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...

Labor may yet support expansion of super fund choice

Labor will oppose the Government’s superannuation governance and reporting changes, but may yet support an expansion of super fund choice to more employees.

Labor says it will oppose two of the Government’s superannuation Bills, but may support a third if it is amended.

The House of Representatives on Monday passed the Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 2) Bill 2017. The Bill would expand choice of super fund and close the Salary Sacrifice ‘loophole’, which allows employers to claim employees contributions against their SG obligations. Read more...

Government puts super fund governance & accountability Bills to Senate first

The Government has introduced Bills to enact its super fund governance and accountability policies to the Senate, before the House of Representatives, restarting a battle between industry and retail super fund.

The Government introduced the Bills directly to the Senate, instead of to the House of Reps. Minister for Revenue and Financial Services, Kelly O’Dwyer, meanwhile introduced a Bill to the House to expand choice of super fund and close the Super Guarantee salary sacrifice loophole.

The Superannuation Laws Amendment (Strengthening Trustee Arrangements) Bill 2017, if passed, would require large superannuation funds to have at least one-third independent directors and an independent chair, with a three year transition period. Read more...