Super fund governance & choice of fund Bills not listed for reintroduction

The Federal Parliament sits today for the first time in 2017, with the start of the Autumn sittings. Though it may not be until later in the year that some of the proposed changes to superannuation are debated.

According to the House Notice Paper the Tax and Superannuation Laws Amendment (2016 Measures No. 2) Bill 2016 – which gives the ATO Commissioner the power to modify the operation of tax and superannuation legislation – may be debated as soon as today.

The Senate Notice Paper shows that the Superannuation (Objective) Bill 2016 is scheduled for debate on the 14th of February, the same day a Senate committee is due to give its report into the Bill.

However it may be longer before other superannuation issues are dealt with. No superannuation Bills are listed in the Legislation proposed for introduction in the 2017 Autumn Sittings. This is despite the fact that several pieces of legislation, to enact changes which are seemingly still government policy, lapsed at the prorogation of Parliament prior to the most recent Federal Election. These Bills are the:

  • Superannuation Legislation Amendment (Choice of Fund) Bill 2016
  • Superannuation Legislation Amendment (Trustee Governance) Bill 2015
  • Superannuation Legislation Amendment (Transparency Measures) Bill 2016

These Bills would, if passed, expand choice of super fund for employees, make changes to the governance arrangements of large superannuation funds – including requiring at least one-third independent directors and an independent chair – and make changes Choice Product Dashboards and Portfolio Holding Disclosure.

The Trustee Governance Bill was last debated in November 2015, with the other two Bills last debated in March 2016.

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