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• Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Bill 2013

  Track (What's this?)

  Date

  29 Nov 2012 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Corporations Act 2001

  to require registrable superannuation entity licensees that are also responsible entities of registered managed investment schemes to comply with requirements on adequate resources and risk management systems;

  Superannuation Industry (Supervision) Act 1993

  to: over-ride any provision in the governing rules of a registrable superannuation entity that requires the trustee to use a specified service provider, investment entity or financial product; enable the Australian Prudential Regulation Authority to issue infringement notices for a broader range of breaches of the Act; require superannuation trustees to provide eligible persons, generally on request, with the reasons for decisions made in relation to a complaint; require persons seeking to take legal action against a director for a breach of their duties to first seek leave from the court; extend the availability of certain legal defences to directors and trustees; remove restrictions on director voting; clarify the definition of ‘superannuation contribution’ to include defined benefits; and make consequential amendments;

  Superannuation (Resolution of Complaints) Act 1993

  to increase the time limits within which beneficiaries can lodge complaints with the Superannuation Complaints Tribunal regarding total and permanent disability claims;

  First Home Saver Accounts Act 2008

  to make consequential amendments; and

  Superannuation Legislation Amendment (MySuper Core Provisions) Act 2012

  to make technical amendments. 

  Bill | Explanatory Memorandum

• Tax Laws Amendment (2012 Measures No. 6) Bill 2012

  Track (What's this?)

  Date

  29 Nov 2012 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Income Tax Assessment Act 1936

  and

  Income Tax Assessment Act 1997

  to clarify that native title benefits are not subject to income tax (including capital gains tax);

  Income Tax Assessment Act 1997

  to: update the list of deductible gift recipients; extend the immediate deductibility of exploration and prospecting expenditure provided to mining and petroleum explorers to geothermal energy explorers; and clarify that the definition of ‘limited recourse debt’ includes arrangements where, in substance or effect, the debtor is not fully at risk in relation to the debt;

  Tax Laws Amendment (2011 Measures No. 5) Act 2011

  to extend the interim streaming rules for managed investment trusts until the end of the 2013-14 financial year;

  Income Tax Assessment Act 1936

  to apply an income test to the rebate for medical expenses from 1 July 2012;

  Fringe Benefits Tax Assessment Act 1986

  to remove the concessional fringe benefits tax treatment for in-house fringe benefits accessed by way of salary packaging arrangements; and Retirement Savings Accounts Regulations 1997, Superannuation Industry (Supervision) Regulations 1994 and five Acts to make technical amendments. 

  Bill | Explanatory Memorandum

• Treasury Legislation Amendment (Unclaimed Money and Other Measures) Bill 2012

  Track (What's this?)

  Date

  30 Oct 2012 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Banking Act 1959

  ,

  First Home Saver Accounts Act 2008

  and

  Life Insurance Act 1995

  to: reduce to three years the period before amounts held by authorised deposit-taking institutions, first home saver account providers and life insurance companies are treated as unclaimed moneys; and provide for the payment of interest on unclaimed moneys claimed after 1 July 2013;

  Superannuation (Unclaimed Money and Lost Members) Act 1999

  to: increase to $2000 the balance threshold below which small lost accounts are required to be transferred to the Commissioner of Taxation; decrease to 12 months the period of inactivity before inactive accounts of unidentifiable members are required to be transferred to the commissioner; and provide for the payment of interest on all unclaimed superannuation moneys claimed after 1 July 2013;

  Australian Securities and Investments Commission Act 2001

  to close the Companies and Unclaimed Moneys Special Account; and

  Corporations Act 2001

  to: establish a new process for the receipt and payment of unclaimed property; and provide for the payment of interest on unclaimed property claimed after 1 July 2013. 

  Bill | Explanatory Memorandum

• Superannuation Legislation Amendment (New Zealand Arrangement) Bill 2012

  Track (What's this?)

  Date

  11 Oct 2012 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the

  Income Tax Assessment Act 1997

  ,

  Superannuation (Government Co-contribution for Low Income Earners) Act 2003

  and

  Taxation Administration Act 1953

  to implement the Arrangement on Trans-Tasman Retirement Savings Portability to enable Australians and New Zealanders to transfer retirement savings between the two countries. 

  Bill | Explanatory Memorandum

• Tax Laws Amendment (Clean Building Managed Investment Trust) Bill 2012

  Track (What's this?)

  Date

  10 Oct 2012 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the

  Income Tax Assessment Act 1997

  ,

  Income Tax (Managed Investment Trust Withholding Tax) Act 2008

  and

  Taxation Administration Act 1953

  to provide a final withholding tax rate of 10 per cent on fund payments from eligible clean building managed investment trusts made to foreign residents in countries with which Australia has effective exchange of information. 

