Superannuation Legislation Amendment (2013 Measures No. 2) Regulation 2013
Select Legislative Instrument No. 278, 2013
I, Quentin Bryce AC CVO, Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulation under the Acts mentioned in section 3.
Dated 12 December 2013
Quentin Bryce
Governor‑General
By Her Excellency’s Command
Arthur Sinodinos AO
Assistant Treasurer
Contents
1............ Name of regulation.............................................................................. 1
2............ Commencement................................................................................... 1
3............ Authority............................................................................................. 1
4............ Schedule(s)......................................................................................... 1
Schedule 1—Amendments 2
Retirement Savings Accounts Regulations 1997 2
Superannuation Contributions Tax (Assessment and Collection) Regulations 1997 4
Superannuation Industry (Supervision) Regulations 1994 6
1 Name of regulation
This regulation is the Superannuation Legislation Amendment (2013 Measures No. 2) Regulation 2013.
2 Commencement
This regulation commences on the day after it is registered.
3 Authority
This regulation is made under the following Acts:
(a) the Retirement Savings Accounts Act 1997;
(b) the Superannuation Contributions Tax (Assessment and Collection) Act 1997;
(c) the Superannuation Industry (Supervision) Act 1993.
4 Schedule(s)
Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.
Schedule 1—Amendments
Retirement Savings Accounts Regulations 1997
1 After sub‑subparagraph 1.07(3A)(e)(vii)(B)
Insert:
or (C) sections 96‑20 and 96‑25 in Schedule 1 to the Taxation Administration Act 1953; or
(D) section 135‑75 in Schedule 1 to the Taxation Administration Act 1953;
2 After subparagraph 1.08(2)(d)(ii)
Insert:
or (iii) sections 96‑20 and 96‑25 in Schedule 1 to the Taxation Administration Act 1953; or
(iv) section 135‑75 in Schedule 1 to the Taxation Administration Act 1953;
3 Subregulation 4.01(2) (definition of non‑commutable allocated pension)
Repeal the definition, substitute:
non‑commutable allocated pension has the meaning given by regulation 4.01AA.
4 After regulation 4.01
Insert:
4.01AA Meaning of non‑commutable allocated pension
(1) In this Part and Schedule 2, non‑commutable allocated pension means a pension provided under the terms and conditions of an RSA that:
(a) meet the standards of subregulation 1.07(2); and
(b) ensure that, if the pension is commuted, the resulting superannuation lump sum cannot be cashed unless:
(i) the purpose of the commutation is mentioned in subregulation (2); or
(ii) before commutation, the pensioner has satisfied a condition of release in respect of which the cashing restriction for preserved benefits and restricted non‑preserved benefits is “Nil”; or
(iii) the purpose of the commutation is to satisfy an obligation to pay an amount to the Commissioner of Taxation under subsection 20F(1) of the Superannuation (Unclaimed Money and Lost Members) Act 1999.
(2) For subparagraph (1)(b)(i), the purpose is any of the following:
(a) to cash an unrestricted non‑preserved benefit;
(b) to pay a superannuation contributions surcharge;
(c) to give effect to an entitlement of a non‑member spouse under a payment split;
(d) to ensure that a payment may be made for the purpose of giving effect to a release authority under any of the following:
(i) section 292‑415 of the 1997 Tax Act;
(ii) section 292‑80C of the Income Tax (Transitional Provisions) Act 1997;
(iii) sections 96‑20 and 96‑25 in Schedule 1 to the Taxation Administration Act 1953;
(iv) section 135‑75 in Schedule 1 to the Taxation Administration Act 1953.
5 Paragraph 4.26(4)(a)
Repeal the paragraph, substitute:
(a) the RSA provider has received a release authority in respect of the RSA holder under:
(i) section 292‑410 or 292‑420 of the 1997 Tax Act; or
(ii) section 96‑10, 135‑40 or 135‑45 in Schedule 1 to the Taxation Administration Act 1953; and
6 Schedule 2 (after table item 111)
Insert:
111A
The Commissioner of Taxation gives a superannuation provider a release authority under subsection 96‑10(1) in Schedule 1 to the Taxation Administration Act 1953
The restrictions contained in sections 96‑20 and 96‑25 in Schedule 1 to the Taxation Administration Act 1953
111B
A person gives a superannuation provider a release authority under section 135‑40 in Schedule 1 to the Taxation Administration Act 1953
The restrictions contained in sections 135‑75 and 135‑85 in Schedule 1 to the Taxation Administration Act 1953
111C
The Commissioner of Taxation gives a superannuation provider a release authority under subsection 96‑10(1) or section 135‑45 in Schedule 1 to the Taxation Administration Act 1953
The restrictions contained in sections 135‑75 and 135‑85 in Schedule 1 to the Taxation Administration Act 1953
Superannuation Contributions Tax (Assessment and Collection) Regulations 1997
7 Paragraph 2A(a)
After “Act”, insert “or Regulations”.
