Summary

Amends the: Fair Work Act 2009 to: prohibit terms of a modern award or an enterprise agreement requiring or permitting contributions for the benefit of an employee to be made to any fund other than a superannuation fund, a registered worker entitlement fund or a registered charity; require any term of a modern award or enterprise agreement that names a worker entitlement fund or insurance product to provide for an employee to choose another fund or insurance product; prohibit any term of a modern award, enterprise agreement or contract of employment permitting or requiring employee contributions to an election fund for an industrial association; and prohibit any action with the intent to coerce an employer to pay amounts to a particular worker entitlement fund, superannuation fund, training fund, welfare fund or employee insurance scheme; Fair Work (Registered Organisations) Act 2009 to: require registered organisations to have written financial management policies that have been approved by the committee of management; require registered organisations to report certain loans, grants and donations; require specific disclosure by registered organisations of the financial benefits obtained by them and persons linked to them in connection with employee insurance products, welfare fund arrangements and training fund arrangements; introduce a range of new penalties relating to compliance by registered organisations with financial management, disclosure and reporting requirements; and make minor technical amendments; and Fringe Benefits Tax Assessment Act 1986, Income Tax Assessment Act 1997 and Taxation Administration Act 1953 to make consequential amendments.