Little movement on Government’s superannuation agenda so far in 2017

There has been little movement on the Government’s legislative superannuation agenda in the Autumn sitting of the Parliament.

The Government has a number of superannuation policies which have yet to be legislated, but these were not given priority in the first Parliamentary sittings of 2017.

The Superannuation (Objective) Bill 2016 is currently before the Senate, but was last debated on 23 November 2016. A Senate inquiry into the Bill gave its report on February 14.

The Government also still has policies to change the governance arrangements of large superannuation fund and to expand super choice to more employees, however these Bills are not before the Parliament. The Bills were previously introduced and debated, but lapsed when Parliament was prorogued ahead of the double dissolution election and will need to be reintroduced.

The Superannuation Legislation Amendment (Trustee Governance) Bill 2015 was last debated in November 2015.

The Superannuation Legislation Amendment (Choice of Fund) Bill 2016 and Superannuation Legislation Amendment (Transparency Measures) Bill 2016 – which includes changes to Choice Product Dashboards and Portfolio Holding Disclosure – were last debated in March 2016.

However the Tax and Superannuation Laws Amendment (2016 Measures No. 2) Bill 2016, which gives the ATO Commissioner to the power to modify the operation of tax and super laws, did pass the Parliament.

The Parliament is next scheduled to sit on 9 May for the Budget.

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