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Treasury Laws Amendment (Your Future, Your Super) Bill 2021

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
46

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Summary

Amends the: Superannuation Guarantee (Administration) Act 1992 to: provide that if a new employee has an existing 'stapled' superannuation fund and does not choose a fund to receive contributions, their employer is required to make contributions on behalf of the employee into the stapled fund; and ensure that employers are not in breach of various rules, or are not liable for superannuation guarantee charge, in certain circumstances; Superannuation Act 1990 and Superannuation Act 2005 to make consequential amendments; Superannuation Industry (Supervision) Act 1993 to: require the Australian Prudential Regulation Authority to conduct an annual performance test for MySuper products and other products to be specified in regulations; make amendments contingent on the commencement of the Treasury Laws Amendment (Self Managed Superannuation Funds) Act 2021, when enacted, and Family Law Amendment (Western Australia De Facto Superannuation Splitting and Bankruptcy) Act 2020, when enacted; require trustees of registrable superannuation entities and self managed superannuation funds and directors of the corporate trustee of a registrable superannuation entity to perform their duties and exercise their powers in the best financial interests of the beneficiaries; reverse the evidential burden of proof for the best financial interests duty so that the onus is on the trustee of a registrable superannuation entity; allow regulations to be made to prohibit certain payments made by trustees of registrable superannuation entities and prescribe additional requirements on trustees and directors of trustee companies of registrable superannuation entities; and allow contraventions of record-keeping obligations specified in regulations to be subject to a strict liability offence; and Corporations Act 2001 to remove an exemption from disclosing information about certain investments under the portfolio holdings disclosure rules.

Progress

House of Representatives
Introduced and read a first time 17 Feb 2021
Second reading moved 17 Feb 2021
Second reading debate 02 Jun 2021
Second reading debate 03 Jun 2021
Second reading agreed to 03 Jun 2021
Consideration in detail debate
  • Amendment details: 2 Government agreed to
03 Jun 2021
Third reading agreed to 03 Jun 2021
Senate
Introduced and read a first time 15 Jun 2021
Second reading moved 15 Jun 2021
Second reading debate 16 Jun 2021
Second reading agreed to 17 Jun 2021
Committee of the Whole debate
  • Amendment details: 8 Government agreed to
17 Jun 2021
Third reading agreed to 17 Jun 2021
House of Representatives
Consideration of Senate message
  • Details: House agreed to Senate amendments
17 Jun 2021
Finally passed both Houses 17 Jun 2021
Assent
  • Act no: 46
  • Year: 2021
22 Jun 2021

Documents and transcripts

Text of bill

Explanatory memoranda

Proposed amendments

House of representatives

Senate

Schedules of amendments

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.