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Labor “cautiously supportive” of Protecting your Super Bill

A Senate committee has called for a Bill capping super fund fees and making insurance opt-out, for some members, and to transfer more inactive super accounts to the ATO, to be passed.

Labor is “cautiously supportive” of the Bill, the Treasury Laws Amendment (Protecting Your Superannuation Package) Bill 2018. Labor seemingly doesn’t oppose the Bill, but may seek amendments.

“Labor Senators are cautiously supportive of the bill’s broad objectives, … and will continue to evaluate possible amendments in order to improve the legislation,” says the Labor Senators in the report of the committee. Read more...

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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...

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‘Protecting Your Super’ changes raise $1.75 billion for government

The Government has introduced a Bill to Parliament which it says will protect superannuation savings, but also raise a considerable amount of money for the Federal Budget.

The Treasury Laws Amendment (Protecting Your Superannuation Package) Bill 2018 would cap fees for small account, make some insurance in super opt-in and transfer more inactive super accounts to the ATO – measures which were announced in the 2018 Budget.

Following the introduction of the Bill, Minister for Revenue and Financial Services Kelly O’Dwyer said the Government had taken action to protect the “hard-earned” superannuation savings of Australians from “rorts and rip-offs”. Read more...