House of Representatives

Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Bill 2012

Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Act 2012

Superannuation Auditor Registration Imposition Bill 2012

Superannuation Auditor Registration Imposition Act 2012

Explanatory Memorandum

(Circulated by the authority of the Deputy Prime Minister and Treasurer, the Hon Wayne Swan MP)

Index

SUPERANNUATION LAWS AMENDMENT (CAPITAL GAINS TAX RELIEF AND OTHER EFFICIENCY MEASURES) BILL 2012

Schedule 1: Merging superannuation funds

Bill reference Paragraph number
Items 1 and 2, notes 1 and 2 to section 310-1 1.17
Item 1, note 1 to section 310-1 1.49
Items 3, 4, 11, 13, 16 and 18, table item 4 in subsection (2)(1), item 11 of Schedule 1, note to subsection 310-55(1), note to subsection 310-60(1), note to subsection 310-65(1), and note to subsection 310-70(1) 1.18
Item 5, subsection 310-10(1) 1.19
Item 6, subparagraphs 310-35(1)(b)(i) and (ii) 1.28
Items 7 and 8, paragraph 310-40(1)(b) and subparagraphs 310-40(1)(b)(i) and (ii) 1.31
Item 9, subsection 310-40(1) 1.32
Item 10, subsection 310-50(1) 1.37
Item 10, subsection 310-50(2) 1.38
Item 10, subsection 310-50(3) 1.39
Item 12 and 14, subsections 310-60(1) and (2) 1.41
Item 15, subsection 310-60(3) 1.42
Item 17, subsection 310-70(1) 1.45, 1.46
Item 19 1.48

Schedule 2: Approved SMSF auditors

Bill reference Paragraph number
Item 1, paragraph 6(1)(a) 2.14
Item 2, paragraph 6(1)(da) 2.15
Item 3, subparagraph 6(1)(e)(v) 2.16
Item 4, paragraph 6(1)(ea) 2.17
Item 5, subsection 10(1) 2.18
Item 6, subsection 10(1) 2.19
Item 7, subsection 10(1) 2.20
Item 8, subsection 10(1) 2.21
Item 9, Division 1A 2.22
Item 9, Subdivision A 2.23
Item 9, section 128A 2.24
Item 9, paragraph 128B(1)(a) 2.25
Item 9, subparagraph 128B(1)(b)(i) 2.26
Item 9, subparagraph 128B(b)(ii) 2.27
Item 9, subsection 128B(2) 2.30
Item 9, subsection 128B(3) 2.31
Item 9, subsection 128B(4) 2.32
Item 9, subsection 128B(5) 2.33
Item 9, subsection 128B(6) 2.34
Item 9, subsection 128B(7) 2.35
Item 9, subsection 128B(8) 2.36
Item 9, section 128C 2.37
Item 9, section 128D(1) 2.38
Item 9, subsection 128D(2) 2.39
Item 9, subsection 128D(3) 2.42
Item 9, subsection 128E(1) 2.44
Item 9, paragraph 128E(2)(a) 2.45
Item 9, paragraph 128E(2)(b) 2.46
Item 9, paragraph 128E(2)(c) 2.48
Item 9, paragraph 128E(2)(d) 2.49
Item 9, subsections 128E(3) and (4) 2.50
Item 9, subsection 128E(5) 2.51
Item 9, Subdivision B 2.52
Item 9, paragraph 128F(a) 2.53
Item 9, paragraph 128F(b) 2.54
Item 9 subparagraph 128F(c)(i) 2.55
Item 9, subparagraph 128F(c)(ii) 2.56
Item 9, subparagraph 128F(c)(iii) 2.57
Item 9, paragraph 128F(d) 2.59
Item 9, section 128G 2.60
Item 9, section 128H 2.62
