Superannuation Bills largely stalled in Senate ahead of winter break

With Parliament having risen for the long winter break many of the Government’s superannuation Bills remain stalled in the Senate, with some not even being debated yet in 2018

ASIC fee-for-service Bills

The Bills to change ASIC towards a fee-for-service model have passed the Parliament. In part the Bills will lead to increases in the fees for SMSF Auditors, in some cases substantial fees. The actual level of the fees will be set in regulation, which Minister for Revenue and Financial Services Kelly O’Dwyer said would be made “shortly”. Read more...

Super Guarantee amnesty Bill introduced with “haste and secrecy”: Labor

Labor members of a Senate committee have accused the Government of engaging in “haste and secrecy” around its Bill to create an amnesty for employers who haven’t paid their Super Guarantee obligations.

The majority of the Senate Economics Legislation Committee, which includes Liberal Senators and Greens Senator Whish-Wilson, recommended that the Treasury Laws Amendment (2018 Superannuation Measures No. 1) Bill 2018 be passed. Only Labor Senators issued a dissenting report, calling for the SG amnesty provision be removed from the Bill. Read more...

Small Business Ombudsman supports Super Guarantee amnesty

The Australian Small Business and Family Enterprise Ombudsman supports the Government’s planned amnesty for employers who haven’t met their Superannuation Guarantee obligations, a decision which the ACTU has described as “shocking”.

The Small Business Ombudsman appeared before a Senate Committee which is inquiring into the Treasury Laws Amendment (2018 Superannuation Measures No. 1) Bill 2018.

“Yesterday I outlined my support of the 12 month Superannuation Guarantee Amnesty in this Bill, so the very few small businesses across Australia that are not up-to-date with their superannuation obligations for current and past employees are able to get their affairs in order,” said Ombudsman Kate Carnell on Wednesday. Read more...