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This is a Bill, not an Act. For current law, see the Acts databases.
New South Wales
Treasury and Energy Legislation
Amendment Bill 2022
Contents
Page
1 Name of Act 2
2 Commencement 2
Schedule 1 Amendment of Government Sector Finance Act 2018 No 55 3
Schedule 2 Amendment of First Home Owner Grant (New Homes) Act 2000
No 21 7
Schedule 3 Amendments relating to superannuation successor funds 15
Schedule 4 Amendments relating to energy supply 20
I certify that this public bill, which originated in the Legislative Assembly, has finally passed
the Legislative Council and the Legislative Assembly of New South Wales.
Clerk of the Legislative Assembly.
Legislative Assembly,
Sydney, , 2022
New South Wales
Treasury and Energy Legislation
Amendment Bill 2022
Act No , 2022
An Act to amend the Government Sector Finance Act 2018, the First Home Owner Grant (New
Homes) Act 2000, the Superannuation Administration Act 1996, the Electricity Supply Act 1995,
the Energy and Utilities Administration Act 1987 and the Subordinate Legislation Act 1989 for
particular purposes; and to make consequential amendments to other Acts.
I have examined this bill and find it to correspond in all respects with the bill as finally
passed by both Houses.
Assistant Speaker of the Legislative Assembly.
Treasury and Energy Legislation Amendment Bill 2022 [NSW]
The Legislature of New South Wales enacts--
1 Name of Act
This Act is the Treasury and Energy Legislation Amendment Act 2022.
2 Commencement
(1) This Act, other than Schedule 4.2, commences as follows--
(a) for Schedule 3.1[10]--on a day or days to be appointed by proclamation,
(b) otherwise--on the date of assent to this Act.
(2) Schedule 4.2 is taken to have commenced on 8 April 1999.
Page 2
Treasury and Energy Legislation Amendment Bill 2022 [NSW]
Schedule 1 Amendment of Government Sector Finance Act 2018 No 55
Schedule 1 Amendment of Government Sector Finance Act
2018 No 55
[1] Section 4.7 Deemed appropriations of certain money received by GSF agencies
Omit "responsible Minister" from section 4.7(1). Insert instead "lead Minister".
[2] Section 4.7(2)
Omit the subsection. Insert instead--
(2) An appropriation under this section is taken to have been given--
(a) if the receiving GSF agency is a special office--for the services of the
receiving GSF agency, or
(b) otherwise--for the services of the lead Department for the GSF agency.
[3] Section 4.7(3)
Omit the subsection. Insert instead--
(3) Deemed appropriation money means--
(a) government money that a GSF agency receives or recovers, including
from the Commonwealth or another entity, of a kind prescribed by the
regulations, that--
(i) forms part of the Consolidated Fund, and
(ii) is not appropriated under the authority of an Act, or
(b) government money that a GSF agency receives or recovers, from
another GSF agency, of a kind prescribed by the regulations, that--
(i) forms part of the Consolidated Fund, and
(ii) is appropriated under the authority of an Act to the lead Minister
for the other GSF agency for--
(A) if the other GSF agency is a special office--the services of
the other GSF agency, or
(B) otherwise--the services of the lead Department for the
other GSF agency.
[4] Section 4.7(4)
Omit "subsections (3) and (6)(a)". Insert instead "subsections (3)(a) and (b) and (6)(a)".
[5] Section 4.7(7) and (8)
Insert after section 4.7(6)--
(7) At the time a receiving GSF agency receives or recovers deemed appropriation
money referred to in subsection (3)(b), the appropriation to the lead Minister
referred to in subsection (3)(b)(ii) is taken to have been reduced by an
equivalent sum to the sum received or recovered by the receiving agency.
(8) In this section--
lead Department, for a GSF agency, means--
(a) if the GSF agency is a Public Service executive agency within the
meaning of the Government Sector Employment Act 2013--the
Department specified as being the related Department for the GSF
agency under that Act, Schedule 1, Part 2, or
Page 3
Treasury and Energy Legislation Amendment Bill 2022 [NSW]
Schedule 1 Amendment of Government Sector Finance Act 2018 No 55
(b) if paragraph (a) does not apply and there is only 1 responsible Minister
for the GSF agency--the Department responsible to the responsible
Minister for the GSF agency, or
(c) if paragraph (a) and (b) do not apply and there is more than 1
responsible Minister for the GSF agency and the same single
Department is responsible to the responsible Ministers--the
Department responsible to the responsible Ministers, or
(d) if paragraphs (a)-(c) do not apply--the Department specified for the
GSF agency in a written determination made by the Treasurer and
published in the Gazette.