Item 9, Subdivision C 2.64
Item 9, subsection 128J(1) 2.65
Item 9, subsection 128J(2) 2.66
Item 9, subsection 128J(3) 2.67
Item 9, subsection 128J(4) 2.68
Item 9, section 128K 2.69
Item 9, Subdivision D 2.71
Item 9, subsection 128L(1) 2.72
Item 9, subsection 128L(2) 2.75
Item 9, subsection 128L(3) 2.76
Item 9, subsection 128L(4) 2.77
Item 9, subsection 128L(5) 2.78
Item 9, subsection 128L(6) 2.79
Item 9, subsection 128L(7) 2.80
Item 9, subsection 128L(8) 2.81
Item 9, subsection 128M(1) 2.82
Item 9, subsection 128M(2) 2.83
Item 9, Subdivision E 2.84
Item 9, section 128N 2.85
Item 9, subsection 128P(1) 2.89
Item 9, subsection 128P(2) 2.90
Item 9, subsection 128P(3) 2.91
Item 9, subsection 128Q(1) 2.93
Item 9, subsection 128Q(2) 2.94
Item 9, subsection 128Q(3) 2.95
Item 9, subsections 128Q(4) and (5) 2.96
Item 10, subsection 130F(1) 2.99
Item 10, paragraph 130F(2)(a) 2.100
Item 10, paragraph 130F(2)(b) 2.101
Item 10, paragraph 130F(2)(c) 2.102
Item 10, paragraph 130F(2)(d) 2.103
Item 10, subsection 130F(3) 2.105
Item 10, subsection 130F(4) 2.106
Item 10, subsection 130F(5) 2.107
Item 10, subsection 130F(6) 2.108
Item 10, subsection 130F(7) 2.109
Item 10, subsection 130F(8) 2.110
Item 10, subsection 130F(9) 2.111
Item 10, subsection 130F(10) 2.112
Item 10, subsection 130F(11) 2.113
Item 10, subsection 130F(12) 2.114
Item 10, subsection 130F(13) 2.115
Item 11, paragraph 6(2AA)(a) 2.122
Item 11, paragraph 6(2AA)(b) 2.123
Item 12, subsection 6(2AB) 2.125
Item 13, subsection 10(1) 2.126
Item 14, subsection 10(1), definition of 'relevant person' 2.128
Item 15, subsection 10(1) definition of 'relevant person' 2.129
Item 15, subsection 10(1), definition of 'reviewable decision' 2.130
Item 16, end of subsection 35C(1) 2.131
Item 17, subsection 35C(1A) 2.132
Item 18, paragraph 35C(5)(ba) 2.133
Item 19, subsection 35C(7) 2.134
Items 20 to 30, section 131 2.135
Item 31, subsection 131AA(1) 2.136
Items 32 and 33, subsection 131A(1) 2.137
Items 34 to 36, section 131B 2.138
Items 37 to 40, section 131C 2.140
Item 41, Part 25 (heading) 2.141
Item 42, paragraph 253(a) 2.144
Item 43, paragraph 253(c) 2.145
Item 44, at the end of section 253 2.146
Items 45 and 46, section 253A 2.147
Item 47, Division 2 of Part 25 (heading) 2.148
Item 48, subsection 255(1) 2.149
Item 49, subsection 255(4) 2.150
Items 50 to 52, section 256 2.151
Items 53 to 67, Divisions 4 to 8 2.152
Item 68, subsection 344(12) 2.153
Item 69, item 6A 2.154
Item 70 2.158
Item 71, subsection (1) 2.162
Item 71, subsection (2) 2.163
Item 72 2.164
Item 73, subsection (1) 2.165
Item 73, subsection (2) 2.167
Item 73, subsection (3) 2.168
Item 73, subsection (4) 2.169
Item 74 2.170
Item 75 2.172
Item 76 2.173

