Bill
Tax and Superannuation Laws Amendment (2014 Measures No. 1) Bill 2014
passed, as at 2014-03-18. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2014-02-26
- second reading — 2014-02-26
- second reading — 2014-03-04
- second reading — 2014-03-04
- third reading — 2014-03-04
- introduced — 2014-03-05
- second reading — 2014-03-05
- second reading — 2014-03-06
- second reading — 2014-03-06
- third reading — 2014-03-06
- passed — 2014-03-06
- royal assent — 2014-03-18
Divisions
No divisions recorded. Most questions are decided on the voices; this does not establish that a bill was unopposed.
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2014-02-26.
This bill would make it illegal to promote schemes that illegally release superannuation savings early.
It creates a new civil penalty in the Superannuation Industry (Supervision) Act 1993, enforceable by the Commissioner of Taxation for self-managed super funds or the Australian Prudential Regulation Authority for other funds.
The explanatory memorandum notes that promoters have previously taken up to half of a member's super balance or stolen the entire amount.
- Creates a new civil penalty provision in the Superannuation Industry (Supervision) Act 1993.
- Gives regulators the power to pursue penalties for promoting illegal early release schemes.
- Targets promoters who exploit people by encouraging rollovers into fraudulent funds.
Promoters of illegal early release schemes and members of superannuation funds.
Sources
em
billhome
frl act