lead Minister, for a GSF agency, means--
(a) if amounts are appropriated, under the relevant annual Appropriation
Act, to a Minister for the services of the GSF agency--the Minister to
whom the amounts are appropriated under the relevant annual
Appropriation Act, or
(b) otherwise--the Minister to whom amounts are appropriated, under the
relevant annual Appropriation Act, for the services of the GSF agency's
lead Department.
receiving GSF agency means a GSF agency that receives or recovers deemed
appropriation money.
relevant annual Appropriation Act means the annual Appropriation Act
under which appropriations are made for the reporting period for a GSF
agency in which the GSF agency receives deemed appropriation money.
special office means a GSF agency that is a special office in relation to which
an appropriation is made under the relevant annual Appropriation Act.
[6] Section 4.9, heading
Insert "Ministers or" after "between".
[7] Section 4.9(1)
Omit the subsection. Insert instead--
(1) This section applies to an appropriation to a Minister made under an annual
Appropriation Act for an annual reporting period for the NSW Government for
a service, function or program if responsibility for the service, function or
program is, during that period, transferred--
(a) from one Minister to another Minister, or
(b) from one GSF agency to another GSF agency.
(1A) The appropriation does not lapse merely because the responsibility for the
service, function or program is transferred from one Minister to another
Minister, or from one GSF agency to another GSF agency, during that period.
[8] Section 4.9(2)
Insert "by a Minister" after "applied".
[9] Section 4.9A
Insert after section 4.9--
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Treasury and Energy Legislation Amendment Bill 2022 [NSW]
Schedule 1 Amendment of Government Sector Finance Act 2018 No 55
4.9A Deemed appropriations affected by transfer of functions between GSF
agencies
(1) This section applies to a deemed appropriation taken to have been given to the
lead Minister for a GSF agency if responsibility for a service, function or
program is transferred--
(a) from the Minister to another Minister, or
(b) from the GSF agency to another GSF agency.
(2) The deemed appropriation may be applied by a Minister, in accordance with
any determination that may be made by the Treasurer, for or towards the
transferred service, function or program.
(3) A determination may extend to the application of the deemed appropriation
before the determination is made and operates to validate that application.
(4) The Treasurer must cause details of any deemed appropriation to which a
determination relates to be included in the Budget Papers for the next annual
reporting period for the NSW Government after the annual reporting year for
the NSW Government in which the determination was made.
(5) In this section--
deemed appropriation means an appropriation taken to have been given to a
lead Minister under section 4.7.
lead Minister, for a GSF agency, has the same meaning as in section 4.7.
[10] Schedule 1 Savings, transitional and other provisions
Insert at the end of the Schedule--
Part 5 Provisions consequent on enactment of Treasury
and Energy Legislation Amendment Act 2022
32 Definition for Part
In this Part--
amending Act means the Treasury and Energy Legislation Amendment Act
2022.
32 Extension of deemed appropriation money
Section 4.7, as amended by the amending Act, extends to government money
that was received or recovered by a GSF agency before the commencement of
the amending Act, Schedule 1.
33 Application of existing deemed appropriations and delegations
(1) This clause applies in relation to--
(a) an existing deemed appropriation to the responsible Minister for a GSF
agency, and
(b) a delegation given by the responsible Minister to a person that
authorises the application of all or part of the existing deemed
appropriation by the person.
(2) On and from the commencement of the amending Act, Schedule 1--
(a) the existing deemed appropriation is taken to have been given to the
lead Minister for the GSF agency, and
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Treasury and Energy Legislation Amendment Bill 2022 [NSW]
Schedule 1 Amendment of Government Sector Finance Act 2018 No 55
(b) the delegation continues in effect as if the delegation had been given by
the lead Minister for the GSF agency.
(3) In this clause--
existing deemed appropriation, to a responsible Minister for a GSF agency,
means an appropriation taken to have been given to the Minister under the Act,
section 4.7 as in force before the commencement of the amending Act,
Schedule 1.
Page 6
Treasury and Energy Legislation Amendment Bill 2022 [NSW]
Schedule 2 Amendment of First Home Owner Grant (New Homes) Act 2000 No 21
Schedule 2 Amendment of First Home Owner Grant (New
Homes) Act 2000 No 21
[1] Section 1 Name of Act
Omit "(New Homes)". Insert instead "and Shared Equity".
[2] Part 2A
Insert after section 24--
Part 2A Shared equity schemes
Division 1 Preliminary
24A Definitions
In this Part--
financial year means a year ending on 30 June.
Fund means the NSW Shared Equity Scheme Fund established under
Division 4.
shared equity scheme--see section 24B.