8 After Part 4
Insert:
Part 5—Transitional arrangements
25 Transitional arrangements arising out of the Superannuation Legislation Amendment (2013 Measures No. 2) Regulation 2013
(1) The amendment of these Regulations made by item 11 of Schedule 1 to the Superannuation Legislation Amendment (2013 Measures No. 2) Regulation 2013 applies on and after 17 February 2001.
(2) The amendment of these Regulations made by item 13 of Schedule 1 to the Superannuation Legislation Amendment (2013 Measures No. 2) Regulation 2013 applies on and after 1 August 2009.
(3) The amendment of these Regulations made by item 15 of Schedule 1 to the Superannuation Legislation Amendment (2013 Measures No. 2) Regulation 2013 applies on and after 25 December 2012.
9 Part 1 of Schedule 1 (heading)
Repeal the heading, substitute:
Part 1—Commonwealth, State or Territory Acts and Regulations
10 Schedule 1 (table items 153, 161 and 164)
Repeal the items.
11 Part 1 of Schedule 1 (at the end of the table items dealing with Western Australia)
Add:
165
State Superannuation Act 2000
12 Schedule 1 (table item 171)
Repeal the item, substitute:
171
Governors’ Pensions Act 1976
13 Schedule 1 (table item 175)
Repeal the item, substitute:
175
Southern State Superannuation Act 2009
14 Schedule 1 (table items 181, 183, 184 and 186)
Repeal the items.
15 Part 1 of Schedule 1 (at the end of the table items dealing with Tasmania)
Add:
187
Retirement Benefits (Parliamentary Superannuation) Regulations 2012
16 Part 2 of Schedule 1 (subheading dealing with South Australia)
Repeal the subheading.
17 Schedule 1 (table item 221)
Repeal the item.
Superannuation Industry (Supervision) Regulations 1994
18 After sub‑subparagraph 1.05(2)(f)(vi)(B)
Insert:
or (C) sections 96‑20 and 96‑25 in Schedule 1 to the Taxation Administration Act 1953; or
(D) section 135‑75 in Schedule 1 to the Taxation Administration Act 1953;
19 After sub‑subparagraph 1.05(9)(h)(viii)(B)
Insert:
or (C) sections 96‑20 and 96‑25 in Schedule 1 to the Taxation Administration Act 1953; or
(D) section 135‑75 in Schedule 1 to the Taxation Administration Act 1953;
20 After sub‑subparagraph 1.05(10)(d)(vii)(B)
Insert:
or (C) sections 96‑20 and 96‑25 in Schedule 1 to the Taxation Administration Act 1953; or
(D) section 135‑75 in Schedule 1 to the Taxation Administration Act 1953;
21 After sub‑subparagraph 1.06(2)(e)(vi)(B)
Insert:
or (C) sections 96‑20 and 96‑25 in Schedule 1 to the Taxation Administration Act 1953; or
(D) section 135‑75 in Schedule 1 to the Taxation Administration Act 1953;
22 After sub‑subparagraph 1.06(7)(g)(viii)(B)
Insert:
or (C) sections 96‑20 and 96‑25 in Schedule 1 to the Taxation Administration Act 1953; or
(D) section 135‑75 in Schedule 1 to the Taxation Administration Act 1953;
23 After sub‑subparagraph 1.06(8)(d)(vii)(B)
Insert:
or (C) sections 96‑20 and 96‑25 in Schedule 1 to the Taxation Administration Act 1953; or
(D) section 135‑75 in Schedule 1 to the Taxation Administration Act 1953;
24 Subregulation 6.01(2) (definition of non‑commutable allocated annuity)
Repeal the definition, substitute:
non‑commutable allocated annuity has the meaning given by regulation 6.01AA.
