Review of Certain Superannuation Acts
This public inquiry has concluded. The inquiry report was released by the Commonwealth Government on 16 April 2002.
Under the Legislation Review, all Commonwealth legislation which restricts competition or imposes costs on business was evaluated against the guiding principle that it should be retained only if the benefits to the community as a whole outweigh the costs and if the objective of the legislation cannot be achieved more efficiently through other means, including non-legislative approaches.
The review encompassed six pieces of legislation relating to superannuation:
- Superannuation Industry (Supervision) Act 1993
- Superannuation (Resolution of Complaints) Act 1993
- Superannuation (Financial Assistance Funding) Levy Act 1993
- Superannuation (Self Managed Superannuation Funds) Taxation Act 1987
- Superannuation (Self Managed Superannuation Funds) Supervisory Levy Imposition Act 1991
- Occupational Superannuation Standards Regulations Applications Act 1992.
The review did not to address taxation issues affecting the superannuation industry, other than levies specified in the above legislation.
The review also did not cover provisions of the Superannuation Industry (Supervision) Act 1993 which had been recently subjected to regulation review or a regulation impact statement, such as the provisions dealing with the supervision of self managed funds, the superannuation investment rules and the provisions to be covered by a forthcoming draft Financial Services Reform Bill.