24B Meaning of "shared equity scheme"
In this Part--
shared equity scheme means a scheme established under this Part that enables
a person who is purchasing property to enter into an agreement with the State
under which--
(a) the State contributes a portion of the--
(i) purchase price, and
(ii) associated construction costs, if relevant, and
(b) the State obtains an interest in the property.
Division 2 Establishment of scheme
24C Establishment of shared equity scheme
(1) The Treasurer may, by order published in the Gazette, establish a shared
equity scheme and specify matters in relation to the scope or administration of
the scheme.
(2) More than 1 scheme may be established.
24D Policy guidelines
(1) The Treasurer may publish policy guidelines for the purposes of the
administration of a shared equity scheme.
(2) The published policy guidelines must be tabled in each House of Parliament
as soon as practicable after publication.
(3) The Chief Commissioner must administer a shared equity scheme in
accordance with published policy guidelines for the scheme.
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Schedule 2 Amendment of First Home Owner Grant (New Homes) Act 2000 No 21
Division 3 Functions of Chief Commissioner
24E Functions of Chief Commissioner
The Chief Commissioner has the functions necessary to administer and give
effect to a shared equity scheme, including the following functions--
(a) to establish application processes relating to participation in the scheme,
(b) to receive and assess applications,
(c) to enter contracts or other arrangements for the purposes of
administering the scheme,
(d) to monitor compliance with requirements of the scheme,
(e) other functions prescribed by the regulations.
24F Use of information obtained under other Acts
The Chief Commissioner may, for the purposes of exercising functions under
this Part, use and disclose information obtained by the Chief Commissioner
under this Act or another Act.
Division 4 The Fund
24G NSW Shared Equity Scheme Fund
(1) A NSW Shared Equity Scheme Fund (the Fund) must be established in the
Special Deposits Account.
(2) The purpose of the Fund is to provide greater opportunities for home
ownership by--
(a) facilitating the State to enter into shared equity arrangements with
eligible persons under shared equity schemes, and
(b) managing money for the purposes of shared equity schemes.
(3) The Chief Commissioner must manage the Fund.
24H Payments into and out of Fund
(1) The following must be paid into the Fund--
(a) all money appropriated by Parliament, or advanced by the Treasurer, for
the purposes of payment into the Fund,
(b) the proceeds of the investment of money in the Fund,
(c) fees and charges payable under this Part,
(d) all other money directed or authorised to be paid into the Fund by or
under an Act or law,
(e) amounts received from the repayments of money provided under a
shared equity scheme,
(f) all money received from the sale of assets acquired under a shared
equity scheme,
(g) amounts recovered under this Act as debts related to a shared equity
scheme.
(2) The following may be paid out of the Fund--
(a) amounts for the acquisition of interests in property under a shared
equity scheme,
(b) money required to meet administrative expenses related to the Fund,
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Treasury and Energy Legislation Amendment Bill 2022 [NSW]
Schedule 2 Amendment of First Home Owner Grant (New Homes) Act 2000 No 21
(c) amounts for the purpose of making investments,
(d) amounts the Treasurer directs to be paid into the Consolidated Fund.
(3) The investments must, despite the Government Sector Finance Act 2018, only
be invested in a way approved by the Treasurer.
24I Annual reports for Fund
(1) The Minister must produce an annual report on the activities of the Fund
during each financial year, including--
(a) payments in and out of the Fund, and
(b) details of investments.
(2) The annual report must also set out the aggregate value, at the end of the
financial year, of interests in property under each shared equity scheme.
(3) The Treasurer may specify the following--
(a) the form of the report,
(b) matters relating to valuation requirements, including how an aggregate
value is to be calculated for the purposes of subsection (2),
(c) other information to be included in the report.
(4) The report must include an audit of the Fund by the Auditor-General, which
includes an assessment of whether payments from the Fund have been made
in accordance with this Act.
(5) The report is to be made publicly available within 6 months after the end of the
financial year to which it relates.
(6) The annual report must be tabled in each House of Parliament within 6 months
after the end of the financial year to which it relates.
24J Closure of Fund
(1) The Governor may close the Fund by proclamation published on the NSW
legislation website.
(2) The Governor may make the proclamation only if satisfied that the Minister
and the Treasurer support the closure of the Fund.
(3) A proclamation under this section must not close the Fund within 2 years after
the commencement of this Part.
(4) A proclamation under this section may include savings and transitional
provisions in relation to the closure of the Fund, including specifying what is
to be done with--
(a) any amount left in the Fund, and
(b) future amounts that would have been payable to the Fund.
