Senate

Explanatory Memorandum

(Circulated by authority of the Minister for Revenue and Assistant Treasurer, Senator the Hon Helen Coonan)

Proposed legislation

Clause 1 - Short Title

3.1 Upon enactment, the Act would be known as Superannuation Industry (Supervision) Amendment Act 2002 .

Clause 2 - Commencement

3.2 Clause 2 provides for the sections 1 to 3, and anything in the Act not covered by the table contained within clause 2, to commence on Royal Assent.

3.3 Schedule 1 of the act will commence at the same time that the Superannuation (Financial Assistance Funding) Levy Amendment Act 2002 commences.

Clause 3 - Schedules

3.4 Clause 3 states that each Act that is specified in a schedule to this Act will be amended or repealed, as it is included in this Act.

Schedule 1 - Amendment of the Superannuation Industry (Supervision) Act 1993

3.5 This schedule makes minor amendments to subsection 237(2) of Superannuation Industry (Supervision) Act 1993 to clarify that a reference in subsection 237(2) to a levy that was imposed can relate to one or more determinations to grant financial assistance.

3.6 Items 1-3 remove certain terms specified in the singular ('a determination', 'to a fund', 'the amount') and replacing them with terms which give effect to this policy ('one or more determinations', ' the total amount').