Footnotes

Chapter 1 - Overview of inquiry

[1]        House of Representatives, Votes and Proceedings No. 108, 24 May 2012, p. 1487; Selection Committee Report, House of Representatives Hansard, 24 May 2012, p. 64.

[2]        The Treasury, 'Regulation Impact Statement: Stronger Super Implementation', September 2011', p. 40. See the chapter on 'SuperStream' for further details on the reform (pp 40–58).

[3]        Explanatory Memorandum, Superannuation Legislation Amendment (Stronger Super) Bill 2012, Superannuation Supervisory Levy Imposition Amendment Bill 2012, p. 25.

[4]        The Treasury, 'Regulation Impact Statement: Stronger Super Implementation', September 2011', p. 40.

[5]        Explanatory Memorandum, Superannuation Legislation Amendment (Stronger Super) Bill 2012, Superannuation Supervisory Levy Imposition Amendment Bill 2012, p. 4.

[6]        Financial Services Council, Submission 6, p. 3.

[7]        The Hon. Bill Shorten, Minister for Financial Services and Superannuation and Minister for Employment and Workplace Relations, House of Representatives Hansard, 24 May 2012, pp 14–15.

[8]        Financial Services Council, Submission 6, pp 3, 10.

[9]        Mr Andrew Bragg, Senior Policy Manager, Financial Services Council, Proof Committee Hansard, 4 June 2012, p. 3.

[10]      Mr David Haynes, Project Director, Australian Institute of Superannuation Trustees, Proof Committee Hansard, 4 June 2012, p. 7.

[11]      The Hon. Bill Shorten, Minister for Financial Services and Superannuation and Minister for Employment and Workplace Relations, House of Representatives Hansard, 24 May 2012, pp 13–14.

[12]      Explanatory Memorandum, Superannuation Legislation Amendment (Stronger Super) Bill 2012, Superannuation Supervisory Levy Imposition Amendment Bill 2012, pp 3, 11.

[13]      Explanatory Memorandum, Superannuation Legislation Amendment (Stronger Super) Bill 2012, Superannuation Supervisory Levy Imposition Amendment Bill 2012, pp 7, 17.

[14]      Explanatory Memorandum, Superannuation Legislation Amendment (Stronger Super) Bill 2012, Superannuation Supervisory Levy Imposition Amendment Bill 2012, p. 17.

[15]      Explanatory Memorandum, Superannuation Legislation Amendment (Stronger Super) Bill 2012, Superannuation Supervisory Levy Imposition Amendment Bill 2012, p. 8.

[16]      Explanatory Memorandum, Superannuation Legislation Amendment (Stronger Super) Bill 2012, Superannuation Supervisory Levy Imposition Amendment Bill 2012, pp 8–9.

[17]      Explanatory Memorandum, Superannuation Legislation Amendment (Stronger Super) Bill 2012, Superannuation Supervisory Levy Imposition Amendment Bill 2012, pp 21–22.

[18]      The Treasury, 'Regulation Impact Statement: Stronger Super Implementation', September 2011', p. 42.

[19]      Explanatory Memorandum, Superannuation Legislation Amendment (Stronger Super) Bill 2012, Superannuation Supervisory Levy Imposition Amendment Bill 2012, p. 5.

[20]      The Treasury, 'Regulation Impact Statement: Stronger Super Implementation', September 2011', p. 41.

[21]      The Treasury, 'Regulation Impact Statement: Stronger Super Implementation', September 2011', p. 44.

[22]      The Treasury, 'Regulation Impact Statement: Stronger Super Implementation', September 2011', p. 45.

[23]      Explanatory Memorandum, Superannuation Legislation Amendment (Stronger Super) Bill 2012, Superannuation Supervisory Levy Imposition Amendment Bill 2012, p. 5.

[24]      Explanatory Memorandum, Superannuation Legislation Amendment (Stronger Super) Bill 2012, Superannuation Supervisory Levy Imposition Amendment Bill 2012, pp 27–28.

[25]      The Hon. Bill Shorten, Minister for Financial Services and Superannuation and Minister for Employment and Workplace Relations, House of Representatives Hansard, 24 May 2012, pp 14–15.

[26]      Explanatory Memorandum, Superannuation Legislation Amendment (Stronger Super) Bill 2012, Superannuation Supervisory Levy Imposition Amendment Bill 2012, pp 33, 34.