Division 5 Miscellaneous
24K Application of Taxation Administration Act 1996
(1) The Taxation Administration Act 1996, Part 8 applies in relation to a
participant in a shared equity scheme, with the following modifications--
(a) a reference to a taxpayer is to be read as a reference to a participant,
(b) a reference to a tax liability is to be read as a reference to compliance
with the terms and conditions of the shared equity scheme,
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Schedule 2 Amendment of First Home Owner Grant (New Homes) Act 2000 No 21
(c) a reference to a taxation law, including in relation to the functions of an
authorised officer or tax officer, is to be read as the terms and conditions
of the shared equity scheme.
(2) In this section--
participant includes a former participant.
24L Eligibility for first home buyer schemes not affected
Nothing in this Part affects the eligibility of a person for a grant, financial
assistance or a reduction in duty payable under this or another Act.
Note-- This includes a first home buyer grant, the First Home Buyers Assistance
Scheme under the Duties Act 1997 and the Property Tax (First Home Buyer Choice)
Act 2022.
[3] Part 2, Division 6, heading
Omit the heading. Insert instead--
Part 2B Objections and review
[4] Part 2B, subdivision 1, heading
Omit the heading.
[5] Section 25
Omit the section. Insert instead--
25 Grounds of objection--first home owner grant
(1) A person who is an applicant or former applicant for a first home owner grant
who is dissatisfied with any of the following decisions of the Chief
Commissioner may make an objection under this Part--
(a) a decision on the person's application, including a decision to vary or
reverse an earlier decision made independently of an objection under
this Act,
(b) a decision to require the person to repay an amount under section 45,
(c) a decision to require the person to pay a penalty under section 45.
(2) A person who is dissatisfied with a decision of the Chief Commissioner to
require the person, instead of a grant recipient, to pay a recoverable amount
under section 46A may make an objection under this Part.
25A Grounds of objection--shared equity schemes
A person who is an applicant or former applicant for participation in a shared
equity scheme who is dissatisfied with any of the following decisions of the
Chief Commissioner may make an objection under this Part--
(a) a decision on the person's application, including a decision to vary or
reverse an earlier decision made independently of an objection under
this Act,
(b) a decision to require the person to repay an amount under a shared
equity arrangement under a shared equity scheme,
(c) a decision to require the person to repay an amount under section 45,
(d) a decision to require the person to pay a penalty under section 45.
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Treasury and Energy Legislation Amendment Bill 2022 [NSW]
Schedule 2 Amendment of First Home Owner Grant (New Homes) Act 2000 No 21
25B Making objections
(1) An objection must be made by giving written notice (an objection notice) to
the Chief Commissioner.
(2) The grounds of objection must be stated fully and in detail in the objection
notice.
(3) The objection notice must be given to the Chief Commissioner within--
(a) 60 days after the date of the notice of the decision to which the objection
relates, or
(b) if the Chief Commissioner is satisfied that a person has a reasonable
excuse for not giving the objection notice within the 60-day period--the
longer period approved by the Chief Commissioner.
[6] Part 2B, subdivision 2, heading
Omit the heading.
[7] Section 31
Insert "or a shared equity scheme" after "scheme".
[8] Section 31A
Insert after section 31--
31A Delegation by Minister
The Minister may delegate the exercise of any function of the Minister under
this Act, other than this power of delegation, to--
(a) the Chief Commissioner, or
(b) a person employed in the Public Service.
[9] Section 32(1)
Insert "or a shared equity scheme" after "scheme".
[10] Section 34 Authorised investigations
Omit section 34(a). Insert instead--
(a) whether the following have been properly made--
(i) an application under this Act or a corresponding law for a first
home owner grant,
(ii) an application under this Act to participate in a shared equity
scheme, or
[11] Section 34(d1) and (d2)
Insert after paragraph (d)--
(d1) whether a participant in a shared equity scheme is eligible to participate,
or
(d2) whether a person has complied with a condition for participating in a
shared equity scheme, or
[12] Section 36A Power to require valuation or other evidence
Omit "the purposes of determining the total value of a transaction".
Insert instead "a relevant purpose".
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Treasury and Energy Legislation Amendment Bill 2022 [NSW]
Schedule 2 Amendment of First Home Owner Grant (New Homes) Act 2000 No 21
[13] Section 36A(1)(a)
Omit the paragraph. Insert instead--
(a) require, by written notice, the following to give to the Chief
Commissioner evidence of the value of property or consideration that
the Chief Commissioner considers appropriate--
(i) an applicant for a first home owner grant,
(ii) an applicant for participation in a shared equity scheme,
[14] Section 36A(2)-(4)
Insert after section 36A(1)--
(2) The Chief Commissioner may recover from the applicant the cost of obtaining
a valuation of property under subsection (1)(b) if--
(a) the value of the property in the valuation obtained by the Chief
Commissioner differs from the value of the property provided by the
applicant by at least 10%, or
(b) the applicant fails to comply with a written notice given to the applicant
under subsection (1)(a)(ii) within 60 days after the notice is issued.
