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This is a Bill, not an Act. For current law, see the Acts databases.
1998-1999-2000-2001
The
Parliament of the
Commonwealth of
Australia
HOUSE OF
REPRESENTATIVES
Presented and read a first
time
Superannuation
Legislation Amendment (Indexation) Bill
2001
No. ,
2001
(Finance and
Administration)
A Bill for an Act to amend
certain Acts relating to superannuation, and for related purposes
ISBN: 0642 459967
Contents
Superannuation Act
1922 3
Superannuation Act
1976 8
A Bill for an Act to amend certain Acts relating to
superannuation, and for related purposes
The Parliament of Australia enacts:
This Act may be cited as the Superannuation Legislation Amendment
(Indexation) Act 2001.
(1) Subject to this section, this Act commences on the day on which it
receives the Royal Assent.
(2) If the Superannuation Act 1922 is repealed before the day on
which this Act receives the Royal Assent, this Act has effect as if the
amendments of the Superannuation Act 1922 made by Schedule 1 to this
Act were amendments of the Superannuation Act 1922 as that Act continues
to apply under section 19 of the Superannuation Legislation
(Commonwealth Employment—Saving and Transitional Provisions) Act
2001.
(3) If the Superannuation Act 1976 is repealed before the day on
which this Act receives the Royal Assent, this Act has effect as if the
amendments of the Superannuation Act 1976 made by Schedule 2 to this
Act were amendments of the Superannuation Act 1976 as that Act continues
to apply under section 11 of the Superannuation Legislation
(Commonwealth Employment—Saving and Transitional Provisions) Act
2001.
(4) If the Superannuation Legislation Amendment (Post-retirement
Commutations) Act 2001 commenced before the day on which this Act receives
the Royal Assent, items 7, 8 and 9 in Schedule 2 to this Act commence
on that day.
(5) If the Superannuation Legislation Amendment (Post-retirement
Commutations) Act 2001 commences on or after the day on which this Act
receives the Royal Assent, items 7, 8 and 9 in Schedule 2 to this Act
commence on the day on which that Act commences, immediately after the
commencement of that Act.
Subject to section 2, each Act that is specified in a Schedule to
this Act is amended or repealed as set out in the applicable items in the
Schedule concerned, and any other item in a Schedule to this Act has effect
according to its terms.
1 Paragraph 100A(3)(a)
Repeal the paragraph.
2 Paragraph 107A(3)(a)
Repeal the paragraph.
3 Part XB
Repeal the Part.
4 Part XI (heading)
Repeal the heading, substitute:
5 Subsection 120(1)
Insert:
first quarter, in relation to a half-year, means:
(a) for a half-year beginning on 1 January in a year—the March
quarter of the year; and
(b) for a half-year beginning on 1 July in a year—the September
quarter of the year.
6 Subsection 120(1)
Insert:
half-year means a period of 6 months beginning on
1 January or 1 July in any year.
7 Subsection 120(1)
Insert:
prescribed half-year means the half-year commencing on
1 January 2002 or a subsequent half-year.
8 Subsection 120(1) (definition of prescribed
year)
Repeal the definition.
9 Subsection 120(2)
Omit “March quarter”, substitute “first quarter in a
half-year”.
10 Subsection 121(1)
Omit “March quarter” (wherever occurring), substitute
“first quarter”.
11 Subsection 121(1)
Omit “year” (wherever occurring), substitute
“half-year”.
12 Subsection 121(2)
Omit “year”, substitute “half-year”.
13 Subsection 121(3)
Omit “year” (wherever occurring), substitute
“half-year”.
14 Subsection 121(3)
Omit “March quarter” (wherever occurring), substitute
“first quarter”.
15 Subsection 121(4)
Omit “year” (wherever occurring), substitute
“half-year”.
16 Subsection 121(4)
Omit “30 June” (wherever occurring), substitute
“30 June or 31 December (as the case requires)”.
