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Act –
Treasury Laws Amendment (2021 Measures No. 5) Bill 2021
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The Bill seeks to update the SIS Act to integrate debt restructuring into 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.
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Passed both houses:
2 December 2021
Royal Assent:
7 December 2021
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The day after the Act receives Royal Assent.
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Regulation –
Treasury Laws Amendment (KiwiSaver Scheme) Regulations 2021
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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.
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In force (Regulation made 25 November)
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11 December 2021 (immediately after the commencement of Part 1 of Schedule 2 to the Treasury Laws Amendment (2020 Measures No. 5) Act 2020.
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Act -
Security Amendment Legislation (Critical Infrastructure) 2021
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Aka SLACI, 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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Passed both Houses:
22 November 2021
Royal Assent:
2 December 2021
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The day the Act receives Royal Assent – 3 December 2021
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Regulation –
Corporations Amendment (Portfolio Holdings Disclosure) Regulations 2021
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Requires superannuation trustees to publicly disclose portfolio holdings using the prescribed table
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In force (Regulation made 11 November 2021)
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Reporting periods from 31 December 2021. Trustees must make certain information about the RSE’s investment options publicly available on the entity’s website no later than 90 days after a specified reporting day.
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Regulation –
Treasury Laws Amendment (Greater Transparency of Proxy Advice) Regulations 2021
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Amends the Corporations Regulations and SIS Regulations to:
- require that providers of Proxy Advice must be AFS Licencees and specify the circumstances in which voting advice is proxy advice (a kind of financial service)(on and from 7/2/22); and
- set out obligations for financial services licensees who provide proxy advice to:
- provide any proxy advice to the entity that is the subject of the proxy advice on the same day it is provided to the client; and
- be independent of their clients.
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Regulation disallowed 10/2/22
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Was to commence the day after Registration and several provisions were to have effect 7 February.
Disallowed by Senate 10/2/22 which has the effect of removing the requirements (and any amendments) ab initio.
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Regulation –
Financial Sector Reform Amendment (Hayne Royal Commission Response—Better Advice) Regulations 2021
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The Regs. amend the ASIC Regulations 2001, the Corporations Regulations 2001 and the Tax Agent Services Regulations 2009 to, among other things,:
- provide that specified civil penalty provisions are not taken to be significant (and therefore may not be reportable) under the breach reporting regime;
- prescribe sanctions that must be included on the Register of Relevant Providers.
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In force (Regulation made 16 December 2021)
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1 January 2022
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Act –
Corporations Amendment (Meetings and Documents) Bill 2021
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The Bill amends the Corporations Act 2001 to establish a permanent mechanism to allow companies and registered schemes to hold hybrid (in person and remote) meetings and to use technology to execute, sign and share company and meeting-related documents.
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Passed HoR 29/11/21
Passed both Houses 10/02/2022
Royal Assent 22/2/22
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1 April 2022
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Act –
Financial Sector Reform (Hayne Royal Commission Response – Better Advice) Bill 2021
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This Bill implements recommendation 2.10 of the Financial Services Royal Commission, which recommended the establishment of a single disciplinary body for financial advisers and the requirement that all financial advisers who provide personal financial advice to retail clients be registered and winds up the Financial Adviser Standards and Ethics Authority and transfers its functions to the Minister responsible for administering the Corporations Act and to ASIC.
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Passed by both Houses:
21 October 2021
Royal Assent:
28 October 2021
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Principal provisions commence: 1/01/2022
Contingent provisions: at a later date
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Act –
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
Passed both Houses 10/2/2022
Royal Assent 22/2/22
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1 July 2022
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Regulation –
ASIC Corporations (Amendment) Instrument 2022/20
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Amends the ASIC Corporations (Financial Counselling Agencies) Instrument 2017/792. This Regulation provides relief to financial counselling agencies that provide financial counselling predominately for the purpose of assisting individuals or small businesses who are in financial difficulty to resolve their problems. This Regulation ensures that Financial Counsellors continue to be exempt from holding an AFSL.
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In force (Regulation made 8/2/2022)
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9/2/2022
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Act –
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 (Schedule 1)
- Higher withdrawal limit for First Home Super Saver Scheme from $30k to $50k (Schedule 2)
- Lower age threshold for super downsizer scheme from 65 to 60 (Schedule 3)
- Removal of super contribution “work test” for those aged between 67 and 74 (Schedule 4)
- Work test will only apply for that age group if they want to claim a tax deduction for their voluntary contribution (Schedule 4)
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Before the House
Passed both Houses (10/2/2022)
Royal Assent 22/2/22
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Schedules 1 & 2 the day after the the Act receives Royal Assent.
Schedules 3 to 6 The first 1 January, 1 April, 1 July or 1 October to occur after the day this Act receives Royal Assent.
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Regulation –
Superannuation (Government Co-contribution for Low Income Earners) Regulations 2022
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The Superannuation (Government Co‑contribution for Low Income Earners) Regulations 2004 will ‘sunset’ on 1 April 2022. This Regulation will remake that Regulation with an effective date of 1 April 2022.
Generally changes of a minor or machinery nature ONLY have been made. Headings and definitions have been altered to align them with current drafting standards. There have also been some alterations to ‘eligible accounts’ to ensure that no “insurance-only” accounts are credited with the Government Co-Contribution.
It is recommended that Trustees review current reporting data to ensure it complies in the next ‘round’ of Govt. Co-Contributions reporting and/or receipt.
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In force (Regulation Registered 17 February 2022)
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1 April 2022
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