[27]      Explanatory Memorandum, Superannuation Legislation Amendment (Stronger Super) Bill 2012, Superannuation Supervisory Levy Imposition Amendment Bill 2012, p. 34.

Chapter 2 - Governance and transparency

[1]        The Treasury, 'Regulation Impact Statement: Stronger Super Implementation', September 2011', p. 46. See also Australian Institute of Superannuation Trustees, Submission 3, p. 4.

[2]        Association of Superannuation Funds of Australia, Submission 1, p. 4.

[3]        Mr Andrew Bragg, Senior Policy Manager, Financial Services Council, Proof Committee Hansard, 4 June 2012, p. 3.

[4]        Mr David Haynes, Project Director, Australian Institute of Superannuation Trustees, Committee Hansard, 4 June 2012, p. 4.

[5]        Proof Committee Hansard, 4 June 2012, p. 11.

[6]        The Explanatory Memorandum acknowledges that the 'SuperStream Council will oversee the implementation and the ongoing effectiveness of the SuperStream changes', p. 4.

[7]        Treasury, Stronger Super Information Pack, http://strongersuper.treasury.gov.au/content/Content.aspx?doc=publications/information_pack/superstream.htm (accessed 31 May 2012).

[8]        The Hon. Bill Shorten, MP, Minister for Financial Services and Superannuation and Minister for Employment and Workplace Relations, 'SuperStream Advisory Council – call for nominees', Media release 028, 25 May 2012.

[9]        Treasury and the Australian Prudential Regulation Authority, 'Proposed Financial Industry Levies for 2012–13', June 2012, http://www.treasury.gov.au/ConsultationsandReviews/Submissions/2012/Proposed-Financial-Industry-Levies-for-2012-13 (accessed 5 June 2012).

[10]      Association of Superannuation Funds of Australia, Submission 1, p. 4; Australian Institute of Superannuation Trustees, Submission 3, p. 5.

[11]      Australian Institute of Superannuation Trustees, Submission 3, p. 5.

[12]      Association of Superannuation Funds of Australia, Submission 1, p. 4.

[13]      Association of Superannuation Funds of Australia, Submission 1, p. 3.

[14]      Australian Institute of Superannuation Trustees, Submission 3, p. 5.

[15]      Australian Institute of Superannuation Trustees, Submission 3, p. 5.

[16]      Mr Andrew Bragg, Senior Policy Manager, Financial Services Council, Proof Committee Hansard, 4 June 2012, p.  5.

[17]      Dr Sacha Vidler, Chief Economist, Industry Super Network, Proof Committee Hansard, 4 June 2012, p. 5

[18]      Proof Committee Hansard, 4 June 2012, p. 19.

[19]      The Hon. Bill Shorten, MP, Minister for Financial Services and Superannuation and Minister for Employment and Workplace Relations, 'SuperStream Advisory Council – call for nominees', Media release 028, 25 May 2012.

[20]      Joint industry submission, Submission 5, pp 1–2.

[21]      Joint industry submission, Submission 5, p. 2.

[22]      Ms Pauline Vamos, Chief Executive Officer, Association of Superannuation Funds of Australia, Proof Committee Hansard, 4 June 2012, p. 6.

[23]      Association of Superannuation Funds of Australia, Submission 1, p. 5.

[24]      Association of Superannuation Funds of Australia, Submission 1, p. 5.

[25]      Association of Superannuation Funds of Australia, Submission 1, p. 6.

[26]      Association of Superannuation Funds of Australia, Submission 1, p. 5.

[27]      Association of Superannuation Funds of Australia, Submission 1, p. 7.

[28]      Australian Institute of Superannuation Trustees, Submission 3, p. 8.

[29]      Dr Sacha Vidler, Chief Economist, Industry Super Network, Proof Committee Hansard, 4 June 2012, pp 3–4.

[30]      Financial Services Council, Submission 6, p. 7.

[31]      Australian Government Cost Recovery Guidelines, p. 34 as cited in Financial Services Council, Submission 6, p. 9.

[32]      Australian Government Cost Recovery Guidelines, p. 38 as cited in Financial Services Council, Submission 6, p. 9.

[33]      Financial Services Council, Submission 6, p. 9.

[34]      Proof Committee Hansard, 4 June 2012, pp 6–7.