17 Subsection 122(1)
Repeal the subsection, substitute:
(1) The following provisions of this section have effect if:
(a) a person would, but for this section, be entitled to an increase in
the amount of the annual pension that was payable in accordance with
section 119W to the person immediately before the commencement of a
prescribed half-year; and
(b) if the pension was payable to the person otherwise than as a widow or
widower—the pension became payable during the half-year immediately
preceding the relevant prescribed half-year; and
(c) if the pension was payable to the person as a widow or widower
and:
(i) if a pension in accordance with section 119W was not payable to
the husband or wife of the person immediately before his or her death—the
pension became payable during the half-year immediately preceding the relevant
prescribed half-year; or
(ii) if a pension in accordance with that section was payable to the
husband or wife of the person immediately before his or her death—the
pension that was payable to that husband or wife became payable during the
half-year immediately preceding the relevant prescribed half-year.
18 Subsection 122(2)
Omit all the words from and including “the retirement referred
to” to and including “the relevant prescribed year,
or”.
19 Subsection 122(2)
Omit “clause (1)(c)(ii)(B)”, substitute
“subparagraph (1)(c)(ii)”.
20 Subsection 122(2)
Omit “16 June in the year immediately preceding the relevant
prescribed year”, substitute “16 June or 16 December (as
the case requires) in the half-year immediately preceding the relevant
prescribed half-year”.
21 Subsection 122(3)
Omit all the words from and including “the retirement referred
to” to and including “the relevant prescribed year,
or”.
22 Subsection 122(3)
Omit “clause (1)(c)(ii)(B)”, substitute
“subparagraph (1)(c)(ii)”.
23 Subsection 122(3)
Omit “16 June in the year immediately preceding the relevant
prescribed year”, substitute “16 June or 16 December (as
the case requires) in the half-year immediately preceding the relevant
prescribed half-year”.
24 Subsection 122(3)
Omit “the period that commenced on the day next following the day on
which the retirement or death took place, or”.
25 Subsection 122(3)
Omit “30 June in that immediately preceding year bears to
12”, substitute “30 June or 31 December (as the case
requires) in that immediately preceding half-year bears to 6”.
26 Section 123
Repeal the section.
27 Subsection 124(1)
Omit “Part XB or of”.
28 Subsection 124(2)
Omit “Part XB or of”.
29 Subsection 124(3)
Omit “Part XB or of”.
30 Section 126
Omit “123 or”.
31 Section 126
Omit “30 June in a year”, substitute “30 June
or 31 December (as the case requires) in a half-year”.
32 Sections 127 and
128
Repeal the sections.
33 Application
(1) The amendments and repeals made by this Schedule apply:
(a) for the purpose of working out an increase in the rate of a pension
that is payable immediately before:
(i) the prescribed half-year beginning on 1 January 2002;
and
(ii) each subsequent prescribed half-year; and
(b) for any other purpose related to the purpose mentioned in
paragraph (a).
(2) To avoid doubt:
(a) the repeal of Part XB of the Superannuation Act 1922 by
this Schedule does not affect any increase in the amount of an annual pension
that arose from the operation of that Part; and
(b) the other repeals and amendments made by this Schedule do not affect
any increase in the rate of a pension that arose from the operation of any
provision repealed or amended by this Schedule.
1 Subsection 73A(1) (definition of prescribed
maximum rate)
Repeal the definition, substitute:
prescribed maximum rate means:
(a) immediately before 1 January 2002—the rate that was the
prescribed maximum rate under this section immediately before the commencement
of item 1 of Schedule 2 to the Superannuation Legislation Amendment
(Indexation) Act 2001; or
(b) on or after 1 January 2002—the rate that is the prescribed
maximum rate because of subsection (2).
2 Subsection 73A(1) (definition of prescribed
percentage)
Repeal the definition, substitute:
prescribed percentage, in relation to a prescribed half-year,
means the prescribed percentage in relation to that half-year for the purposes
of section 148.
3 Subsection 73A(1)
Insert:
prescribed half-year means a prescribed half-year within the
meaning of Part X.
4 Subsection 73A(1) (definition of prescribed
year)
Repeal the definition.
5 Subsection 73A(1) (definition of relevant
percentage)
Repeal the definition.
6 Subsection 73A(2)
Omit “year” (wherever occurring), substitute
“half-year”.
