Treasury Laws Amendment (2023 Measures No. 2) Act 2023 (28 of 2023)

Schedule 2   Maintaining the Commonwealth Bank superannuation fund guarantee

Commonwealth Banks Act 1959

1   After subsection 117(3)

Insert:

(3A) If:

(a) immediately before the day (the commencement day ) that Schedule 1 to the Treasury Laws Amendment (2023 Measures No. 2) Act 2023 commences a person holds an interest in the superannuation fund; and

(b) immediately before the commencement day the Commonwealth guarantees under subsection (3) the due payment of any amount in respect of the person; and

(c) on or after the commencement day:

(i) the interest is transferred from the superannuation fund to a successor fund (within the meaning of the Income Tax Assessment Act 1997); and

(ii) the successor fund is a regulated superannuation fund;

then, so long as the person continues to hold an interest in the successor fund, the Commonwealth guarantees the due payment of any amount that is payable to or from the successor fund, by the trustee of the successor fund or by the Commonwealth Bank, in respect of the person.

(3B) Disregard subsection (3) when determining whether a regulated superannuation fund confers on a person equivalent rights in respect of an interest to the rights they had under another regulated superannuation fund in respect of the interest for the purposes of any law of the Commonwealth dealing with successor funds.