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Download this week's legislation table
Proposed start date
Corporate Collective Investment Vehicle Framework and Other Measures Bill 2021
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.
Referred to Committee (02/12/2021): Senate Economics Legislation Committee; Report due 03/02/2022
1 July 2022
Financial Accountability Regime Bill 2021
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.
Before the House
Referred to Committee (25/11/2021): Senate Economics Legislation Committee; Report due 15/02/2022
1 July 2023 or 18 months after the commencement of the Financial Accountability Regime Bill 2021 passing.
Treasury Laws Amendment (Enhancing Superannuation Outcomes for Australians and Helping Australian Businesses Invest) Bill 2021
The Bill covers the following:
Sections 1 to 3 the day the Act receives Royal Assent.
Treausry Laws Amendment (2021 Measures No. 7) Bill 2021
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.
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)
Day of Royal Assent
House Economics Committee: Inquiry into the implications of common ownership and capital concentration
The federal House Economics Committee have opened an inquiry to consider the implications of common ownership and capital concentration in Australia.
Treasury Laws Amendment (2021 Measures No. 5) Bill 2021
The Bill seeks to update the SIS Act to integrate debt restructuring 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 and allow unclaimed super to be paid to KiwiSaver accounts.
Passed both houses 2 December 2021
Royal Assent 7 Dec 2021
The day after the Act receives the Royal Assent.
Treasury Laws Amendment (KiwiSaver Scheme) Regulations 2021
Supports amendments made by Schedule 2 to the Treasury Laws Amendment (2020 Measures No. 5) Act 2020. Allows individuals to direct the ATO to pay amounts the ATO holds in respect of them under the Superannuation (Unclaimed Money and Lost Members) Act 1999 to a KiwiSaver scheme provider.
Security Amendment Legislation (Critical Infrastructure) 2021
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.
Passed both Houses
22 November 2021
The day the Act receives Royal Assent.
Regulation - Corporations Amendment (Portfolio Holdings Disclosure) Regulations 2021
Requires superannuation trustees to publicly disclose portfolio holdings using the prescribed table
Reporting periods from 31 December
Competition and Consumer (Consumer Data Right) Amendment Rules (No. 1) 2021
The new rules will:
Simplification of the data sharing arrangements who use joint accounts.
Effective 5 October.
Treasury Laws Amendment (2021 Measures No. 6) Bill 2021
The information-sharing measure in the exposure draft will allow information about superannuation assets to be provided directly to the Family Court by the ATO during property settlement.
Passed both houses.
1 April 2022
Financial sector reform (Hayne royal commission response) bill 2020
Corporations (fees) amendment (Hayne royal commission response) Bill 2020
Bill addresses a range of Royal Commission recommendations.
Superannuation trustees and trustee directors cannot use trust assets to pay a criminal, civil or administrative penalty incurred in relation to a breach of Commonwealth law in circumstances where the breach did not previously warrant disentitlement based on the principles in section 56.
Passed House of Representatives on 9 December 2020 Passed Senate with amendment on 10 December 2020.
Assent 17 December 2020
Most reforms have a start date of 1 Jan 2021 but the amendment allows for a start of 1 Jan 2022 for section 56 reforms concerning trustee liabilities.