7 Paragraphs 146C(9)(a) and
(b)
Repeal the paragraphs, substitute:
(a) beginning on 1 January or 1 July in a year; and
(b) ending at the end of the first pension pay day after that
1 January or 1 July;
Note: The heading to subsection (9) is altered by
omitting “in a financial year”.
8 Paragraphs 146E(9)(a) and
(b)
Repeal the paragraphs, substitute:
(a) beginning on 1 January or 1 July in a year; and
(b) ending at the end of the first pension pay day after that
1 January or 1 July;
Note: The heading to subsection (9) is altered by
omitting “in a financial year”.
9 Paragraphs 146G(8)(a) and
(b)
Repeal the paragraphs, substitute:
(a) beginning on 1 January or 1 July in a year; and
(b) ending at the end of the first pension pay day after that
1 January or 1 July;
Note: The heading to subsection (8) is altered by
omitting “in a financial year”.
10 Part X (heading)
Repeal the heading, substitute:
11 Subsection 147(1)
Insert:
first quarter, in relation to a half-year, means:
(a) for a half-year beginning on 1 January in a year—the March
quarter of the year; and
(b) for a half-year beginning on 1 July in a year—the September
quarter of the year.
12 Subsection 147(1)
Insert:
half-year means a period of 6 months beginning on
1 January or 1 July in any year.
13 Subsection 147(1)
Insert:
prescribed half-year means the half-year commencing on
1 January 2002 or a subsequent half-year.
14 Subsection 147(1) (definition of
prescribed year)
Repeal the definition.
15 Subsection 147(2)
Omit “March quarter”, substitute “first quarter in a
half-year”.
16 Subsection 148(1)
Omit “March quarter” (wherever occurring), substitute
“first quarter”.
17 Subsection 148(1)
Omit “year” (wherever occurring), substitute
“half-year”.
18 Subsection 148(2)
Omit “year”, substitute “half-year”.
19 Subsection 148(3)
Omit “year” (wherever occurring), substitute
“half-year”.
20 Subsection 148(3)
Omit “March quarter” (wherever occurring), substitute
“first quarter”.
21 Subsection 148(4)
Omit “year” (wherever occurring), substitute
“half-year”.
22 Subsection 148(4)
Omit “30 June” (wherever occurring), substitute
“30 June or 31 December (as the case requires)”.
23 Section 149
Omit “year” (wherever occurring), substitute
“half-year”.
24 Subsection 150(1)
Omit “year” (wherever occurring), substitute
“half-year”.
25 Section 150(2)
Omit “year”, substitute “half-year”.
26 Subsection 150(2)
Omit “16 June in the preceding year”, substitute
“16 June or 16 December (as the case requires) in the preceding
half-year”.
27 Subsection 150(3)
Omit “16 June in the preceding year”, substitute
“16 June or 16 December (as the case requires) in the preceding
half-year”.
28 Subsection 150(3)
Omit “30 June in the preceding year bears to 12”,
substitute “30 June or 31 December (as the case requires) in the
preceding half-year bears to 6”.
29 Subsection 153(1)
Omit “30 June in a year”, substitute “30 June
or 31 December (as the case requires) in a half-year”.
30 Sections 153A and
153AAA
Repeal the sections.
31 At the end of
section 168
Add:
(19) Regulations made within one year after the commencement of this
subsection for purposes arising from any amendment of this Act made by the
Superannuation Legislation Amendment (Indexation) Act 2001 may
commence on a day:
(a) earlier than the day on which they are made; but
(b) not earlier than the commencement of this subsection.
32 Application
(1) The amendments and repeals made by this Schedule apply:
(a) for the purpose of working out an increase in the rate of a pension
that is payable immediately before:
(i) the prescribed half-year beginning on 1 January 2002;
and
(ii) each subsequent prescribed half-year; and
(b) for the purpose of working out the prescribed maximum rate (within the
meaning of section 73A of the Superannuation Act 1976) on or after
1 January 2002; and
(c) for any other purpose related to the purposes mentioned in
paragraphs (a) and (b).
(2) To avoid doubt, the repeals and amendments made by this Schedule do not
affect any increase in the rate of a pension that arose from the operation of
any provision repealed or amended by this Schedule.