25 Subregulation 6.01(2) (definition of non‑commutable allocated pension)
Repeal the definition, substitute:
non‑commutable allocated pension has the meaning given by regulation 6.01AB.
26 After regulation 6.01
Insert:
6.01AA Meaning of non‑commutable allocated annuity
(1) In this Part and Schedule 2, non‑commutable allocated annuity means an annuity provided under a contract that:
(a) meets the standards of subregulation 1.05(4); and
(b) ensures that payments of benefits are made only in accordance with the rules set out in regulations 6.16, 6.18, 6.19 and 6.22A, as if:
(i) the annuity were a regulated superannuation fund; and
(ii) the annuitant were a member of the fund; and
(iii) the annuity provider were a trustee of the fund; and
(c) ensures that, if the annuity is commuted, the resulting superannuation lump sum cannot be cashed unless:
(i) the purpose of the commutation is mentioned in subregulation (2); or
(ii) before commutation, the annuitant has satisfied a condition of release in respect of which the cashing restriction for preserved benefits and restricted non‑preserved benefits is “Nil”; or
(iii) the purpose of the commutation is to satisfy an obligation to pay an amount to the Commissioner of Taxation under subsection 20F(1) of the Superannuation (Unclaimed Money and Lost Members) Act 1999.
(2) For subparagraph (1)(c)(i), the purpose is any of the following:
(a) to cash an unrestricted non‑preserved benefit;
(b) to pay a superannuation contributions surcharge;
(c) to give effect to an entitlement of a non‑member spouse under a payment split;
(d) to ensure that a payment may be made for the purpose of giving effect to a release authority under any of the following:
(i) section 292‑415 of the 1997 Tax Act;
(ii) section 292‑80C of the Income Tax (Transitional Provisions) Act 1997;
(iii) sections 96‑20 and 96‑25 in Schedule 1 to the Taxation Administration Act 1953;
(iv) section 135‑75 in Schedule 1 to the Taxation Administration Act 1953.
6.01AB Meaning of non‑commutable allocated pension
(1) In this Part and Schedule 2, non‑commutable allocated pension means a pension provided under rules of a superannuation fund that:
(a) meet the standards of subregulation 1.06(4); and
(b) ensure that, if the pension is commuted, the resulting superannuation lump sum cannot be cashed unless:
(i) the purpose of the commutation is mentioned in subregulation (2); or
(ii) before commutation, the pensioner has satisfied a condition of release in respect of which the cashing restriction for preserved benefits and restricted non‑preserved benefits is “Nil”; or
(iii) the purpose of the commutation is to satisfy an obligation to pay an amount to the Commissioner
of Taxation under subsection 20F(1) of the Superannuation (Unclaimed Money and Lost Members) Act 1999.
(2) For subparagraph (1)(b)(i), the purpose is any of the following:
(a) to cash an unrestricted non‑preserved benefit;
(b) to pay a superannuation contributions surcharge;
(c) to give effect to an entitlement of a non‑member spouse under a payment split;
(d) to ensure that a payment may be made for the purpose of giving effect to a release authority under any of the following:
(i) section 292‑415 of the 1997 Tax Act;
(ii) section 292‑80C of the Income Tax (Transitional Provisions) Act 1997;
(iii) sections 96‑20 and 96‑25 in Schedule 1 to the Taxation Administration Act 1953;
(iv) section 135‑75 in Schedule 1 to the Taxation Administration Act 1953.
27 Paragraph 6.01B(3)(b)
Omit “202, 202A, 203, 204, 204A, 209 and 209A”, substitute “113A, 202, 202A, 203, 204, 204A, 209, 209A and 212”.
