Commonwealth Numbered Regulations - Explanatory Statements
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TREASURY LAWS AMENDMENT (DEFERRING EXTENSION OF SUPERSTREAM TO SELF MANAGED SUPERANNUATION FUNDS) REGULATIONS 2019 (F2019L01042)
EXPLANATORY STATEMENT
Issued by authority of the Assistant Minister for Superannuation, Financial Services and Financial Technology, Parliamentary Secretary to the Treasurer
Superannuation Industry (Supervision) Act 1993
Treasury Laws Amendment (Deferring Extension of SuperStream to Self Managed Superannuation Funds) Regulations 2019
The Superannuation Industry (Supervision) Act 1993 (the SIS Act) provides for the prudent management of superannuation funds, approved deposit funds and pooled superannuation trusts. This specifically includes mandating the use of a prescribed electronic data and payment system as well as supervision by the Australian Prudential Regulation Authority, the Australian Securities and Investments Commission and the Commissioner.
Section 353 of the SIS Act provides that the Governor-General may make regulations prescribing matters required or permitted by the SIS Act to be prescribed, or necessary or convenient to be prescribed, for carrying out or giving effect to the SIS Act. Sections 34K and 34Z of the SIS Act provide that the regulations may make provision for, and in relation to, superannuation data and payment matters and may also prescribe matters in relation to the provision of information to the Commissioner of Taxation (the Commissioner).
The Superannuation Industry (Supervision) Regulations 1994 (SISR 1994) generally require all superannuation funds, other than self managed superannuation funds (SMSF), to provide data to regulators and transfer payments between funds using the secure electronic payment and data transfer system known as SuperStream. The Treasury Laws Amendment (2018 Measures No. 2) Regulations 2018 amended the SISR 1994 to extend the operation of SuperStream to SMSFs from 30 November 2019.
The purpose of the Treasury Laws Amendment (Deferring Extension of SuperStream to Self Managed Superannuation Funds) Regulations 2019 (the Regulations) is to amend the SISR 1994 to defer the start date for extending the operation of SuperStream to SMSFs from 30 November 2019 to 31 March 2021.
In the 2019-20 Budget, the Government announced that it would expand SuperStream to include the Commissioner sending electronic requests to superannuation funds for the release of money required under a number of superannuation arrangements (electronic release authorities).
This Budget announcement is to take effect from 31 March 2021 and will be implemented by expanding the electronic SuperStream rollover standard used for the transfer of information and money between employers, superannuation funds and the Australian Taxation Office. The start date of SMSF rollovers in SuperStream has been delayed to 31 March 2021 to coincide with the further expansion of SuperStream to also cover electronic release authorities.
No public consultation was undertaken on the Regulations as the amendments are minor and machinery in nature.
Details of the Regulations are set out in Attachment A.
The Regulations are a legislative instrument for the purposes of the Legislation Act 2003.
The Regulations commenced on the day after the Regulations were registered on the Federal Register of Legislation.
Statement of Compatibility with Human Rights
Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011
Treasury Laws Amendment (Deferring Extension of SuperStream to Self Managed Superannuation Funds) Regulations 2019
This Legislative Instrument is compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.
Overview of the Legislative Instrument
The purpose of the Regulations is to amend the SISR 1994 to defer the start date for extending the operation of SuperStream to SMSFs from 30 November 2019 to 31 March 2021.
Human rights implications
This Legislative Instrument does not engage any of the applicable rights or freedoms.
Conclusion
This Legislative Instrument is compatible with human rights as it does not raise any human rights issues.
ATTACHMENT A
Details of the Treasury Laws Amendment (Deferring Extension of SuperStream to Self Managed Superannuation Funds) Regulations 2019
Section 1 - Name of Regulations
This section provides that the title of the Regulations is the Treasury Laws Amendment (Deferring Extension of SuperStream to Self Managed Superannuation Funds) Regulations 2019.
Section 2 - Commencement
This section provides that the Regulations commence on the day after registration on the Federal Registration of Legislation.
Section 3 - Authority
This section provides that the Regulations are made under the Superannuation (Industry) Supervision Act 1993.
Section 4 - Schedules
This section provides that each instrument identified in a Schedule to the Regulations will be amended or repealed in accordance with the Regulations.
Schedule 1 - Amendments
The Schedule provides that the Superannuation Industry (Supervision) Regulations 1994 be amended to defer the start date for extending the operation of SuperStream to SMSFs from 30 November 2019 to 31 March 2021. The new start date coincides with the start date for the broader expansion of SuperStream to include the Commissioner sending electronic requests to superannuation funds for the release of money required under a number of superannuation arrangements (electronic release authorities).