(3) The Chief Commissioner may require the Valuer-General to make a valuation
for the purposes of this section.
(4) In this section--
applicant includes a former applicant.
relevant purpose means--
(a) determining the total value of a transaction, or
(b) the administration of a shared equity scheme.
[15] Section 44 Knowingly giving false or misleading information
Omit section 44(2). Insert instead--
(2) A person must not make a statement or give information knowing it is false or
misleading in a material particular in relation to--
(a) an application for a first home owner grant, or
(b) an application to participate in a shared equity scheme.
[16] Section 45
Omit the section. Insert instead--
45 Power to require repayment and impose penalty
(1) The Chief Commissioner may, by written notice given to a person, require the
person for whom an amount was paid under this Act to repay the amount if--
(a) the amount was paid in error, or
(b) the Chief Commissioner reverses the decision under which the amount
was paid for another reason.
(2) The Chief Commissioner may impose a penalty not exceeding the amount the
person is required to repay if--
(a) the amount was paid under a first home owner grant as a result of
dishonesty by an applicant for the grant, or
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Treasury and Energy Legislation Amendment Bill 2022 [NSW]
Schedule 2 Amendment of First Home Owner Grant (New Homes) Act 2000 No 21
(b) the amount was paid under a shared equity scheme as a result of
dishonesty by a participant in the scheme, or
(c) the person fails to make a repayment required--
(i) under this section, or
(ii) by the conditions of a first home owner grant.
(3) The penalty may be imposed in the notice under subsection (1) or in a separate
written notice given to the person.
(4) The Chief Commissioner may, by written notice given to a participant in a
shared equity scheme, impose a penalty of up to $3,300 on the person if the
person fails--
(a) to give the Chief Commissioner information the Chief Commissioner
reasonably requests from the person for the administration of the
scheme, or
(b) to notify the Chief Commissioner of a change in circumstances required
to be notified to the Chief Commissioner under the conditions of the
person's participation in the scheme, or
(c) to comply with a condition of a shared equity arrangement under a
shared equity scheme and the condition is prescribed by the regulations.
[17] Section 46 Power to recover certain amounts
Omit section 46(1)-(3). Insert instead--
(1) This section applies to the following amounts--
(a) an amount required to be repaid under the conditions of a first home
owner grant or shared equity scheme or by the Chief Commissioner
under this Act, by--
(i) an applicant or former applicant for a first home owner grant, or
(ii) a participant or former participant in a shared equity scheme,
(b) the amount of a penalty imposed on and payable by--
(i) an applicant or former applicant for a first home owner grant, or
(ii) a participant or former participant in a shared equity scheme,
(c) the amount a person is required to repay under section 45.
(2) An amount to which this section applies is payable to the Chief Commissioner.
(2A) If the amount is payable by more than 1 person, each person is jointly and
severally liable to pay the amount.
(3) The liability of a person to pay an amount to which this section applies is--
(a) a first charge on the person's interest in a home if--
(i) the home is one for which a first home owner grant was obtained,
and
(ii) the person was an applicant for the grant, and
(iii) the person is liable to pay an amount referred to in subsection
(1)(a) or (b), or
(b) a charge on the person's interest in property if--
(i) the property is the subject of a shared equity arrangement under
a shared equity scheme, and
(ii) the person is a participant in the scheme, and
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Treasury and Energy Legislation Amendment Bill 2022 [NSW]
Schedule 2 Amendment of First Home Owner Grant (New Homes) Act 2000 No 21
(iii) the person is liable to pay an amount referred to in subsection
(1)(a) or (b).
[18] Section 46(4)
Omit the subsection.
[19] Section 46(5A)
Insert after section 46(5)--
(5A) An amount to which this section applies is a referable debt within the meaning
of the State Debt Recovery Act 2018.
[20] Section 47 Protection of confidential information
Omit section 47(1), definition of protected information. Insert instead--
protected information means information obtained in the course of work
related to the administration of this Act about--
(a) an applicant for a first home owner grant or the applicant's spouse, or
(b) an applicant, including a former applicant, for participation in a shared
equity scheme or the applicant's spouse.
Page 14
Treasury and Energy Legislation Amendment Bill 2022 [NSW]
Schedule 3 Amendments relating to superannuation successor funds
Schedule 3 Amendments relating to superannuation
successor funds
3.1 Superannuation Administration Act 1996 No 39
[1] Part 5, heading
Omit the heading. Insert instead--
Part 5 Offences and remedies relating to officers
[2] Part 5, Division 1, heading
Omit the heading.
