Bills before the Senate

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TOTAL RESULTS: 114

  • Date
    31 Aug 2016 
    Chamber
    House of Representatives 
    Status
    Before Senate 
    Portfolio
    Social Services 
    Summary
    Establishes the National Disability Insurance Scheme Savings Fund Special Account to assist the Commonwealth to meet its funding obligations in relation to the National Disability Insurance Scheme. 

    Bill | Explanatory Memorandum

  • Date
    14 Sep 2017 
    Chamber
    Senate 
    Status
    Before Senate 
    Portfolio
    Treasury 
    Summary
    Amends the:
    Superannuation Industry (Supervision) Act 1993
    to require registrable superannuation (RSE) licensees to have at least one-third independent directors and for the Chair of the Board of directors to be one of these independent directors; and
    Governance of Australian Government Superannuation Schemes Act 2011
    to enable the trustee board of the Commonwealth Superannuation Corporation to comply with the new independence requirements. 

    Bill | Explanatory Memorandum

  • Date
    14 Sep 2017 
    Chamber
    Senate 
    Status
    Before Senate 
    Portfolio
    Treasury 
    Summary
    Amends the:
    Superannuation Industry (Supervision) Act 1993
    to: require trustees to assess on an annual basis whether the outcomes that are being delivered by MySuper products are promoting the financial interests of MySuper members; allow the Australian Prudential Regulation Authority (APRA) to refuse, or cancel, an authority to offer a MySuper product if it has a reason to believe the registrable superannuation entity (RSE) licensee may fail to comply with its obligations; impose civil and criminal penalties on directors of RSE licensees who fail to execute their responsibilities to act in the best interests of members, or who use their position to further their own interests to the detriment of members; enable APRA to refuse authority for a change in ownership or control where it has concerns about the person seeking ownership or control, give a direction to a person to relinquish control of a RSE licensee and remove or suspend an RSE licensee where it is subject to the control of its owner; align APRA’s directions powers in relation to the superannuation industry with its broader directions powers in the banking and insurance industries; and require RSE licensees to hold annual members’ meetings;
    Corporations Act 2001
    and
    Superannuation Industry (Supervision) Act 1993
    to require superannuation funds to disclose on a semi-annual basis investments that they hold directly or through associated entities and initial investments into non-associated entities;
    Financial Sector (Collection of Data) Act 2001
    to provide APRA with the ability to obtain information on expenses incurred by RSE and RSE licensees in managing or operating the RSE; and
    Australian Prudential Regulation Authority Act 1998
    to make consequential amendments. 

    Bill | Explanatory Memorandum

  • Date
    14 Sep 2017 
    Chamber
    House of Representatives 
    Status
    Before Senate 
    Portfolio
    Treasury 
    Summary
    Amends the
    Superannuation Guarantee (Administration) Act 1992
    to: provide that employees under workplace determinations or enterprise agreements made on or after 1 July 2018 have the right to choose their superannuation fund; and provide that amounts sacrificed under an employee salary sacrifice arrangement will not reduce an employer’s mandated superannuation guarantee contributions. 

    Bill | Explanatory Memorandum

  • Date
    14 Sep 2017 
    Chamber
    Senate 
    Status
    Before Senate 
    Portfolio
    Treasury 
    Summary
    Amends: the
    Corporations Act 2001
    and 12 other Acts to introduce a new external dispute resolution scheme, known as the Australian Financial Complaints Authority (AFCA), to resolve disputes about products and services provided by financial firms; and five Acts to: require firms that must participate in the enhanced internal dispute resolution (IDR) framework to report their IDR activities to the Australian Securities and Investments Commission (ASIC) in accordance with ASIC requirements; provide ASIC with additional powers to determine the content and form of IDR reporting by IDR Firms and to publish this data at both the aggregate and firm level; and allow ASIC to specify, by legislative instrument, requirements for trustees and retirement savings account providers to provide written reasons for decisions in relation to complaints. Also repeals the
    Superannuation (Resolution of Complaints) Act 1993
    and makes consequential amendments to 11 Acts. 

    Bill | Explanatory Memorandum

  • Date
    07 Sep 2017 
    Chamber
    House of Representatives 
    Status
    Before Senate 
    Portfolio
    Treasury 
    Summary
    Introduced with the Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 1) Bill 2017 to establish the First Home Super Saver Scheme, the bill imposes a first home super saver tax on individuals who have not entered into a contract to purchase or construct their first home or recontributed the required amount into superannuation. 

    Bill | Explanatory Memorandum

  • Date
    07 Sep 2017 
    Chamber
    House of Representatives 
    Status
    Before Senate 
    Portfolio
    Treasury 
    Summary
    Introduced with the First Home Super Saver Tax Bill 2017 to establish the First Home Super Saver Scheme, the bill amends: 10 Acts to enable first home savers to make voluntary contributions into the superannuation system and to withdraw those contributions and associated earnings for the purposes of purchasing their first home; and the
    Income Tax Assessment Act 1997
    and
    Taxation Administration Act 1953
    to allow an individual aged 65 years or over to use the proceeds of one sale of their main residence to make contributions (downsizer contributions) of up to $300 000 to their superannuation. 

    Bill | Explanatory Memorandum

  • Date
    17 Aug 2017 
    Chamber
    House of Representatives 
    Status
    Before Senate 
    Portfolio
    Treasury 
    Summary
    Part of a package of 11 bills to fund the Commonwealth’s contribution to the National Disability Insurance Scheme, the bill amends the
    Family Trust Distribution Tax (Primary Liability) Act 1998
    to increase from 47 per cent to 47.5 per cent the rate of family trust distribution tax. 

    Bill | Explanatory Memorandum

  • Date
    17 Aug 2017 
    Chamber
    House of Representatives 
    Status
    Before Senate 
    Portfolio
    Treasury 
    Summary
    Part of a package of 11 bills to fund the Commonwealth’s contribution to the National Disability Insurance Scheme, the bill amends the
    Fringe Benefits Tax Act 1986
    to increase from 47 per cent to 47.5 per cent the rate of fringe benefits tax. 

    Bill | Explanatory Memorandum

  • Date
    17 Aug 2017 
    Chamber
    House of Representatives 
    Status
    Before Senate 
    Portfolio
    Treasury 
    Summary
    Part of a package of 11 bills to fund the Commonwealth’s contribution to the National Disability Insurance Scheme, the bill amends the
    Income Tax (TFN Withholding Tax (ESS)) Act 2009
    to increase from 47 per cent to 47.5 per cent the rate of tax imposed on employees who receive an employee share scheme (ESS) interest under an ESS and have not provided an Australian Business Number or tax file number. 

    Bill | Explanatory Memorandum

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