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Superannuation Industry (Supervision) Amendment Regulation 2012 (No. 2)

FRLI ID: F2012L01654
Introduced into the House of Representatives and the Senate on 14 August 2012
Portfolio: Treasury

Committee view

2.2        The committee considers that this regulation is compatible with human rights.

2.3        The committee however notes that the statement of compatibility claims that the regulation does not engage human rights as defined in the Human Rights (Parliamentary Scrutiny) Act 2011. The committee seeks clarification from the Treasurer whether the regulation could be said to promote the right to social security contained in article 9 of the International Covenant on Economic, Social and Cultural Rights.

Purpose of the instrument

2.4        The purpose of the regulation is to amend the Superannuation Industry (Supervision) Regulations 1994 to require:

-      trustees of self managed superannuation funds (SMSFs) to consider insurance for their members as part of the fund’s investment strategy;

-      money and other assets of an SMSF to be kept separate from those held by a trustee personally and by a standard employer-sponsor or an associate of a standard employer-sponsor; and

-      SMSF assets to be valued at market value for reporting purposes.

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