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Corporate Collective Investment Vehicle Framework and Other Measures Bill 2021
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The CCIV Bill introduces the Retirement Income Covenant. Schedule 9 of the Bill amends the SIS Act to introduce a covenant which requires trustees to formulate, review regularly and give effect to a retirement income strategy for beneficiaries who are retired or approaching retirement.
The obligations form part of the section 52 covenants, and consistent with a contravention of other section 52 covenants, a trustee who contravenes the retirement income covenant may be subject to a civil penalty.
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Referred to Committee (02/12/2021): Senate Economics Legislation Committee; Report due 03/02/2022
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1 July 2022
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Financial Accountability Regime Bill 2021
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The Financial Accountability Regime will impose four core obligations. First, the regime will impose accountability obligations on superannuation directors/senior executives and influential executives. This obligation will require those senior personnel to ensure they conduct their affairs in a certain manner (including, acting with honesty and with care, skill and diligence). Second, the Bill includes key personnel obligations which requires a superannuation fund to "nominate senior and influential executives to be responsible for all areas of their business operations". Third, the regime introduces deferred remuneration obligations which require superannuation funds to defer at least 40 per cent of the variable remuneration of senior personnel for a minimum of 4 years. This includes an obligation reduce variable remuneration for non-compliance with accountability obligations. Finally, the bill introduces notification obligations which require superannuation funds to provide the regulator (APRA or ASIC) with certain information around senior staff and the superannuation fund business. Certain entities above a nominated threshold, which will be determined by rules made by the Minister, will also be required to meet 'enhanced' notification obligations. These enhanced notification obligations include preparing and submitting accountability statements and accountability maps.
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Before the House
Referred to Committee (25/11/2021): Senate Economics Legislation Committee; Report due 15/02/2022
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1 July 2023 or 18 months after the commencement of the Financial Accountability Regime Bill 2021 passing.
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Treasury Laws Amendment (Enhancing Superannuation Outcomes for Australians and Helping Australian Businesses Invest) Bill 2021
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The Bill covers the following:
- Removal of $450 monthly income threshold for super contributions
- Lower age threshold for super downsizer scheme from 65 to 60
- Higher withdrawal limit for First Home Super Saver Scheme from $30k to $50k
- Removal of super contribution “work test” for those aged between 67 and 74
- Work test will only apply for that age group if they want to claim a tax deduction for their voluntary contribution
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Before the House
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Sections 1 to 3 the day the Act receives Royal Assent.
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Treausry Laws Amendment (2021 Measures No. 7) Bill 2021
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The Bill amends the AFCA Act to assist in the closure of the SCT and to facilitate any transitional arrangements associated with the transfer of superannuation complaints to AFCA.
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Passed by House of Reps on 25 August.
Before the Senate
Referred to Committee (26/08/2021): Senate Economics Legislation Committee; Committee report (14/10/2021)
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Day of Royal Assent
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