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Australian Government - Stronger Super website

Superannuation Legislation Amendment (Stronger Super) Act 2012

On 28 June 2012 the Superannuation Legislation Amendment (Stronger Super) Bill 2012 and Superannuation Supervisory Levy Imposition Amendment Bill 2012 received Royal Assent.  The Acts establish a framework to implement the superannuation data and payment regulations and standards that will apply to specified superannuation transactions undertaken by superannuation entities, retirement savings account providers and employers.  They also provide an administrative penalty framework for non-compliance with the superannuation data and payment regulations and standards. Costs associated with the SuperStream measures are to be included in the Minister's determination specifying the amount of levy payable to the Commonwealth; enable the Minister to make a determination that specifies the proportion of levy money paid to the Australian Prudential Regulation Authority (APRA) that is to be credited to the APRA Special Account; and insert a definition of the measures covered by SuperStream.

The Explanatory Memorandum is available.