Treasury Laws Amendment (Protecting Your Superannuation Package) Bill 2018

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Before Senate
Parliament no
45

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Summary

Amends the: Superannuation Industry (Supervision) Act 1993 to: prevent trustees of superannuation funds from charging certain fees and costs exceeding 3 per cent of the balance of a MySuper or choice product annually where the balance of the account is below $6000; and prevent trustees from providing opt out insurance to new members aged under 25 years, members with balances below $6000 and members with inactive MySuper or choice accounts, unless a member has directed otherwise; and Superannuation (Unclaimed Money and Lost Members) Act 1999 to: require the transfer of all superannuation savings with a balance below $6000 to the Commissioner of Taxation if an account related to a MySuper or choice product has been inactive for a continuous period of 13 months; and enable the commissioner to consolidate amounts that have been paid as unclaimed money, inactive low-balance accounts and lost member accounts into an active superannuation account where the reunited balance would be greater than $6000; and Income Tax Assessment Act 1997 and Taxation Administration Act 1953 to make consequential amendments.

Progress

House of Representatives
Introduced and read a first time 21 Jun 2018
Second reading moved 21 Jun 2018
Second reading debate 28 Jun 2018
Second reading agreed to 28 Jun 2018
Third reading agreed to 28 Jun 2018
Senate
Introduced and read a first time 28 Jun 2018
Second reading moved 28 Jun 2018

Documents and transcripts

Text of bill

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Explanatory memoranda

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Proposed amendments

Senate

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Schedules of amendments

No documents at present

Bills digest

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Notes

Helpful information

Text of bill

  • First reading: Text of the bill as introduced into the Parliament
  • Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.
  • As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.

Explanatory memoranda

  • Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.
  • Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.
  • Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.

Proposed amendments

Circulated by members and senators when they propose to make changes to the bill. For details about the outcome of proposed amendments please refer to either the Votes and Proceedings (House of Representatives) or the Journals (Senate).

Schedules of amendments

Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.