House of Representatives

Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Bill 2019

Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Act 2019

Revised Explanatory Memorandum

(Circulated by authority of the Assistant Treasurer, the Hon Stuart Robert MP)
This memorandum takes account of amendments made by the Senate to the bill as introduced.

[1]
Subsection 196(3) of the SIS Act.

[2]
Section 215 of the SIS Act.

[3]
Section 199 of the SIS Act.

[4]
Section 221 of the SIS Act.

[5]
APRA v Holloway (2000) 45 ATR 278, [12]; citing NW Frozen Foods Pty Ltd v Australian Competition and Consumer Commission (1996) 141 ALR 640, 648.

[6]
Subsection 196(4) of the SIS Act.

[7]
Section 200 of the SIS Act.

[8]
Olesen v Eddy (2011) 81 ATR 763, [18]; APRA v Derstepanian (2005) 60 ATR 518 at [40].

[9]
Oleson v Eddy (2011) 81 ATR 763, [32]: Mansfield J combined 160 contraventions into 'one contravening course of conduct' such that Eddy was only liable to a single maximum penalty of 2,000 penalty units.

[10]
Board Governance of Not for Profit Superannuation Funds (2017), page 32.

[11]
Super System Review Final Report (2010), Part Two: Recommendation Packages, page 56

[12]
Super System Review Final Report (2010), Part One: Overview and Recommendations, page 7

[13]
Ibid, page 1

[14]
The 2014 ANZ financial literacy survey, p4. See
http://www.financialliteracy.gov.au/media/558752/research-anz-adultfinancialliteracysurvey2014-fullreport.pdf

[15]
Super System Review Final Report (2010), Part Two: Recommendation Packages, page 56

[16]
Ibid.

[17]
Bernie Fraser (16 February 2017) Board Governance of Not for Profit Superannuation Funds , page 32

[18]
Subsection 196(3) of the SIS Act.

[19]
Section 215 of the SIS Act.

[20]
Section 199 of the SIS Act.

[21]
Section 221 of the SIS Act.

[22]
APRA v Holloway (2000) 45 ATR 278, [12]; citing NW Frozen Foods Pty Ltd v Australian Competition and Consumer Commission (1996) 141 ALR 640, 648.

[23]
Section 196(4) of the SIS Act.

[24]
Section 200 of the SIS Act.

[25]
Olesen v Eddy (2011) 81 ATR 763, [18]; APRA v Derstepanian (2005) 60 ATR 518 at [40].

[26]
Olesen v Eddy (2011) 81 ATR 763, [32]: Mansfield J combined 160 contraventions into 'one contravening course of conduct' such that Eddy was only liable to a single minimum penalty of 2,000 penalty units.

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