Inserts for
Superannuation Legislation Amendment (Stronger Super and Other Measures) Bill (No. 2) 2012: Reporting to members

EXPOSURE DRAFT

Commencement information	
Column 1	Column 2	Column 3	
Provision(s)	Commencement	Date/Details	
1.  Schedule #	The day this Act receives the Royal Assent.		
2.  			
3.  			

Schedule #—Superannuation fund reporting
  
Corporations Act 2001
1  Section 761A
Insert:
6 month period means the period of 6 months beginning on 1 January or 1 July.
2  Section 761A
Insert:
active member has the meaning given by subsection 1017CA(7).
3  Section 761A
Insert:
defined benefit interest has the meaning given by the Superannuation Industry (Supervision) Regulations 1994.
4  Section 761A
Insert:
quarter means a period of 3 months beginning on 1 January, 1 April, 1 July or 1 October.
5  After section 1017C
Insert:
1017CA  Information about contributions to superannuation products and RSA products to be provided to active members
Statements about contributions
	(1)	Subject to subsection (2), a regulated superannuation fund (within the meaning of the Superannuation Industry (Supervision) Act 1993) or an RSA provider (within the meaning of the Retirement Savings Accounts Act 1997) must give each active member of a superannuation product or RSA product:
	(a)	a statement advising whether contributions have been made in relation to the product on behalf of the member during the preceding quarter; or
	(b)	a statement showing the contributions that have been made in relation to the product on behalf of the member during the preceding 6 month period.
Note 1:	For the meaning of regulated superannuation fund see section 19 of the Superannuation Industry (Supervision) Act 1993. 
Note 2:	For the meaning of RSA provider see section 8 of the Retirement Savings Accounts Act 1997.
Defined benefit interests, self‑managed superannuation funds and exempt public sector superannuation schemes
	(2)	Subsection (1) does not apply to:
	(a)	contributions made in relation to a defined benefit interest; or
	(b)	contributions made in relation to an interest in a self‑managed superannuation fund (within the meaning of the Superannuation Industry (Supervision) Act 1993); or
	(c)	the trustee of an exempt public sector superannuation scheme.
	(3)	The statement must be provided within 42 days of the last day of the preceding quarter, or last day of the preceding 6 month period, as the case may be.
Statement to be provided by email or SMS message
	(4)	The statement must include such information as prescribed by regulations made for the purpose of this subsection.
	(5)	If the statement is made under paragraph (1)(a), it must:
	(a)	be sent to the member by email; or
	(b)	if email communication with the member is not possible—be sent to the member by SMS message.
Statement to be provided by post
	(6)	If the statement is made under paragraph (1)(b) it must be sent to the member by post.
Active member
	(7)	A person is an active member of a superannuation product or RSA product if:
	(a)	a contribution was made, or an interest rolled over into or transferred to, the product on behalf of the member at any time during the previous 2 years; or
	(b)	the product was acquired at any time during the previous 6 month period.
Active member may request statement of contributions
	(8)	The active member may request the regulated superannuation fund or RSA provider to do any of the following:
	(a)	send the member a statement under paragraph (1)(b) by post;
	(b)	provide all such statements to the member by post.
	(9)	The regulated superannuation fund or RSA provider must comply with the request.
Web based portal
	(10)	If the regulated superannuation fund or RSA provider sends a statement to the active member under paragraph (1)(a), the fund or provider must give the member access to a web based portal which provides the following information:
	(a)	the name of the fund or provider;
	(b)	details of each contribution made to, or interest rolled over into or transferred to, the product on behalf of the member during the previous quarter, including:
	(i)	the date of the transaction; and
	(ii)	a description of the transaction; and
	(iii)	any amount paid or payable by the member in relation to the transaction; and
	(iv)	any taxes paid or payable by the member in relation to the transaction;
	(c)	such information as prescribed by the regulations for the purposes of this subsection.
	(11)	If a regulated superannuation fund or RSA provider becomes aware that information provided to an active member under this section is incorrect or does not contain the information required by this section, the fund or provider must amend the information and send it to the member by post within 14 days of becoming aware of the error or omission.
Record keeping requirements
	(12)	The regulated superannuation fund or RSA provider must:
	(a)	retain records made under this section in relation to a statement under subsection (1); and
	(b)	comply with any record keepings requirements prescribed by the regulations for the purpose of this subsection.
	(13)	The records must be retained for 7 years after the date that the statement under subsection (1) is made.
Superannuation Industry (Supervision) Act 1993
6  After subparagraph 38A(b)(iv)
Insert:
	(iva)	subsections 1017CA(1), (3), (4), (5), (6), (8), (9), (10), (11), (12) and (13).
7  Application
The amendments made by this Schedule apply from 1 July 2013.