Mr Taxman
Change the way you feel about taxes.
Get informed and discover what the taxman doesn't want you to know.
Sharing it with Australia, Mr Taxman is a regular Woman’s Day columist and TV finance commentator
  • click to visit Mr Taxman on Twitter
  • click to visit Mr Taxman on FaceBook
  • rss

My Super legislation passed

Dec 04, 2012

On 22 November 2012, Superannuation Legislation Amendment (MySuper Core Provisions) Bill 2012 was passed by the
Senate with two Government amendments relating to the commencement of the Act.

On 26 November 2012, the House of Representatives agreed with the Senate's amendments.

The Bill establishes a framework for the introduction of a default superannuation product (MySuper) to replace existing default products by amending:

  • Superannuation Industry (Supervision) Act 1993 to define MySuper superannuation products; limit regulated superannuation funds to offering only one MySuper product, except in certain circumstances; allow registrable superannuation entity licensees to apply to the Australian Prudential Regulation Authority for authorisation to offer a MySuper product; set out rules on the payment of contributions and account transfers for MySuper products; and set out fees that can be charged to members of a MySuper product; and
  • Superannuation Guarantee (Administration) Act 1992 to provide that employers make superannuation guarantee contributions on behalf of employees who do not have a chosen fund to a fund that offers a MySuper product.

 

Tags: EmployeesFamilyPersonal taxSuper

Author: Mr Taxman

Comments

Post a New Comment

Media Availability

Are you interested in booking Mr Taxman for a speaking engagement or requesting his viewpoints for an article?

comments-rhsLatest Comments

  • "I was so delighted to meet PRIEST AZIBA after a long time looking for help in order to fix the ups and downs with my boyfriend. We lived together for two years without any problems until this year..."

    By: windy wagna at Dec 13, 2019 7:43AM

    Post: Marriage

  • "I have been in relationship with my boyfriend for 2 year now and we were planning to get married soon and all of a sudden he left me for another girl, i really love this guy and never can imagine my..."

    By: BOANTE at Dec 07, 2019 12:19AM

    Post: Marriage

  • "Are You Heartbroken? Don’t be upset, let Dr.Eddy help you get your Ex back” I’m so excited my boyfriend is back after he left me for another girl. My boyfriend was having an affair with a co-worker..."

    By: Pauline .S at Dec 06, 2019 2:13AM

    Post: Marriage

  • "I just want the whole world to know about this spell caster I met two weeks ago, wisdomspiritualtemple@gmail.com I cannot say everything he has done for me my wife left me 3 years ago left with my..."

    By: micheal at Dec 05, 2019 12:43PM

    Post: Marriage

  • "The simple truth about binary options which many of us do not know is the fact that it is mainly based on predictions. Without proper knowledge of what next can happen to the stock market, you are..."

    By: Richard Walters at Dec 02, 2019 3:42AM

    Post: Foreign currency trading