[3] Part 5, Division 2, heading
Omit the heading. Insert instead--
Part 6 Public sector schemes
[4] Sections 129B and 129C
Renumber sections 125 and 126 as sections 129B and 129C and relocate after section 129A.
[5] Sections 125-127
Renumber sections 127, 128, 128A and 128B as sections 125, 126, 126A and 127 and
relocate the renumbered sections after the heading to Part 6 and update all cross-references
to the renumbered sections wherever occurring in the Act.
[6] Section 126A (as renumbered by item [5]), heading
Omit "and EISS".
[7] Section 126A (as renumbered by item [5])
Omit section 126A(1), definition of electricity industry superannuation scheme.
[8] Section 126A(2) and (3) (as renumbered by item [5])
Omit "the electricity industry superannuation scheme or" wherever occurring.
[9] Section 126A(7) (as renumbered by item [5])
Omit "electricity industry and local government superannuation schemes".
Insert instead "local government superannuation scheme".
[10] Section 126A (as renumbered by item [5])
Omit the section.
[11] Part 7, heading
Insert before section 127A--
Part 7 Successor funds
127AA Definitions
In this Part--
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Treasury and Energy Legislation Amendment Bill 2022 [NSW]
Schedule 3 Amendments relating to superannuation successor funds
electricity industry superannuation scheme means the scheme established
under a trust deed entered into by the Treasurer and Energy Industries
Superannuation Scheme Pty Ltd, as trustee.
local government superannuation scheme means the scheme established
under a trust deed entered into by the Treasurer and LGSS Pty Ltd, as trustee.
successor fund has the same meaning as in the Superannuation Industry
(Supervision) Regulations 1994 of the Commonwealth.
successor fund transfer means the transfer to a successor fund of--
(a) the benefits of members, and
(b) the assets and liabilities supporting the benefits.
[12] Section 127A, heading
Omit the heading. Insert instead--
127A Transfers from STC schemes to successor funds
[13] Sections 127B-128B
Insert after section 127A--
127B Transfers from EISS and LGSS to successor funds
(1) The regulations may provide for successor fund transfers from the following
(a former scheme)--
(a) the electricity industry superannuation scheme,
(b) the local government superannuation scheme.
(2) Regulations may be made about the following in relation to a successor fund
transfer under this section--
(a) transferring benefits of members,
(b) transferring assets and liabilities,
(c) paying transferred benefits,
(d) establishing funds and reserves in relation to the successor fund,
(e) preserving or deferring transferred benefits,
(f) the entitlements, rights and obligations of a member whose benefit is
transferred,
(g) deeming employers--
(i) to be no longer employers under the former scheme, and
(ii) to be employers under the successor fund,
(h) requiring employers--
(i) to be bound by the trust deed of the successor fund, and
(ii) to make payments and contributions to the successor fund.
(3) The Minister must not recommend the making of a regulation under this
section in relation to a successor fund transfer before the successor fund
transfer has occurred unless the Minister is satisfied the trustees of the former
scheme and the successor fund agree the transfer will comply with--
(a) the Superannuation Industry (Supervision) Act 1993 of the
Commonwealth, and
(b) the regulations or other instruments under that Act.
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Treasury and Energy Legislation Amendment Bill 2022 [NSW]
Schedule 3 Amendments relating to superannuation successor funds
(4) The Minister must not recommend the making of a regulation under this
section in relation to a successor fund transfer after the successor fund transfer
has occurred unless the Minister is satisfied the regulation corrects an error.
128 Mobility between public sector schemes and successor funds
(1) An employee has a right to transfer from an STC scheme to a successor fund
if the employee--
(a) is a member of or contributor to an STC scheme because of employment
with a public sector employer prescribed by the regulations, and
(b) subsequently transfers employment to an employer that is responsible
for the payment of benefits in respect of a successor fund, and
(c) meets the eligibility requirements prescribed by the regulations.
(2) An employee has a right to transfer from a successor fund (the current
successor fund) to an STC scheme if--
(a) the employee was previously a member of or contributed to the STC
scheme, and
(b) the employee has transferred--
(i) directly from the STC scheme to the current successor fund, or
(ii) from the STC scheme to the current successor fund by way of
other successor funds or relevant schemes, and
(c) each transfer was--
(i) in accordance with regulations made under this Part or Part 6, or
(ii) by the exercise of an option under this Act or another Act
establishing an STC scheme, and
(d) the employee subsequently transfers employment from an employer
that is responsible for the payment of benefits in respect of the current
successor fund to a public sector employer prescribed by the
regulations, and
(e) the employee meets the eligibility requirements prescribed by the
regulations.
