Act.
The purpose of the Regulations is to make amendments to the SIS Regulations as a consequence of a package of legislative measures which affect the existing requirements to report lost members under the SIS Regulations.
The Superannuation (Unclaimed Money and Lost Members) Act 1999, the Superannuation (Unclaimed Money and Lost Members) Consequential and Transitional Act 1999, the Retirement Savings Accounts Amendment Regulations 1999 and the Superannuation (Unclaimed Money and Lost Members) Regulations 1999 represent a package of legislative measures designed to consolidate and improve existing provisions relating to the reporting of lost superannuation members to the Commissioner of Taxation.
As a result of that package of measures, consequential amendments are required to the SIS Regulations to remove the existing lost member reporting requirements from the SIS Regulations (they are replaced by new requirements in the Superannuation (Unclaimed Money and Lost Members) Regulations 1999).
The Regulations are described in detail in the attachment. The Regulations commence on gazettal.
Superannuation Industry (Supervision) Amendment Regulations 1999 (No. 5)
Regulation 1 specifies the name of the Regulations as the Superannuation Industry (Supervision) Amendment Regulations 1999 (No. 5).
Regulation 2 provides that the Regulations commence on gazettal.
Regulation 3 provides that Schedule 1 amends the Superannuation Industry (Supervision) Regulations 1994.
Item 1 of Schedule 1 amends the explanatory note for the definition of 'lost member' in subRegulation 1.03A(3) as a consequence of the transfer of provisions relating to the reporting of lost members from Regulation 11.08 of the SIS Regulations to the Superannuation (Unclaimed Money and Lost Members) Regulations 1999.
Items 2, 3 and 4 of Schedule 1
Regulation 5.17 of the SIS Regulations provides benefit protection for lost members that have become 'reportable' pursuant to Regulation 11.08. Regulation 11.08 will be repealed by Item 5 of Schedule 1.
Consequent upon the repeal of Regulation 11.08, Items 2, 3 and 4 of Schedule 1 make consequential amendments to Regulation 5.17 to incorporate the 'reportable' element of repealed Regulation 11.08 into Regulation 5.17. This will ensure that the benefit protection rules in Regulation 5.17 are self-contained and continue to have their existing effect.
Item 5 repeals Regulation 11.08 as a consequence of the transfer of provisions relating to the reporting of lost members from Regulation 11.08 to the Superannuation (Unclaimed Money and Lost Members) Regulations 1999.