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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 (Protecting Your Superannuation Package) Bill 2018


Type
Government
Originating house
House of Representatives
Status
Before Senate
Portfolio
Treasury

Summary

Amends the: Superannuation Industry (Supervision) Act 1993 to: prevent trustees of superannuation funds from charging certain fees and costs exceeding 3 per cent of the balance of a MySuper or choice product annually where the balance of the account is below $6000; and prevent trustees from providing opt out insurance to new members aged under 25 years, members with balances below $6000 and members with inactive MySuper or choice accounts, unless a member has directed otherwise; and Superannuation (Unclaimed Money and Lost Members) Act 1999 to: require the transfer of all superannuation savings with a balance below $6000 to the Commissioner of Taxation if an account related to a MySuper or choice product has been inactive for a continuous period of 13 months; and enable the commissioner to consolidate amounts that have been paid as unclaimed money, inactive low-balance accounts and lost member accounts into an active superannuation account where the reunited balance would be greater than $6000; and Income Tax Assessment Act 1997 and Taxation Administration Act 1953 to make consequential amendments.

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 21/06/18  
Second reading moved 21/06/18  
Second reading debate 28/06/18  
Second reading agreed to 28/06/18  
Third reading agreed to 28/06/18  
     
Senate
Introduced and read a first time 28/06/18  
Second reading moved 28/06/18  
     

Text of bill

  • First reading

MS-Word PDF HTML

Explanatory memoranda

  • Explanatory memorandum

MS-Word PDF HTML

Second reading speeches


Proposed amendments

Senate
  • Australian Greens [sheet 8557 revised]
WHISH-WILSON, Sen Peter

MS-Word PDF HTML

Schedules of amendments

Bills Digest



Notes