The Lander & Rogers Superannuation Alert is a brief overview of new developments in the superannuation industry.
|House of Representatives passes First Home Super Saver Tax Bill 2017||
On 18 October 2017, the First Home Super Saver Tax Bill 2017 (Cth) (Bill) was passed by the House of Representatives. The Bill will now move onto the Senate. According to the Explanatory Memorandum, the Bill:
The FHSSS applies to voluntary contributions that are made in superannuation on or after 1 July 2017. The downsizer contribution amendments apply to proceeds from contracts for the sale of a main residence entered into on or after 1 July 2018.
|Annual Report 2017-2017||
On 18 October 2017, the Office of the Australian Information Commissioner (OAIC) released its Annual Report for 2016-17 highlighting its "proactive and engaged approach to privacy and FOI regulation".
The report outlines how the OAIC has prepared business and agencies for the 2018 implementation of both the Australian Public Service Privacy Governance Code and the Notifiable Data Breaches scheme.
According to the report, some of OAIC's key achievements for 2016-2017 financial year included:
|Federal legislation||Senate Committee Report released in relation to proposed superannuation legislation||
On 23 October 2017, the Senate Economics Legislation Committee released its Report in relation to the following proposed Bills:
The report summarises the content and policy objectives of the Bills and considers the submissions received before ultimately recommending that the Bills be passed by the Senate. The Labor senators sitting on the Committee issued a dissenting report recommending the Bills be opposed.
|ASIC||ASIC Enforcement Review Taskforce||
On 23 October 2017, the ASIC Enforcement Review Taskforce, which was established by the Government to review the adequacy of ASIC's enforcement regime, issued a positions paper titled Strengthening Penalties for Corporate and Financial Sector Misconduct. In the paper the Taskforce presents and seeks comments in relation to a number of proposals to strengthen the penalties for corporate and financial sector misconduct. Submissions for the consultations close on 17 November 2017.
Kelly O'Dwyer MP, the Minister for Revenue and Financial Services, issued a media release welcoming the release of the paper, stating that "The Taskforce process will help to ensure that ASIC has the right tools to combat corporate and financial sector misconduct and to protect consumers".
The Taskforce is due to provide its recommendations to Government by the end of November 2017.
|Legislative update||Amendments to Superannuation Guarantee (Administration) Act 1992||
On 23 October 2017, the Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No 2) Bill 2017 (Bill) was passed by the House of Representatives. The Bill will now move onto the Senate.
According the Explanatory Memorandum, the Bill amends the Superannuation Guarantee (Administration) Act 1992 to provide that employees under workplace determinations or enterprise agreements made on or after 1 July 2018 "have the right to choose their superannuation fund; and provide that amounts sacrificed under an employee salary sacrifice arrangement will not reduce an employer’s mandated superannuation guarantee contributions".
The Economic Legislation Committee of the Senate has reviewed the Bill and reported its recommendations in its Report released on 23 October 2017.
|Federal Parliament||Release of draft legislation||
On 24 October 2017, Treasury released draft legislation, regulations and explanatory material in relation to a number of measures first announced in the 2017-2018 Budget. In announcing the release Treasury stated that "The Government is introducing a legislative framework for an enhanced regulatory sandbox to enable new and innovative financial technology (FinTech) products and services to be tested in Australia".
Copies of the draft material are available at the Treasury website, which notes that: