Bill
Treasury Laws Amendment (Reuniting More Superannuation) Bill 2020
passed, as at 2021-03-22. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2020-02-06
- second reading — 2020-02-06
- second reading — 2020-02-11
- second reading — 2020-02-11
- third reading — 2020-02-11
- introduced — 2020-02-12
- second reading — 2020-02-12
- second reading — 2021-02-24
- second reading — 2021-02-25
- second reading — 2021-02-25
- committee — 2021-02-25
- other — 2021-02-25
- other — 2021-02-25
- third reading — 2021-03-15
- other — 2021-03-16
- passed — 2021-03-16
- royal assent — 2021-03-22
Divisions
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2020-02-06.
The bill would close so-called eligible rollover funds by June 2021 and move their money to the Tax Office.
Superannuation accounts held in these funds would be transferred to the Commissioner, who could then match them with a member's active account.
By June 2020, all accounts under $6,000 in these funds must be sent to the Tax Office, and all remaining accounts by June 2021.
- Requires eligible rollover funds to transfer all account balances to the Tax Office by specified dates.
- Allows the Tax Office Commissioner to proactively reunite transferred amounts with a member's active account.
- Stops superannuation funds and retirement savings account providers from depositing new money into eligible rollover funds.
People with superannuation in eligible rollover funds, superannuation funds and retirement savings account providers.
Sources
em
em supp
billhome
frl act