Second Reading Speeches

Treasury Laws Amendment (Protecting Your Superannuation Package) Bill 2018

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
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.