(3) In this section--
relevant scheme means--
(a) the electricity industry superannuation scheme, or
(b) the local government superannuation scheme
128A Regulations about mobility between funds
(1) Regulations may be made about the following--
(a) the eligibility requirements for an employee to exercise a right of
transfer under section 128 (a transfer option),
(b) the circumstances in which a transfer of employment is taken to have
occurred for the purposes of a transfer option,
(c) how a transfer option may be exercised, including the way, form and
time for exercising the option,
(d) the terms and conditions to which the employee's membership of the
fund is subject once the employee exercises a transfer option,
(e) the transfer of assets and liabilities between funds in relation to an
employee who exercises a transfer option,
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Schedule 3 Amendments relating to superannuation successor funds
(f) the resolution by a person or body of disputes relating to the exercise of
a transfer option,
(g) the payment of employer superannuation liabilities, including--
(i) employer contributions, and
(ii) benefits, and
(iii) insurance premiums.
(2) Regulations may also be made about the rights and obligations of the
employee and associated beneficiaries, in relation to the employee's
membership of or contributions to the fund from which the employee is
transferred under the transfer option, including--
(a) the preservation or deferral of a benefit in the fund, and
(b) the calculation of the preserved or deferred benefit, and
(c) the payment of the benefit to the fund to which the employee is
transferred despite--
(i) a minimum qualifying period of membership, or
(ii) another limit of the fund that would otherwise prevent or restrict
the preservation or deferral of the benefit.
(3) A regulation made under this section may confer a transfer option even if the
relevant transfer of employment took place before the regulation commenced.
128B Part has effect despite other Acts and trust deeds
This Part, including regulations made under this Part, has effect despite any
provision of--
(a) an Act under which an STC scheme is constituted, or
(b) the trust deeds constituting the following--
(i) the electricity industry superannuation scheme,
(ii) the local government superannuation scheme,
(iii) a successor fund.
[14] Part 8, heading
Insert before section 128C--
Part 8 Miscellaneous
3.2 State Authorities Non-contributory Superannuation Act 1987 No 212
Section 20A Scheme closed for new employees
Omit "section 128A" from section 20A(1)(d). Insert instead "Part 6 or Part 7".
3.3 State Authorities Superannuation Act 1987 No 211
Section 2B Employee may resume contributions after break in employment
Omit "section 128A"from section 2B(2). Insert instead "Part 6 or Part 7".
3.4 Superannuation Act 1916 No 28
Section 1A Closure of Scheme to persons employed on or after 1.7.1985
Omit "section 128A" from section 1A(3)(c1). Insert instead "Part 6 or Part 7".
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Schedule 3 Amendments relating to superannuation successor funds
3.5 Government Sector Audit Regulation 2021
Schedule 1 Prescribed entities
Omit "section 127" from Part 1. Insert instead "section 125".
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Schedule 4 Amendments relating to energy supply
Schedule 4 Amendments relating to energy supply
4.1 Electricity Supply Act 1995 No 94
[1] Schedule 4A Energy security safeguard schemes
Omit clause 34(1)-(3). Insert instead--
(1) An energy savings certificate for energy savings arising from a recognised
energy saving activity that occur during a particular year may be created--
(a) if the regulations prescribe a period for the creation of the certificate--
in the period prescribed by the regulations, or
(b) otherwise--no later than 6 months after the end of the year in which the
energy savings occur.
(2) An energy savings certificate is not created until an application is made under
clause 46 for registration of the certificate.
[2] Schedule 4A, clause 58
Omit clause 58(2) and (3). Insert instead--
(2) Without limiting subclause (1), the regulations may provide for the following
matters--
(a) matters that may be the subject of audits,
(b) persons who may conduct audits,
(c) matters relating to decisions about who will conduct audits, including,
for example, providing for the Scheme Regulator or Scheme
Administrator to make decisions about whether to conduct audits
personally or require audits to be conducted by an auditor engaged by
the Scheme Regulator, Scheme Administrator or scheme participant,
(d) functions that may be exercised by persons conducting audits,
(e) fees payable for audits, including--
(i) who determines whether fees are payable for particular types of
audits or audits in particular circumstances, and
(ii) how and by whom the amount of the fees payable for audits are
determined, and
(iii) the maximum fees payable for audits generally or particular types
of audits, and
(iv) to whom the fees for audits are payable,
(f) offences relating to obstructing or hindering, or refusing or failing to
comply with requirements made by, persons who conduct audits.
(3) If the regulations provide that a fee, as determined by or under the regulations,
is payable for the carrying out of particular types of audit or audits in particular
circumstances, each scheme participant and accredited certificate provider is
liable to pay the fee for the carrying out of an audit of that type or in those
circumstances in relation to the participant or provider.
