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Bills of the current Parliament

Although every effort is made to ensure the accuracy of bills homepages, the authoritative sources for verifying the progress of bills are the House of Representatives Votes and Proceedings and the Journals of the Senate.

Treasury Laws Amendment (Your Future, Your Super) Bill 2021


Type
Government
Originating house
House of Representatives
Status
Act
Portfolio
Treasury

Summary

Amends the: Superannuation Guarantee (Administration) Act 1992 to: provide that if a new employee has an existing 'stapled' superannuation fund and does not choose a fund to receive contributions, their employer is required to make contributions on behalf of the employee into the stapled fund; and ensure that employers are not in breach of various rules, or are not liable for superannuation guarantee charge, in certain circumstances; Superannuation Act 1990 and Superannuation Act 2005 to make consequential amendments; Superannuation Industry (Supervision) Act 1993 to: require the Australian Prudential Regulation Authority to conduct an annual performance test for MySuper products and other products to be specified in regulations; make amendments contingent on the commencement of the Treasury Laws Amendment (Self Managed Superannuation Funds) Act 2021, when enacted, and Family Law Amendment (Western Australia De Facto Superannuation Splitting and Bankruptcy) Act 2020, when enacted; require trustees of registrable superannuation entities and self managed superannuation funds and directors of the corporate trustee of a registrable superannuation entity to perform their duties and exercise their powers in the best financial interests of the beneficiaries; reverse the evidential burden of proof for the best financial interests duty so that the onus is on the trustee of a registrable superannuation entity; allow regulations to be made to prohibit certain payments made by trustees of registrable superannuation entities and prescribe additional requirements on trustees and directors of trustee companies of registrable superannuation entities; and allow contraventions of record-keeping obligations specified in regulations to be subject to a strict liability offence; and Corporations Act 2001 to remove an exemption from disclosing information about certain investments under the portfolio holdings disclosure rules.

Progress of bill

For committee reference information, please see the Notes section at the end of this page.

House of Representatives
Introduced and read a first time 17/02/21  
Second reading moved 17/02/21  
Second reading debate 02/06/21  
Second reading debate 03/06/21  
Second reading agreed to 03/06/21  
Consideration in detail debate 03/06/21 Amendment details: 2 Government agreed to
Third reading agreed to 03/06/21  
     
Senate
Introduced and read a first time 15/06/21  
Second reading moved 15/06/21  
Second reading debate 16/06/21  
Second reading agreed to 17/06/21  
Committee of the Whole debate 17/06/21 Amendment details: 8 Government agreed to
Third reading agreed to 17/06/21  
     
House of Representatives
Consideration of Senate message 17/06/21 Details: House agreed to Senate amendments
     
Finally passed both Houses 17/06/21  
Assent 22/06/21 Act no: 46 - Year: 2021
     

Text of bill

  • First reading

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  • Third reading

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  • As passed by both Houses

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Explanatory memoranda

  • Explanatory memorandum

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  • Supplementary explanatory memorandum

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  • Revised explanatory memorandum

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  • Supplementary explanatory memorandum relating to sheet PM122

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  • Supplementary explanatory memorandum relating to sheet QJ145

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Second reading speeches


Proposed amendments

House of Representatives
  • Government [sheet QJ142]

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  • Non-Government
KELLY, Craig, MP

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  • Non-Government [revised]
JONES, Stephen, MP

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  • Non-Government [revised]
STEGGALL, Zali, MP

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Senate
  • Government [sheet QJ145]

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  • Government [sheet PM122]

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  • Independent [sheet 1269 revised]
PATRICK, Sen Rex

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  • Independent [sheet 1321]
PATRICK, Sen Rex

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  • Independent [sheet 1218 revised]
PATRICK, Sen Rex

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  • Opposition [sheet 1323]
MCALLISTER, Sen Jenny

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  • Opposition [sheet 1324]
MCALLISTER, Sen Jenny

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  • Opposition [sheet 1308]
MCALLISTER, Sen Jenny

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  • Opposition [sheet 1320]
MCALLISTER, Sen Jenny

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Schedules of amendments

  • Schedule of the amendments made by the Senate

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Bills Digest



Notes