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Bill
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Description
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Status
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Proposed start date
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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
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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 House.
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Day of Royal Assent
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Security Amendment Legislation (Critical Infrastructure) 2021
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The Bill includes an additional positive security obligation for critical infrastructure assets. This includes the requirement to develop a risk management program as well as mandatory cyber incident reporting.
This is the first of two bills on the critical infrastructure reforms.
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Before the Senate.
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The day the Act receives Royal Assent.
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Treasury Laws Amendment (2021 Measures No. 5) Bill 2021
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The Bill seeks to update the SIS Act to integrate debt restricting into the the existing regulatory regimes.
The Bill also includes amendments to the Unclaimed Money and Lost Members Act to allow the Commissioner of Tax to recover overpaid amounts.
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Before the Senate.
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The day after the Act receives the Royal Assent.
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Consultation
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Exposure draft
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Description
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Status
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Proposed start date
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House Economics Committee: Inquiry into the implications of common ownership and capital concentration
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The federal House Economics Committee have opened an inquiry to consider the implications of common ownership and capital concentration in Australia.
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Submissions closed
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Superannuation Portfolio Holdings Disclosure
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Treasury is consulting on the draft portfolio holdings disclosure regulations. The updated regulations have been amended to:
- Introduce a requirement that the information should be easily downloadable from the website of the fund in a delimited file format;
- allow cash and bank bill investments to be aggregated by the relevant institution;
- sub-divide infrastructure and property into directly held and unitised and require percentage ownership for directly held;
- remove the requirement to disclose maturity dates and counterparty name for derivatives; and
- make it clear in the Explanatory Statement that, in addition to the mandatory disclosures, super funds are free to provide supplementary information regarding the portfolio holdings of the funds products in a separate public disclosure
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Consultation closed.
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Day the instrument is registered
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