Schedule 3: Expanded superannuation reporting

Bill reference Paragraph number
Items 1 and 2, Subdivision 390-A and subsection 390-5 5.13
Items 3 and 6, subsection 390-5(9) 5.15
Item 3 5.16
Item 4, paragraph 390-5(9)(a) 5.18
Item 5, paragraph 390-5(9)(b) 5.11
Item 6, subsection 390-5(9) 5.17
Items 7 and 8 paragraph 390-5(11)(c) 5.19
Item 9 5.20

Schedule 4: Improving efficiency and data quality in the superannuation system

Bill reference Paragraph number
Item 1, subsection 10(1) of the SIS Act and item 25, section 16 of the RSA Act 6.17
Item 2, subsection 10(1) of the SIS Act 6.18
Item 3, subsection 10(1) and item 26, section 16 of the RSA Act 6.19
Item 4 of the SIS Act and item 27 of the RSA Act 6.20
Item 5 of the SIS Act and item 28 of the RSA Act 6.21
Item 6, subsections 34Y(1) and (2) of the SIS Act and item 29, subsection 45Q(1) and (2) of the RSA Act 6.23
Item 6, subsection 34Y(3) of the SIS Act and item 29, subsection 45Q(3) of the RSA Act 6.29
Item 6, paragraphs34Y(4)(a) and (b) of the SIS Act and item 29, subsection 45Q(4) of the RSA Act 6.30
Item 6, subsection 34Y(5) of the SIS Act and item 29, subsection 45Q(5) of the RSA Act 6.32
Item 6, paragraphs 34Y(6)(a) and (b) of the SIS Act 6.33
Item 6, subsection 34Z(1) of the SIS Act and item 29, subsection 45R(1) of the RSA Act 6.35
Item 6, subsection 34Z(3) of the SIS Act and item 29, subsection 45R(3) of the RSA Act 6.40
Item 7 of the SIS Act and item 30 of the RSA Act 6.38, 6.39
Item 7, paragraph 34Z(1)(c) of the SIS Act and item 30, paragraph 45R(1)(c) of the RSA Act 6.37
Item 8, subsection 6(2AC) of the SIS Act and item 31, subsection (3)(2A) of the RSA Act 6.45
Item 9, subsection 10(1) of the SIS Act and item 32, section 16 of the RSA Act 6.46
Item 10, subparagraph 253(aa) of the SIS Act 6.48
Item 11 6.50
Item 12, subparagraph 255(1)(b), item 13, subparagraph 255(1)(c), item 14, subsection 255(1) and item 15, subsection 255(1) of the SIS Act and item 36, subparagraph93(1)(1A) of the RSA Act 6.52
Item 16, subsection 256(1) of the SIS Act and item 38, subsection 94 and item 40, paragraph 94(1)(a) of the RSA Act 6.54
Item 17, section 256A of the SIS Act and item 40, section 94A of the RSA Act 6.55
Item 18, subsection 287(5) of the SIS Act and item 41, subsection 117(5) of the RSA Act 6.56
Item 19, subsections 299CA(1) and (2) of the SIS Act and item 42, subsections 133A(1) and (2) of the RSA Act 6.64
Item 20, subsections 299LB(1) and (2) of the SIS Act and item 43, subsections 137B(1) and (2) of the RSA Act 6.67
Item 21 of the SIS Act and item 44 of the RSA Act 6.69
Item 22 and item 23 of the SIS Act and item 45 and item 46 of the RSA Act 6.70
Item 24, subsection 299TC(1) of the SIS Act and item 47, subsection 143(C)(1) of the RSA Act 6.71
Item 24, subsection 299TC(2) of the SIS Act and item 47, subsection 143(C)(2) of the RSA Act 6.74
Item 24, subsection 299TD(1) of the SIS Act and item 47, subsection 143D(1) of the RSA Act 6.77
Item 24, subsection 299TD(2) of the SIS Act and item 47, subsection 143D(2) of the RSA Act 6.78
Item 24, subsection 299TD(3) of the SIS Act and item 47, subsection 143D(3) of the RSA Act 6.82
Item 24, subsection 299TE(1) of the SIS Act and item 47, subsection 143E(1) of the RSA Act 6.83
Item 24, subsection 299TE(3) and item47, subsection 143E(3) 6.86
Item 25, section 299TF of the SIS Act and item 48, subsection 143F of the RSA Act 6.88
Item 29, subsection 45Q(6) of the RSA Act 6.34
Item 33 of the RSA Act 6.47
Item 34, subparagraph 91(a)(aa) of the RSA Act 6.49
Item 35 of the RSA Act 6.51
Item 37, subsection 93(2) of the RSA Act 6.53
Item 48, subsection 202DH(2); item 49, subsection 202DJ(2) of the ITAA 1936 6.97
Item 51, subsection 202DJ(2) of the ITAA 1936 6.98
Item 52, subsection 202DJ(2) of the ITAA 1936 6.99
Item 53, subsection 16(definition) of the RSA Act 6.96
Item 53, subsection 202DJ(2) of the ITAA 1936 6.100
Item 54, section 34H(1) and (2); item 55, paragraphs 34K(1)(a) and (b); item 56, subsection 34K(2); item 57, paragraphs 34K(3)(a) and (b); item 58, subsection 34K(4); item 59, subparagraphs 34K(5)(a)(i) and ( ii), item 60, 34K(5)(b); item 61, section 34M (heading); item 62, subsection 34M(1); item 63, subsection 34M(1); item 64, subsection 34N(1); item 65, section 34P (heading); item 66, subsection 34P(1); item 67, subsection 34P(1); item 68, paragraph 34P(2)(a); item 69, subsection 34P(3); item 70, subsection 34P(4); item 71, subsections 34P(6), (8) and (9); item 72, section 299W (definition) of the SIS Act; item 73, paragraph 20(1)(a) of the Superannuation Legislation Amendment (Stronger Super) Act 2012 6.94
Item 74, subsection 288-110(1) in schedule 1 (heading) of the TAA 1953 6.95

SUPERANNUATION AUDITOR REGISTRATION IMPOSITION BILL 2012

Bill reference Paragraph number
Section 3 3.9
Section 4, subsection (1) 3.10
Section 4, subsection (2) 3.11
Section 4, subsection (3) 3.12

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