28 Paragraph 6.22(4)(a)
Repeal the paragraph, substitute:
(a) the superannuation provider has received a release authority in respect of the member under:
(i) section 292‑410 or 292‑420 of the 1997 Tax Act; or
(ii) section 96‑10, 135‑40 or 135‑45 in Schedule 1 to the Taxation Administration Act 1953; and
29 Paragraph 6.26(2)(a)
Repeal the paragraph, substitute:
(a) the superannuation provider has received a release authority in respect of the member under:
(i) section 292‑410 or 292‑420 of the 1997 Tax Act; or
(ii) section 96‑10, 135‑40 or 135‑45 in Schedule 1 to the Taxation Administration Act 1953; and
30 After subparagraph 6.27(b)(ii)
Insert:
or (iii) sections 96‑20 and 96‑25 in Schedule 1 to the Taxation Administration Act 1953; or
(iv) section 135‑75 in Schedule 1 to the Taxation Administration Act 1953;
31 At the end of Part 14
Add:
Division 14.3—Transitional arrangements arising out of the Superannuation Legislation Amendment (2013 Measures No. 2) Regulation 2013
14.04 Arrangements
(1) The amendment of these Regulations made by item 32 of Schedule 1 to the Superannuation Legislation Amendment (2013 Measures No. 2) Regulation 2013 applies on and after 1 July 1997.
(2) The amendment of these Regulations made by item 33 of Schedule 1 to the Superannuation Legislation Amendment (2013 Measures No. 2) Regulation 2013 applies on and after 1 January 2013.
(3) The amendment of these Regulations made by item 38 of Schedule 1 to the Superannuation Legislation Amendment (2013 Measures No. 2) Regulation 2013 applies on and after 15 May 1999.
(4) The amendment of these Regulations made by item 39 of Schedule 1 to the Superannuation Legislation Amendment (2013 Measures No. 2) Regulation 2013 applies on and after 25 December 2012.
32 Part 3 of Schedule 1AA (items dealing with Victoria)
After:
Parliamentary Salaries and Superannuation Act 1968
insert:
Police Regulation Act 1958
33 Part 3 of Schedule 1AA (at the end of the items dealing with South Australia)
Add:
Other schemes
Super SA Select
34 Part 3 of Schedule 1AA (items dealing with Western Australia)
Omit “Superannuation and Family Benefits Act 1938”.
35 Part 3 of Schedule 1AA (items dealing with Tasmania)
Omit “Governor of Tasmania Act 1982”.
36 Part 3 of Schedule 1AA (items dealing with Tasmania)
Omit “Parliamentary Retiring Benefits Act 1985”.
37 Part 3 of Schedule 1AA (items dealing with Tasmania)
Omit “Parliamentary Superannuation Act 1973”.
38 Part 3 of Schedule 1AA (items dealing with Tasmania)
Insert:
Public Sector Superannuation Reform Act 1999
39 Part 3 of Schedule 1AA (items dealing with Tasmania)
Insert:
Retirement Benefits (Parliamentary Superannuation) Regulations 2012
40 Part 3 of Schedule 1AA (items dealing with Tasmania)
Omit “Solicitor‑General Act 1983”.
41 Part 1 of Schedule 1 (after table item 111)
Insert:
111A
The Commissioner of Taxation gives a superannuation provider a release authority under subsection 96‑10(1) in Schedule 1 to the Taxation Administration Act 1953
The restrictions contained in sections 96‑20 and 96‑25 in Schedule 1 to the Taxation Administration Act 1953
111B
A person gives a superannuation provider a release authority under section 135‑40 in Schedule 1 to the Taxation Administration Act 1953
The restrictions contained in sections 135‑75 and 135‑85 in Schedule 1 to the Taxation Administration Act 1953
111C
The Commissioner of Taxation gives a superannuation provider a release authority under subsection 96‑10(1) or section 135‑45 in Schedule 1 to the Taxation Administration Act 1953
The restrictions contained in sections 135‑75 and 135‑85 in Schedule 1 to the Taxation Administration Act 1953
42 Part 2 of Schedule 1 (after table item 208)
Insert:
208A
The Commissioner of Taxation gives a superannuation provider a release authority under subsection 96‑10(1) in Schedule 1 to the Taxation Administration Act 1953
The restrictions contained in sections 96‑20 and 96‑25 in Schedule 1 to the Taxation Administration Act 1953
208B
A person gives a superannuation provider a release authority under section 135‑40 in Schedule 1 to the Taxation Administration Act 1953
The restrictions contained in sections 135‑75 and 135‑85 in Schedule 1 to the Taxation Administration Act 1953
208C
The Commissioner of Taxation gives a superannuation provider a release authority under subsection 96‑10(1) or section 135‑45 in Schedule 1 to the Taxation Administration Act 1953
The restrictions contained in sections 135‑75 and 135‑85 in Schedule 1 to the Taxation Administration Act 1953