  Bill | Explanatory Memorandum

• Excise Tariff Amendment (Per-tonne Carbon Price Equivalent) Bill 2012

  Track (What's this?)

  Date

  19 Sep 2012 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Part of a package of seven bills to link Australia’s carbon pricing mechanism to overseas emissions trading schemes from 1 July 2015, the bill amends the

  Excise Tariff Act 1921

  to provide that the per-tonne carbon price equivalent applied to liquid fuels is consistent with the compliance costs of liable entities under the carbon pricing mechanism with linking arrangements. 

  Bill | Explanatory Memorandum

• Personal Liability for Corporate Fault Reform Bill 2012

  Track (What's this?)

  Date

  19 Sep 2012 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Implements the Council of Australian Governments’ directors’ liability reform by amending: the

  Corporations Act 2001

  to: remove the personal criminal liability of company secretaries for certain offences and replace it with a civil liability; and impose a penalty for a breach of the civil liability; the

  Foreign Acquisitions and Takeovers Act 1975

  to provide that only an officer of a corporation who authorised or permitted the commission of an offence by that corporation is personally liable for the breach; the

  Health Insurance Act 1973

  to remove the personal criminal liability on company officers of the proprietor of a private hospital who wilfully authorises or permits the bribery of a medical practitioner, midwife or nurse by their corporation, where the officer has not personally been responsible for the offence; the

  National Vocational Education and Training Regulator Act 2011

  to limit the circumstances when executive officers including directors can be personally liable for certain offences of the company; the

  Therapeutic Goods Act 1989

  to: remove the personal liability of executive officers for certain offences of a body corporate; and remove the automatic application of derivative liability; and 10 other Acts to align them with the principles and guidelines for the imposition of personal criminal liability for corporate fault. 

  Bill | Explanatory Memorandum

• Superannuation Auditor Registration Imposition Bill 2012

  Track (What's this?)

  Date

  19 Sep 2012 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Introduced with the Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Bill 2012, the bill imposes fees on certain matters to recover the costs of establishing the self-managed superannuation fund auditor registration regime. 

  Bill | Explanatory Memorandum

• Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Bill 2012

  Track (What's this?)

  Date

  19 Sep 2012 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Introduced with the Superannuation Auditor Registration Imposition Bill 2012, the bill amends: the

  Income Tax Assessment Act 1997

  and

  Tax Laws Amendment (2009 Measures No. 6) Act 2010

  to reinstate the temporary loss relief for merging superannuation funds with certain modifications; the

  Superannuation Industry (Supervision) Act 1993

  and

  Taxation Administration Act 1953

  to introduce a registration regime for auditors of self-managed superannuation funds; the

  Taxation Administration Act 1953

  to expand the information required to be reported by superannuation providers to the Commissioner of Taxation; the

  Superannuation Industry (Supervision) Act 1993

  and

  Retirement Savings Accounts Act 1997

  to facilitate the electronic transmission of payments and associated information between certain funds, schemes and providers by providing for a register to be kept by the Commissioner of Taxation; and five Acts to make technical amendments. 

  Bill | Explanatory Memorandum

• Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Bill 2012

  Track (What's this?)

  Date

  19 Sep 2012 

  Chamber

  House of Representatives 

  Status

  Act 

  Portfolio

  Treasury 

  Summary

  Amends the:

  Superannuation Industry (Supervision) Act 1993

  to: require registrable superannuation entities to elect not to charge commissions in respect of amounts held in a MySuper product; make rules governing the charging for financial advice including intrafund advice and the general fee rules to apply to regulated superannuation funds and approved deposit funds; require trustees to transfer certain existing balances of members to MySuper; and require trustees to obtain authorisation from the Australian Prudential Regulation Authority (APRA) to operate an eligible rollover fund;

  Superannuation Guarantee (Administration) Act 1992

  and

  Superannuation Industry (Supervision) Act 1993

  to: require trustees to provide minimum levels of life and total and permanent disability insurance to members on an opt-out basis; and allow exceptions from MySuper for members of defined benefit funds;

  Australian Prudential Regulation Authority Act 1998

  ,

  Corporations Act 2001

  ,

  Financial Sector (Collection of Data) Act 2001

  and

  Superannuation Industry (Supervision) Act 1993

  to: expand the coverage of APRA’s data collection; enable the publication of MySuper product data; and require certain information to be published;

  Fair Work Act 2009

  ,

  Superannuation Guarantee (Administration) Act 1992

  and

  Superannuation Industry (Supervision) Act 1993

  to allow only funds that offer a MySuper product and exempt public sector superannuation schemes to be eligible as default funds in modern awards and enterprise agreements; and

  Retirement Savings Accounts Act 1997

  ,

  Superannuation Guarantee (Administration) Act 1992

  and

  Superannuation Industry (Supervision) Act 1993

  to make consequential amendments. 

  Bill | Explanatory Memorandum