Bills before the Senate

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TOTAL RESULTS: 128

  • Date
    14 Sep 2017 
    Chamber
    Senate 
    Status
    Before Senate 
    Portfolio
    Treasury 
    Summary
    Introduced with the Superannuation Laws Amendment (Strengthening Trustee Arrangements) Bill 2017, the bill 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
    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

  • 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 Rates Act 1986
    to increase from 2 per cent to 2.5 per cent the rate of tax imposed on superannuation contributions when no tax file number has been provided. 

    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
    Medicare Levy Act 1986
    to increase the Medicare levy from 2 per cent to 2.5 per cent of a person’s taxable income. 

    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
    Superannuation (Excess Non-concessional Contributions Tax) Act 2007
    to increase from 47 per cent to 47.5 per cent the rate at which excess non-concessional contributions tax is payable on an individual’s excess non-concessional contributions. 

    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
    Superannuation (Excess Untaxed Roll-over Amounts Tax) Act 2007
    to increase from 47 per cent to 47.5 per cent the rate at which excess untaxed roll-over amounts tax is payable on an individual’s excess untaxed roll-over amounts. 

    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
    Taxation (Trustee Beneficiary Non-disclosure Tax) Act (No. 1) 2007
    to increase from 47 per cent to 47.5 per cent the rate of trustee beneficiary non-disclosure tax where a share of the net income of a trust is distributed to the trustee of a closely held trust. 

    Bill | Explanatory Memorandum

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