[35]      Mr Neil Olesen, Deputy Commissioner, Superannuation, Australian Taxation Office, Proof Committee Hansard, 4 June 2012, p. 13.

[36]      Australian Taxation Office, answer to question on notice 4 June 2012 (received 7 June 2012).

[37]      Mr Nigel Murray, Principal Adviser, Superannuation, Revenue Group, Personal and Retirement Income Division, Treasury, Proof Committee Hansard, 4 June 2012, p. 12.

[38]      Mr Neil Olesen, Deputy Commissioner, Superannuation, Australian Taxation Office, Proof Committee Hansard, 4 June 2012, p. 12.

[39]      Proof Committee Hansard, 4 June 2012, p. 12.

[40]      Proof Committee Hansard, 4 June 2012, p. 12.

[41]      Department of Finance and Deregulation, ' Commonwealth Procurement Rules — effective from 1 July 2012', http://www.finance.gov.au/procurement/commonwealth_procurement_rules_news.html (accessed 6 June 2012).

Chapter 3 - Compliance and implementation

[1]        Australian Chamber of Commerce and Industry, Submission 8, pp 3–4.

[2]        Financial Services Council, Submission 6, p. 11.

[3]        Financial Services Council, additional information, received 5 June 2012, pp 1–2.

[4]        Financial Services Council, additional information, received 5 June 2012, p. 2.

[5]        Association of Superannuation Funds of Australia, Submission 1, pp 4–5.

[6]        Mr David Haynes, Project Director, Australian Institute of Superannuation Trustees, Proof Committee Hansard, 4 June 2012, p. 9.

[7]        Australian Institute of Superannuation Trustees, Submission 3, p. 7.

[8]        Mr David Haynes, Project Director, Australian Institute of Superannuation Trustees, Proof Committee Hansard, 4 June 2012, p. 2.

[9]        Mr Nigel Murray, Principal Adviser, Superannuation, Revenue Group, Personal and Retirement Income Division, Treasury and Mr Chris Denney, Senior Adviser, SuperStream, Personal and Retirement Income Division, Treasury, Proof Committee Hansard, 4 June 2012, p. 14.

[10]      Mr Neil Olesen, Deputy Commissioner, Superannuation, Australian Taxation Office, and Mr Nigel Murray, Principal Adviser, Superannuation, Revenue Group, Personal and Retirement Income Division, Treasury, Proof Committee Hansard, 4 June 2012, p. 14.

[11]      Mr Neil Olesen, Deputy Commissioner, Superannuation, Australian Taxation Office, Proof Committee Hansard, 4 June 2012, p. 15.

[12]      'A significant number of the strict liability provisions in the SIS Act were introduced in 2000 under reforms introduced under the Financial Sector Legislation Amendment Bill (No. 1) 2000'.
Treasury, answer to question on notice, 4 June 2012 (received 8 June 2012).

[13]      Australian Administration Services, Submission 4, p. 2.

[14]      Australian Government Cost Recovery Guidelines, p. 40 as cited in Financial Services Council, Submission 6, p. 7.

[15]      Financial Services Council, Submission 6, p. 8.

[16]      Proof Committee Hansard, 4 June 2012, pp 8–9.

[17]      Australian Chamber of Commerce and Industry, Submission 8, p. 5.

[18]      Mr Neil Olesen, Deputy Commissioner, Superannuation, Australian Taxation Office, Proof Committee Hansard, 4 June 2012, p. 16.

[19]      Proof Committee Hansard, 4 June 2012, p. 18.
Around 3.2 per cent of small employers use the Clearing House operated by the Department of Human Services. Since its inception in mid 2010, it has processed over $316.5 million in superannuation payments representing over 561 000 superannuation contributions made for employees.  
Australian Taxation Office, answer to question on notice, 4 June 2012 (received 7 June 2012).

[20]      Proof Committee Hansard, 4 June 2012, p. 17. See also pp 19–20.

[21]      Association of Superannuation Funds of Australia, Submission 1, p. 5.

[22]      Association of Superannuation Funds of Australia, Submission 1, pp 7–8.

[23]      Australian Institute of Superannuation Trustees, Submission 3, p. 6.

[24]      Australian Institute of Superannuation Trustees, Submission 3, pp 6–7.

[25]      Australian Chamber of Commerce and Industry, Submission 8, p. 4.