[3] Schedule 4A, clause 77A
Insert after clause 77--
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Schedule 4 Amendments relating to energy supply
77A Waiver or reduction of application fees
The Scheme Administrator may waive payment of, or reduce, an application
fee required to be paid under this Part.
[4] Schedule 4A, clause 104
Omit clause 104(1)(a). Insert instead--
(a) the certificate--
(i) is registered as active in the register of certificates, or
(ii) was registered as active during the compliance period for which
the certificate is surrendered, and
[5] Schedule 4A, clause 127
Omit clause 127(2). Insert instead--
(2) Without limiting subclause (1), the regulations may provide for the following
matters--
(a) matters that may be the subject of audits,
(b) persons who may conduct audits,
(c) matters relating to decisions about who will conduct audits, including,
for example, providing for the Scheme Regulator or Scheme
Administrator to make decisions about whether to conduct audits
personally or require audits to be conducted by an auditor engaged by
the Scheme Regulator, Scheme Administrator or scheme participant,
(d) functions that may be exercised by persons conducting audits,
(e) fees payable for audits, including--
(i) who determines whether fees are payable for particular types of
audits or audits in particular circumstances, and
(ii) how and by whom the amount of the fees payable for audits are
determined, and
(iii) the maximum fees payable for audits generally or particular types
of audits, and
(iv) to whom the fees for audits are payable,
(f) offences relating to obstructing or hindering, or refusing or failing to
comply with requirements made by, persons who conduct audits.
(2A) If the regulations provide that a fee, as determined by or under the regulations,
is payable for the carrying out of particular types of audit or audits in particular
circumstances, each scheme participant and accredited certificate provider is
liable to pay the fee for the carrying out of an audit of that type or in those
circumstances in relation to the participant or provider.
[6] Schedule 4A, clause 143A
Insert after clause 143--
143A Waiver or reduction of application fees
The Scheme Administrator may waive payment of, or reduce, an application
fee required to be paid under this Part.
[7] Schedule 4A, clause 168
Omit clause 168(1)(a). Insert instead--
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Schedule 4 Amendments relating to energy supply
(a) the certificate--
(i) is registered as in force in the register of certificates, or
(ii) was in force during the compliance period for which the
certificate is surrendered, and
[8] Schedule 4A, clause 192
Omit clause 192(2). Insert instead--
(2) Without limiting subclause (1), the regulations may provide for the following
matters--
(a) matters that may be the subject of audits,
(b) persons who may conduct audits,
(c) matters relating to decisions about who will conduct audits, including,
for example, providing for the Scheme Regulator or Scheme
Administrator to make decisions about whether to conduct audits
personally or require audits to be conducted by an auditor engaged by
the Scheme Regulator, Scheme Administrator or scheme participant,
(d) functions that may be exercised by persons conducting audits,
(e) fees payable for audits, including--
(i) who determines whether fees are payable for particular types of
audits or audits in particular circumstances, and
(ii) how and by whom the amount of the fees payable for audits are
determined, and
(iii) the maximum fees payable for audits generally or particular types
of audits, and
(iv) to whom the fees for audits are payable,
(f) offences relating to obstructing or hindering, or refusing or failing to
comply with requirements made by, persons who conduct audits.
(2A) If the regulations provide that a fee, as determined by or under the regulations,
is payable for the carrying out of particular types of audit or audits in particular
circumstances, each scheme participant and accredited certificate provider is
liable to pay the fee for the carrying out of an audit of that type or in those
circumstances in relation to the participant or provider.
[9] Schedule 4A, clause 225A
Insert after clause 225--
225A Waiver or reduction of application fees
The Scheme Administrator may waive payment of, or reduce, an application
fee required to be paid under this Part.
4.2 Energy and Utilities Administration Act 1987 No 103
[1] Section 35 Energy Administration Account
Omit "and the Department" from section 35(2)(a).
[2] Section 35(3)
Omit "the Department and".
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Schedule 4 Amendments relating to energy supply
4.3 Energy Legislation Amendment Act 2021 No 34
Schedule 1 Amendment of Electricity Supply Act 1995 No 94
Omit Schedule 1[44], [51], [52], [79] and [80].
4.4 Subordinate Legislation Act 1989 No 146
[1] Section 10 Staged repeal of statutory rules
Insert after section 10(2)--
(3) This section does not apply in relation to the following statutory rules--
(a) a regulation made under the Electricity Infrastructure Investment Act
2020,
(b) a regulation that sets out management rules for marine parks or aquatic
reserves made under the Marine Estate Management Act 2014.
[2] Section 10(5)
Omit the subsection.
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